A lead analyst at AMR highlighted that the cooking oils and fats market across North America is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the cooking oils and fats market. The findings of the report states that the global market for cooking oils and fats generated $63.34 billion in 2020, and is projected to reach $104.66 billion by 2031, witnessing a CAGR of 4.5% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
“Increase in awareness of adverse side effects of transfat in traditional users is expected to hamper the cooking oils and fats market growth.” said Shankar Bhandalkar, Assistant Manager, Food & Beverages at Allied Market Research.
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The report provides insights on drivers, restrains, and opportunities to help the market players in devising growth strategies and capitalizing on opportunities. Increase in awareness of fat and oil fortification, rise in relevance of vegetable oil as a crucial element in lowering the risk of cardiovascular diseases & breast cancer, increase in demand for confectionery & bakery, processed & ready-to-eat foods, and the expansion of hotels, cafés, & restaurants drive the growth of the global cooking oils & fats market. Moreover, governments of various countries have established a slew of policies to encourage the production, which in turn has paved the way for lucrative opportunities in the industry.
The report also offers a detailed scenario of the impact of the Covid-19 pandemic on the cooking oils and fats market globally. It is helpful for the market players, new entrants, and investors to determine strategies as per the current scenario and improvise the business model for the next few years. The outbreak of the pandemic gave way to disruptions in the food & beverage supply chain all across the globe, which impacted the global cooking oils and fat market negatively, especially during the initial period. Restrictions on labor mobility, travel bans, airline suspensions, and most importantly, a slowdown in the economy affected the food & beverage industry significantly. However, the market has already got back on track.
The report provides detailed segmentation of the global cooking oils and fats market based on product type, application, end-use, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the coming years.
By form, the liquid segment accounted for the major market share in 2020, contributing to nearly 87% of the total market share, and is expected to retain its leadership status during the forecast period. However, the solid segment would cite the fastest CAGR of 5.6% from 2022 to 2031.
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By application, the hypermarkets/supermarkets segment contributed to the major market share in 2020, garnering nearly two-fifths of the total market share, and is projected to retain its dominance the forecast period. Nevertheless, the online channels segment would showcase the fastest CAGR of 5.9% from 2022 to 2031.
By region, Asia-Pacific garnered the highest share in terms of revenue in 2020, generating nearly one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, North America is projected to manifest the fastest CAGR of 5.9% during the forecast period.
Leading market players of the global cooking oils and fats market analyzed in the report Ajinomoto Co. Inc., Archer-Daniels-Midland Company, Associated British Foods Plc., Bunge Ltd., Cargill Incorporated, CHS Inc., Conagra Brands, Inc., Fuji Oil Holdings Inc., Ghananuts Company Limited, and Wilmar International Ltd.
About Allied Market Research:
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