Cooking Oil Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Description
Growth Factors of Cooking Oil Market
The global cooking oil market size was valued at USD 186.55 billion in 2023, and it is projected to grow from USD 195.66 billion in 2024 to USD 287.59 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.9% during the forecast period. The market is witnessing steady expansion due to increasing global demand for edible oils, changing dietary habits, and the growth of the food service and processed food industries.
Rising Demand Driven by Changing Lifestyles
The growing urban population and busy lifestyles have led to a rising preference for processed and ready-to-cook foods, resulting in an increased demand for cooking oils. Cooking oil, a staple in households, restaurants, and commercial kitchens, continues to see demand expansion across emerging and developed economies alike. Whether for frying, sautéing, baking, or salad dressing, oils are integral to modern food preparation.
In addition to household use, the global surge in fast food chains and restaurant franchises contributes significantly to the consumption of cooking oils. The expanding quick-service restaurant (QSR) segment, especially in Asia and Latin America, drives bulk procurement of palm, soybean, sunflower, and canola oils.
Palm Oil and Sunflower Oil Lead Consumption
Palm oil remains the most widely used cooking oil globally due to its affordability, long shelf life, and versatile usage in both home and industrial food preparation. It dominates especially in countries like Indonesia, Malaysia, India, and several African nations.
Sunflower oil is also gaining popularity in North America and Europe, as it is perceived to be a healthier alternative due to its high content of unsaturated fats. Consumer preferences are shifting toward oils that align with health-conscious trends such as low-cholesterol, low-saturated fat, and organic attributes.
Soybean and canola oils continue to have strong footholds in the Americas due to their wide availability and versatile applications.
Health-Conscious Consumers Influencing Trends
A significant trend impacting the cooking oil market is the growing inclination toward healthier oils. Consumers are increasingly aware of the link between dietary fats and cardiovascular health. As a result, oils rich in omega-3 fatty acids, such as flaxseed and canola oil, and those with high oleic content, such as high-oleic sunflower oil, are gaining momentum.
Moreover, organic and cold-pressed oils are gaining prominence, particularly among premium and health-conscious customer segments. This shift has encouraged manufacturers to diversify their product offerings and focus on value-added oils fortified with vitamins and antioxidants.
Sustainability and Clean Label Movement
Sustainability is becoming an important aspect of the cooking oil industry. Environmental concerns over deforestation related to palm oil cultivation and the carbon footprint of large-scale oil production are prompting companies to adopt more sustainable practices. Certifications such as RSPO (Roundtable on Sustainable Palm Oil) and clean-label formulations are helping manufacturers align with evolving consumer expectations.
Additionally, consumers are showing interest in locally produced, non-GMO oils. This has led to a resurgence of traditional oils such as mustard oil in India, olive oil in the Mediterranean, and avocado oil in North America.
Regional Insights
Asia Pacific dominates the cooking oil market and will continue to hold the largest share through 2032. High population density, increased disposable income, and rising demand for fried foods drive oil consumption in countries such as China, India, and Indonesia.
North America and Europe are showing significant trends toward healthier and plant-based oils. In these markets, product innovation and health-positioning are primary factors shaping consumer decisions.
Latin America and Africa are emerging markets where increasing urbanization and growing food service sectors are creating strong demand for economical and versatile oils.
Key Market Players and Strategic Moves
The global cooking oil market is fragmented with a mix of multinational corporations and regional players. Leading companies are focusing on mergers, product innovation, sustainable sourcing, and fortified oils to maintain a competitive edge. Key players include:
Cargill, Incorporated
Wilmar International Limited
Bunge Limited
Archer Daniels Midland Company (ADM)
Conagra Brands, Inc.
COFCO Corporation
IOI Corporation Berhad
Marico Limited
Ajinomoto Co., Inc.
Unilever PLC
These players are expanding into emerging markets, investing in eco-friendly packaging, and launching premium cooking oil variants.
Conclusion
The cooking oil market is undergoing a health and sustainability-driven transformation. While traditional oils remain in high demand, the future of the market will rely heavily on consumer shifts toward organic, non-GMO, fortified, and sustainably sourced oils. With innovation and global expansion, cooking oil manufacturers have ample opportunity to tap into new trends and meet the evolving dietary needs of a dynamic global population.
