About Vegetable Oil
Cooking oils consist of edible oils derived from oil seeds of plants or nuts. The process of extraction involves grinding and crushing of the plant, which gives out the oil. In the 19th century, solvents like benzene were pushed through the raw material and drained. The extraction process of oil involves cleaning, grinding, pressing, and extracting additional oil with solvents, and then removing solvent traces, and refining the oil. Refining involves heating at not more than 85 degrees Celsius.
Technavio’s analysts forecast the global vegetable oil market to grow at a CAGR of 4.33% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global vegetable oil market for 2016-2020. To calculate the market size, the report considers the revenue generated from the retail sales of vegetable oil.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Vegetable Oil Market 2016-2020
Technavio recognizes the following companies as the key players in the global vegetable oil market: Associated British Foods, Bunge, CHS, Cargill, and Wilmar.
Other prominent vendors in the market are: ACH, Adams, ADM, Beidahuang, Carapelli Firenze, Dow Agrosciences, Savola, and Unilever.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is adoption of cooking sprays. Cooking sprays are being marketed by many vendors as healthier products that offer lower calorie content than oil. As the spray will introduce a small amount of oil, the food will be less greasy and will have fewer radicals. ConAgra Foods offers a brand called PAM with offerings including coconut, butter, olive, organic, and canola oil. Though it is preferred by health-conscious consumers who believe in its ability to cook less greasy food and reduce the time spent in cleaning bakeware and dishes, the consumers have a mixed perception. Demand for these cooking sprays is likely to be from the US as these are more expensive than the bottled oil for the same quantity. Players like Baker's Joy and Crisco provide non-stick cooking sprays that contain varieties like soy, wheat, and fat-free oil without cholesterol and carbohydrates. In February 2015, Tesco launched four new sprays, which included rapeseed oil that was priced at $2.25 for 200 ml. Filippo Berio also introduced olive oil sprays at $1.80 for 200 ml.”
According to the report, one of the primary drivers in the market is increase in use of high-quality edible oils. Edible oil is mainly used for cooking purposes, and the rising health awareness among consumers has led to the need for high-quality edible oils. The cold-pressed oils are counted as high-quality oils as they are pressed at a lower temperature, which preserves the flavor and characteristics of the oil. Approximately 80% of edible oils are extracted from plant sources, and temperate oil seeds like peanut, rapeseed, and soybean constitute 60% of this. Various parameters are used to check the quality of these edible oils, including AV (Anisidine value), IV (iodine value), FFA (free fatty acids), and TFA (trans fatty acids). The fatty acid content in these oils limits their use as a cooking oil. However, olive oil, which is the healthiest oil because it has more monounsaturated fats, is being used increasingly. According to the 2013 US International Trade Commission’s Report on Olive Oil, it was estimated that the US consumption of olive oil had increased by over 650% during the last three decades. Companies like Proteco Oils, Badia Spices, Da Morgada, and Conscious Food offer cold-pressed oils.
Further, the report states that one major challenge in the market is adulterated and mislabeled products. There have been issues regarding the deliberate mislabeling of olive oils and other vegetable oil varieties. Virgin olive oils are priced higher than refined olive oils because of their delicate, pleasant flavor and limited production volume. Consequently, olive oils can face two kinds of deliberate adulteration: the blending of virgin olive oils with olive oils of a lower grade (for instance, refined olive oil or olive-pomace oil) and the mixing of olive oil with liquid vegetable oils. This has negatively affected the perception of buyers and affected product sales. The Consumer Guidance Society of India announced in July 2014 that the results of a sample test conducted in Mumbai, India, showed that 64% of loose edible oil sold in the market was adulterated. Consumers buying edible oil in smaller quantities were being cheated.
Associated British Foods, Bunge, CHS, Cargill, Wilmar. ACH, Adams, ADM, Beidahuang, Carapelli Firenze, Dow Agrosciences, Savola, Unilever.
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