Cooking oil also known as edible oil or vegetable oil are oils mainly extracted from oilseeds which is used for baking, frying, and other types of cooking. Cooking oil is also used for the preparation of flavorings and foods which does not require heat, such as bread dips and salad. Cooking oils are naturally liquid at room temperature however, some oils that contain saturated fat, such as palm oil, coconut oil, and palm kernel oil, remains solid even in slightly low temperature. The common edible oils are mostly vegetable oils, including but not limited to rapeseed oil, corn oil, sesame oil, peanut oil, olive oil, palm oil, camellia oil, canola oil, sunflower seed oil, soybean oil, linseed oil (soma oil), grape seed oil, walnut oil, peony seed oil, and other vegetable oils.
The cooking oil market size was valued at $168.4 billion in 2019, and is projected reach $213.1 billion by 2027, registering a CAGR of 5.5% from 2021 to 2027. The palm oil segment led in terms of the cooking oil market share in 2019, and is expected to retain its dominance during the forecast period.
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Fortification of cooking oil is an emerging process in order to add on some myriad of micronutrients into the cooking oil to enhance nutritional value of the oil. According to FSSAI, fortification of cooking oil can help an individual to meet 25-30% of the required dietary intake for vitamin D & A. Furthermore, this process of fortification started in India, owing to a major deficiency of vitamins A & D in children. Thus, demand for fortified cooking is driving the global market.
New niche such as Algae oil, Olive oil, Avocado oil are developing in market and likely to shape edible oil market in the coming years.
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The global cooking oil market is segmented based on product type, distribution channel, and region. Based on product type, the global market is divided into palm oil, soy oil, sunflower oil, peanut oil, olive oil, rapeseed oil, and other cooking oils. By end user, the market is divided into residential, food services and food processing. By distribution channel, the market is categorized into hypermarket/supermarket, independent retail stores, business to business and online sales channels. Region-wise, the global market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players profiled in the cooking oil market analysis include Archer-Daniels-Midland Company, American vegetable oil, Bunge Limited, Cargill, Fuji oil, Indo Agri, J-Oils, Louis Drayfus Company, Richardsons International and Wilmar International.
Key Findings Of The Study
- By product type, the palm oil segment will remain the mostly demanded oil in the, and is expected to gain market share in the coming years.
- By distribution channel, the hypermarket/supermarket are the dominating segments for business to consumer cooking oil and it is expected to gain market share in the coming years.
- By end user, food processing is anticipated to grow with a moderate CAGR during the cooking oil market forecast period.
- By region, Asia-Pacific dominates in terms of the global cooking oil market share, and is expected to retain its dominance during the forecast period.
- Cooking oil market trends are inclining more towards organic cooking oil and flavored cooking oils.
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