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Growth Rate CAGR of 6.79% for 2024 to 2032
Segmentation
By Type
Soyoil
Rapeseed/Canola Oil
Palm Oil
Sunflower Oil
Corn Oil
Peanut Oil
Olive Oil
Others
By Application
Food Service Outlets
Household
Food Processing
By Geography
North America (By Type, Application, and By Country)
U.S.
Canada
Mexico
Europe (By Type, Application, and By Country)
Germany
France
U.K.
Netherlands
Spain
Rest of Europe
Asia Pacific (By Type, Application, and By Country)
China
India
Japan
Rest of Asia Pacific
South America (By Type, Application, and By Country)
Brazil
Argentina
Rest of South America
Middle East & Africa (By Type, Application, and By Country)
UAE
South Africa
Rest of ME&A
Please Note:
It will take 5-6 business days to complete the report upon order confirmation.
The global cooking oil market size was valued at USD 186.55 billion in 2023, and it is projected to grow from USD 195.66 billion in 2024 to USD 287.59 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.9% during the forecast period. The market is witnessing steady expansion due to increasing global demand for edible oils, changing dietary habits, and the growth of the food service and processed food industries.
Rising Demand Driven by Changing Lifestyles
The growing urban population and busy lifestyles have led to a rising preference for processed and ready-to-cook foods, resulting in an increased demand for cooking oils. Cooking oil, a staple in households, restaurants, and commercial kitchens, continues to see demand expansion across emerging and developed economies alike. Whether for frying, sautéing, baking, or salad dressing, oils are integral to modern food preparation.
In addition to household use, the global surge in fast food chains and restaurant franchises contributes significantly to the consumption of cooking oils. The expanding quick-service restaurant (QSR) segment, especially in Asia and Latin America, drives bulk procurement of palm, soybean, sunflower, and canola oils.
Palm Oil and Sunflower Oil Lead Consumption
Palm oil remains the most widely used cooking oil globally due to its affordability, long shelf life, and versatile usage in both home and industrial food preparation. It dominates especially in countries like Indonesia, Malaysia, India, and several African nations.
Sunflower oil is also gaining popularity in North America and Europe, as it is perceived to be a healthier alternative due to its high content of unsaturated fats. Consumer preferences are shifting toward oils that align with health-conscious trends such as low-cholesterol, low-saturated fat, and organic attributes.
Soybean and canola oils continue to have strong footholds in the Americas due to their wide availability and versatile applications.
Health-Conscious Consumers Influencing Trends
A significant trend impacting the cooking oil market is the growing inclination toward healthier oils. Consumers are increasingly aware of the link between dietary fats and cardiovascular health. As a result, oils rich in omega-3 fatty acids, such as flaxseed and canola oil, and those with high oleic content, such as high-oleic sunflower oil, are gaining momentum.
Moreover, organic and cold-pressed oils are gaining prominence, particularly among premium and health-conscious customer segments. This shift has encouraged manufacturers to diversify their product offerings and focus on value-added oils fortified with vitamins and antioxidants.
Sustainability and Clean Label Movement
Sustainability is becoming an important aspect of the cooking oil industry. Environmental concerns over deforestation related to palm oil cultivation and the carbon footprint of large-scale oil production are prompting companies to adopt more sustainable practices. Certifications such as RSPO (Roundtable on Sustainable Palm Oil) and clean-label formulations are helping manufacturers align with evolving consumer expectations.
Additionally, consumers are showing interest in locally produced, non-GMO oils. This has led to a resurgence of traditional oils such as mustard oil in India, olive oil in the Mediterranean, and avocado oil in North America.
Regional Insights
Asia Pacific dominates the cooking oil market and will continue to hold the largest share through 2032. High population density, increased disposable income, and rising demand for fried foods drive oil consumption in countries such as China, India, and Indonesia.
North America and Europe are showing significant trends toward healthier and plant-based oils. In these markets, product innovation and health-positioning are primary factors shaping consumer decisions.
Latin America and Africa are emerging markets where increasing urbanization and growing food service sectors are creating strong demand for economical and versatile oils.
Key Market Players and Strategic Moves
The global cooking oil market is fragmented with a mix of multinational corporations and regional players. Leading companies are focusing on mergers, product innovation, sustainable sourcing, and fortified oils to maintain a competitive edge. Key players include:
Cargill, Incorporated
Wilmar International Limited
Bunge Limited
Archer Daniels Midland Company (ADM)
Conagra Brands, Inc.
