Global Fats and Oil Market - Growth, Trends, and Forecasts (2017 - 2022)
Fats and Oil Market
The market is expected to register a CAGR of 5.2% during the forecast period (2017–2022), to reach USD 268.46 billion by 2022. The primary driver of the market is the hike in demand for polyunsaturated fats, which encompasses omega-3 and omega-6 fatty acids.
Adani Wilmar Ltd. (AWL), the leading manufacturer and distributor of cooking oils, a joint venture between Indian giant Adani Group and Singapore-based Wilmar International Ltd., unveiled a diabetes care oil, Fortune Vivo, to help maintain blood sugar levels.
Ferrero products have achieved the distinction of being produced with only palm fruit oil, which is 100% certified as sustainable and segregated, according to the Roundtable on Sustainable Palm Oil (RSPO) supply chain. Cargill has introduced canola lecithin for the label-conscious customers.
The increased demand for olive oil, LDL lowering, and HDL-increasing oils and fats are the primary reasons for the shift in the global market for oils and fats. China’s soybean production is projected to see increased harvested area, as policy changes reduce incentives to plant corn. Argentina’s soybean crop is projected at 57.0 million tons, up 0.5 million from the revised 2015/16 crop. The rise in the consumption of soybean is due to its health index. In the global context of health, diet, and physical activity, the European oils and fats sector strives to improve the fatty acid profile of oils and fats formulations (reduction of TFA and SAFA and an increase of MUFA and PUFA) and develop healthier alternatives for all food applications. McDonald’s has urged FSSAI to establish cooking oil standards.
The market has been segmented by source type, application, and geography. Oils that are mixtures of fats are classified according to the type of fat they contain.
Oils concern many other industries, as well, such as biscuits, frying, confectionery, cheese, chocolate, bakery, ice cream, margarine, hotels and quick-service restaurants, spray drying, animal feed, and non-food applications, such as technical and cosmetics. IFFCO produces fats, vegetable shortening, specialized shortenings, butter, butter blends, and oils.
The statistics for the last ten years depict an increase in the global oil consumption, by 30-40%. Asia-Pacific comprises of developing economies, such as China and India, which are the largest consumers of fats & oils in the world. The global consumption of palm oil was 52.1 million tons, in 2012. The primary consumers of palm oil are China, India, and the European Union, none of which produce crude palm oil and imports entirely meet their demand. Indonesia, though a prominent consumer, is the world’s largest producer of palm oil, surpassing Malaysia. On the global front, the United States is ahead of the Asian countries, and is the largest producer of soybean. Soybean export by the United States is projected to be 37%, up slightly from 2015/16 and near the five-year average. The maximum percentage of olive oil production is attributed to Spain, followed by Italy.
The US FDA has taken steps to remove artificial trans-fats in processed foods. It finalized that partially hydrogenated oils (PHOs), the primary dietary source of artificial trans-fat in processed foods, are not “generally recognized as safe” or GRAS for use in human food. Food manufacturers will have three years to remove PHOs from products.
Denmark-based emulsifier specialist, Palsgaard, acquired a majority of the shares of the Brazilian food ingredients company, Candon. Bunge agreed to acquire he leading Turkish olive and vegetable oil producer, Ana Gida. This acquisition would provide a strong vegetable oil portfolio across all price segments, and help increase its reach and access to customers, throughout Turkey.
Key Deliverables in the Study
Market analysis for the global oil and fats market, with region-specific assessments and competition analysis.
Market definition along with the identification of key drivers and restraints.
The identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence the global market.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the global oil and fats market.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insight about the major players in the industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions where this industry is growing and identify the regions that are still untapped.