According to the latest report by IMARC Group, titled, “Fats and Oils Market Size:Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, the oils and fats market size reached US$ 223.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 284.1 Billion by 2022, exhibiting a growth rate (CAGR) of 4% during 2023-2028.

Fats and oils involve a wide variety of glycerol-based esters with triacylglycerols that are naturally found in plants and animals. They constitute a crucial part of a healthy diet based on the high amount of essential fatty acids (EFAs). These EFAs aid in insulating organs, providing energy, and transporting A, D, E, and K vitamins through the blood. Fats and oils are extensively utilized in the food and beverages sector for flavoring, sauteing, frying and improving the texture of several food items. Moreover, they are also utilized in the production of animal feed, biodiesel, pharmaceuticals, biodiesel, and oleochemicals.

The increasing trend of on-the-go food consumption, along with the rising inclination towards ready-to-eat and processed food variants, has augmented the demand for fats and oils as preservatives and taste enhancers. Furthermore, the escalating utilization of fats and oils in the preparation of numerous condiments, such as sauces, butter, mayonnaise, margarine, etc., is also propelling the market growth. Besides this, the growing environmental concerns towards the high levels of carbon emissions from traditional fuels have led to the increased adoption of fats and oils in biofuel production. Additionally, the rising shift from petrochemicals towards safer and efficient oleochemicals in the manufacturing of detergents, lubricants, soaps, varnishes, etc., will continue to catalyze the market growth in the coming years.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Fats and Oils Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Ajinomoto Co. Inc., Archer-Daniels-Midland Company, Associated British Foods plc, Bunge Limited, Cargill Incorporated, Conagra Brands Inc., Fuji Oil Holding Inc., Unilever, United Plantations Berhad and Wilmar International Limited.

The report has segmented the market on the basis on region, type, material and end use industry.

Breakup by Type:

• Oil Type
• Palm Oil
• Soybean Oil
• Rapeseed Oil
• Sunflower Oil
• Olive Oil
• Others
• Fat Type
• Butter
• Shortenings and Margarine
• Lard
• Tallow
• Others

Breakup by Application:

• Food Applications
• Industrial Applications

Breakup by Source:

• Vegetable
• Animal

Breakup by Sales Channel:

• Direct Sales
• Supermarkets and Hypermarkets
• Retail Stores
• Online Stores
• Others

Breakup by Region:

• North America; (United States,Canada)
• Asia Pacific: (China,Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany,France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil,Mexico,Others)
• Middle East and Africa

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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