COFCO Corporation
IOI Corporation Berhad
Marico Limited
Ajinomoto Co., Inc.
Unilever PLC
These players are expanding into emerging markets, investing in eco-friendly packaging, and launching premium cooking oil variants.
Conclusion
The cooking oil market is undergoing a health and sustainability-driven transformation. While traditional oils remain in high demand, the future of the market will rely heavily on consumer shifts toward organic, non-GMO, fortified, and sustainably sourced oils. With innovation and global expansion, cooking oil manufacturers have ample opportunity to tap into new trends and meet the evolving dietary needs of a dynamic global population.
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Growth Rate CAGR of 6.79% for 2024 to 2032
Segmentation
By Type
Soyoil
Rapeseed/Canola Oil
Palm Oil
Sunflower Oil
Corn Oil
Peanut Oil
Olive Oil
Others
By Application
Food Service Outlets
Household
Food Processing
By Geography
North America (By Type, Application, and By Country)
U.S.
Canada
Mexico
Europe (By Type, Application, and By Country)
Germany
France
U.K.
Netherlands
Spain
Rest of Europe
Asia Pacific (By Type, Application, and By Country)
China
India
Japan
Rest of Asia Pacific
South America (By Type, Application, and By Country)
Brazil
Argentina
Rest of South America
Middle East & Africa (By Type, Application, and By Country)
UAE
South Africa
Rest of ME&A
Please Note:
It will take 5-6 business days to complete the report upon order confirmation.
Table of Contents
150 Pages
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Emerging Trends
- 4. Key Insights
- 4.1. Overview of the Parent/Related Markets
- 4.2. Supply Chain and Regulatory Analysis
- 4.3. Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- 4.4. Price Analysis (Refined Oil and Crude Oil)
- 4.5. Qualitative Analysis (In relation to COVID-19)
- 5. Global Cooking Oil Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Type (Value)
- 5.2.1.1. Soyoil
- 5.2.1.2. Rapeseed/Canola Oil
- 5.2.1.3. Palm Oil
- 5.2.1.4. Sunflower Oil
- 5.2.1.5. Corn Oil
- 5.2.1.6. Peanut Oil
- 5.2.1.7. Olive Oil
- 5.2.1.8. Others
- 5.2.2. By Application (Value)
- 5.2.2.1. Food Service
- 5.2.2.2. Household
- 5.2.2.3. Food Processing
- 5.2.3. By Region (Value)
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia Pacific
- 5.2.3.4. South America
- 5.2.3.5. Middle East & Africa
- 6. North America Cooking Oil Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Type (Value)
- 6.2.1.1. Soyoil
- 6.2.1.2. Rapeseed/Canola Oil
- 6.2.1.3. Palm Oil
- 6.2.1.4. Sunflower Oil
- 6.2.1.5. Corn Oil
- 6.2.1.6. Peanut Oil
- 6.2.1.7. Olive Oil
- 6.2.1.8. Others
- 6.2.2. By Application (Value)
- 6.2.2.1. Food Service
- 6.2.2.2. Household
- 6.2.2.3. Food Processing
- 6.2.3. By Country (Value)
- 6.2.3.1. U.S
- 6.2.3.2. Canada
- 6.2.3.3. Mexico
- 7. Europe Cooking Oil Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Type (Value)
- 7.2.1.1. Soyoil
- 7.2.1.2. Rapeseed/Canola Oil
- 7.2.1.3. Palm Oil
- 7.2.1.4. Sunflower Oil
- 7.2.1.5. Corn Oil
- 7.2.1.6. Peanut Oil
- 7.2.1.7. Olive Oil
- 7.2.1.8. Others
- 7.2.2. By Application (Value)
- 7.2.2.1. Food Service
- 7.2.2.2. Household
- 7.2.2.3. Food Processing
- 7.2.3. By Country (Value)
- 7.2.3.1. Germany
- 7.2.3.2. France
- 7.2.3.3. U.K.
