Australia Vegetable Oils Market Report and Forecast 2024-2032

Australia Vegetable Oils Market Outlook

The Australia vegetable oils market size reached USD 645.0 million in 2023. The market is expected to grow at a CAGR of 4.7% between 2024 and 2032, reaching USD 980.2 million by 2032.

Key Takeaways:

• In 2024, Australia's livestock count reaches 26 million as per the latest stats from the Australian Bureau of Statistics.

• Each year, Australia consumes more than 600,000 tons of oils, mainly in food, according to the Australia Oilseeds Federation.

• The USDA predicts Canola output at 3.9 million metric tons in 2021/22, influencing the Australia vegetable oils market.

In the Australia vegetable oils market growth, food applications often prefer these oils as a healthier substitute for animal fats in cooking as these oils are rich in unsaturated fats, known for their heart-healthy properties

In the food industry, vegetable oils are favoured for their heart-healthy properties due to their unsaturated fats. They contain crucial omega-3 and omega-6 fatty acids, promoting overall health. These oils, such as sunflower and palm, are extensively used in various foods, extending their shelf life, meeting dietary preferences, appealing to health-conscious consumers, and reflecting global culinary trends.

Similarly, the AOOA's "Get Drizzling" campaign, initiated in October 2023, highlighted the health benefits and culinary versatility of all grades of olive oil, showing early success. The campaign encouraged Australians, including those with a penchant for ice cream, to adopt olive oil in their cooking routines.

In the feed industry, vegetable oils play a crucial role as nutritional supplements for livestock. They offer essential fatty acids and energy necessary for livestock growth. These oils enhance feed formulations, providing a dense energy source, improving feed efficiency, supporting livestock health, aligning with sustainability practices, and acting as alternative protein sources for aquaculture.

Market Segmentation

Australia Vegetable Oils Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Soybean Oil

• Palm Oil

• Olive Oil

• Sunflower Oil

• Others

Market Breakup by Application

• Food

• Feed

• Industrial

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Australian Capital Territory

• Western Australia

• Others

The Australia vegetable oils market key players are Archer-Daniels-Midland Company, Bunge Global SA, Cargill Inc., Louis Dreyfus Company B.V. and Wilmar International Limited among others.

Key Highlights of the Report