CHICAGO, Feb. 22, 2023 /PRNewswire/ -- The Edible Oils Market is projected to reach USD 268.9 billion by 2027 from USD 212.6 billion by 2022, recording a CAGR of 4.8% from 2022 to 2027 according to a new report by MarketsandMarkets. With the increasing population across the world coupled with lifestyle changes, there is a growing consumption of processed foods. Edible oils are one of the main ingredients used in processed foods. Moreover, with the ongoing research and development of novel products, such as confectionery and bakery items, ready-to-eat foods, and fast foods the role of edible oils in increasing the taste has become more significant. The constantly evolving food processing sector is further creating a huge demand for edible oils during the study period.
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The soybean oils segment is the fastest growing among the oil type of global edible oils during the forecast period
In a time of growing food costs and concerns regarding the impact of climate change on the world's food supply, soy products could prove to be a bright light. Soybean oil has a neutral flavor and is a popular cooking oil with a variety of uses in the kitchen. It is a multifunctional component that enables home chefs and food service professionals to reduce their food expenses by maximizing its use in different recipes. In addition to being used for frying, sautéing, and baking, soybean oil can also be used as an ingredient in sauces, dressings, and soups. As consumers become more aware of the health benefits of soy, demand for soybean oil is expected to grow.
The United States is the second-largest exporter of soybeans in the world and one of the top producers of the crop. Despite shifting consumer priorities, U.S. Soy is still significant. Foods made from soy, which are already common in Asian cuisines, are currently experiencing increased popularity due to the growing demand for plant-based meals. According to a study conducted in China in 2021 titled "Consumer intention to purchase GM soybean oil in China: effects of information consistency and source credibility," 17.36% of Chinese consumers increased their intention to purchase GM soybean oil as a result of consistent, accurate, and new information about GM soy products.
Advanced biotechnological research, and government policies supporting the growth of GM products aid in persuading consumers to purchase GM soybean oil. In order to fulfil the rising domestic and international demand for soybean oil, the major market players are also boosting their capacity for production. In November 2022, Cargill, Incorporated and Owensboro Grain Company, a fifth-generation family-owned soybean processing facility and refinery, signed a formal agreement in which Cargill included Owensboro Grain Company (OGC) into its North American agricultural supply chain business, providing opportunities for the former's soybean oil business to scale. In April 2022, ADM disclosed a growth investment to expand the capacity of its oilseed facility in Mainz, Germany, to process non-GMO soybeans.
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Europe is projected to hold the second-largest share in the global edible oils market in 2027
In Europe, rapeseed is a crucial oilseed crop. The continent is a world leader in rapeseed oil production. A study titled, 'The Rapeseed Potential in Poland and Germany in the Context of Production, Legislation, and Intellectual Property Rights', published in 2019, highlighted the potential for further rapeseed market development in the European Union (EU) with a focus on Poland (12% of EU production) and Germany (19% of EU production). Increased rapeseed production and cultivation areas are key factors for the expansion. Rapeseed oil is expected to continue to gain market share in Europe owing to investments in research and development (R&D) of the crop, as indicated by the figures for European patent publications and Community Plant Variety Rights.
The key players in edible oils market include Cargill, Incorporated (US); Archer Daniels Midland Company (ADM); Bunge Limited (US); Louis Dreyfus Company (Netherlands); Wilmar International Limited (Singapore); and Adani Wilmar Limited (AWL) (India); Associated British Foods PLC (ABF) (UK); Sime Darby Plantation Berhad (Malaysia); and Borges International Group, S.L.U. (Spain).
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