- 7.2.3.4. Spain
- 7.2.3.5. Rest of Europe
- 8. Asia-Pacific Cooking Oil Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecast
- 8.2.1. By Type (Value)
- 8.2.1.1. Soyoil
- 8.2.1.2. Rapeseed/Canola Oil
- 8.2.1.3. Palm Oil
- 8.2.1.4. Sunflower Oil
- 8.2.1.5. Corn Oil
- 8.2.1.6. Peanut Oil
- 8.2.1.7. Olive Oil
- 8.2.1.8. Others
- 8.2.2. By Application (Value)
- 8.2.2.1. Food Service
- 8.2.2.2. Household
- 8.2.2.3. Food Processing
- 8.2.3. By Country (Value)
- 8.2.3.1. China
- 8.2.3.2. India
- 8.2.3.3. Japan
- 8.2.3.4. Australia
- 8.2.3.5. Rest of Asia-Pacific
- 9. South America Cooking Oil Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecast
- 9.2.1. By Type (Value)
- 9.2.1.1. Soyoil
- 9.2.1.2. Rapeseed/Canola Oil
- 9.2.1.3. Palm Oil
- 9.2.1.4. Sunflower Oil
- 9.2.1.5. Corn Oil
- 9.2.1.6. Peanut Oil
- 9.2.1.7. Olive Oil
- 9.2.1.8. Others
- 9.2.2. By Application (Value)
- 9.2.2.1. Food Service
- 9.2.2.2. Household
- 9.2.2.3. Food Processing
- 9.2.3. By Country (Value)
- 9.2.3.1. Brazil
- 9.2.3.2. Argentina
- 9.2.3.3. Rest of South America
- 10. Middle East & Africa Cooking Oil Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecast
- 10.2.1. By Type (Value)
- 10.2.1.1. Soyoil
- 10.2.1.2. Rapeseed/Canola Oil
- 10.2.1.3. Palm Oil
- 10.2.1.4. Sunflower Oil
- 10.2.1.5. Corn Oil
- 10.2.1.6. Peanut Oil
- 10.2.1.7. Olive Oil
- 10.2.1.8. Others
- 10.2.2. By Application (Value)
- 10.2.2.1. Food Service
- 10.2.2.2. Household
- 10.2.2.3. Food Processing
- 10.2.3. By Country (Value)
- 10.2.3.1. South Africa
- 10.2.3.2. UAE
- 10.2.3.3. Rest of Middle East & Africa
- 11. Competitive Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 11.2. Global Cooking Oil Market Revenue Share/Ranking Analysis, By Key Manufacturer
- 12. Company Profiles
- 12.1. Archer Daniels Midland Company
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Product Portfolio
- 12.1.4. Financials (Data as available in public domain and/or on paid databases)
- 12.1.5. Recent Developments
- 12.2. Fuji Oil Co. Ltd.
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Product Portfolio
- 12.2.4. Financials (Data as available in public domain and/or on paid databases)
- 12.2.5. Recent Developments
- 12.3. Conagra Brands Inc.
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Product Portfolio
- 12.3.4. Financials (Data as available in public domain and/or on paid databases)
- 12.3.5. Recent Developments
- 12.4. CJ Cheiljedang Corporation
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Product Portfolio
- 12.4.4. Financials (Data as available in public domain and/or on paid databases)
- 12.4.5. Recent Developments
- 12.5. Ottogi Co. Ltd.
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Product Portfolio
- 12.5.4. Financials (Data as available in public domain and/or on paid databases)
- 12.5.5. Recent Developments
- 12.6. Associated British Foods Plc
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Product Portfolio
- 12.6.4. Financials (Data as available in public domain and/or on paid databases)
- 12.6.5. Recent Developments
- 12.7. Wilmar International
- 12.7.1. Overview
- 12.7.2. Description
- 12.7.3. Product Portfolio
- 12.7.4. Financials (Data as available in public domain and/or on paid databases)
- 12.7.5. Recent Developments
- 12.8. Bunge Limited
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Product Portfolio
- 12.8.4. Financials (Data as available in public domain and/or on paid databases)
- 12.8.5. Recent Developments
- 12.9. IFFCO Group
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Product Portfolio
- 12.9.4. Financials (Data as available in public domain and/or on paid databases)
- 12.9.5. Recent Developments
- 12.10. Cargill, Incorporated
- 12.10.1. Overview
- 12.10.2. Description
- 12.10.3. Product Portfolio
- 12.10.4. Financials (Data as available in public domain and/or on paid databases)
- 12.10.5. Recent Developments
- 13. Appendix
Pricing
Currency Rates
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