The Latin America vegetable oil market attained a volume of 22.45 MMT in 2023 and expected to grow in the forecast period of 2024-2032 at a CAGR of 1.45% to reach a volume of 25.56 MMT by 2032.
Base Year
Historical Year
Forecast Year
Value in MMT
2024-2032
Latin America Vegetable Oil Market Outlook
*this image is indicative*
| Latin America Vegetable Oil Market Report Summary | Description | Value |
| Base Year | MMT | 2023 |
| Historical Period | MMT | 2018-2023 |
| Forecast Period | MMT | 2024-2032 |
| Market Size 2023 | MMT | 22.45 |
| Market Size 2032 | MMT | 25.56 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 1.45% |
| CAGR 2024-2032 - Market by Country | Mexico | 1.3% |
| CAGR 2024-2032 - Market by Type | Palm Oil | 1.8% |
| CAGR 2024-2032 - Market by Application | Biofuel | 1.9% |
| Market Share by Application 2023 | Food | 58.7% |
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Various traditional Latin American cuisines such as badeja paisa, chicharron, Picante de cuy, and Yuca frita, among others, are based on deep frying, consequently increasing the use of vegetable oils. Moreover, the surging health-consciousness owing to the high prevalence of health-related issues, such as obesity, hypertension, and diabetes, is escalating the use of virgin vegetable oils, which are rich in antioxidants and retain minerals and vitamins. They can also improve brain health and reduce cholesterol to reduce the risk of heart-related complications. In addition, the increasing usage of vegetable oils, such as sunflower oil and palm oil, in various skincare and cosmetic products to provide antioxidants, vitamin A, and vitamin E to the skin, is increasing the demand for the oils that are extensively produced in Argentina and Brazil, hence propelling the market growth.
Vegetable oils are increasingly used in various industries as well as in paints and inks as lubricants. The rising environmental awareness and increasing measures to reduce the usage of mineral oils are surging the use of vegetable oils owing to their renewable and sustainable properties in various industrial applications. Further innovations can enable vegetable oils as a substitute for petroleum resources in various industries while providing a diverse variety of fatty acids, which are beneficial for human health. Moreover, increasing research regarding the usage of used vegetable oils as a substitute for petroleum products is augmenting the market growth for vegetable oil in Latin America.
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Vegetable oil, variously known as vegetable fat, is typically used to add texture and flavour to various food products. Vegetable oils are extracted by crushing seeds and fruits and are usually considered a healthier source of saturated fats. They are rich in rich in vitamins, minerals, and antioxidants and can reduce the risk of various chronic illnesses such as hypertension.
The major types of vegetable oil are:
The market can be broadly categorised on the basis of its applications into:
Market breakup by region:
| CAGR 2024-2032 - Market by | Type |
| Palm Oil | 1.81% |
| Sunflower Oil | 1.58% |
| Soyabean Oil | XX% |
| Canola Oil | XX% |
| Coconut Oil | XX% |
| Others | XX% |
| CAGR 2024-2032 - Market by | Application |
| Biofuel | 1.92% |
| Food | XX% |
| Industrial | XX% |
| CAGR 2024-2032 - Market by | Country |
| Mexico | 1.33% |
| Brazil | 1.12% |
| Argentina | XX% |
| Chile | XX% |
| Others | XX% |
The rising demand for biofuels owing to growing concerns regarding rapid climate change is augmenting the market growth. This is increasing the demand for biodiesel, which is a substitute for diesel made from vegetable oils. Hence, the surging demand for canola and soybean oil is expected to propel the market growth. The introduction of various stringent measures to reduce carbon footprints by governments in the region is also contributing to the market growth. For instance, Argentina targets to reduce greenhouse emissions by 30% by diversifying energy sources while reducing energy use and improving energy efficiency. Such initiatives are increasing the use of biofuels which are expected to aid the market growth.
| Market Share by | Application |
| Food | 58.7% |
| Biofuel | XX% |
| Industrial | XX% |
A large number of lands available for oilseed production in Argentina and Chile is increasing the use of vegetable oil in biofuels. Moreover, the implementation of various natural and artificial irrigation methods in the region is surging the production of vegetable oils, therefore propelling the industry growth. According to the Food and Agricultural Organisation (FAO), Brazil is expected to be the world’s largest producer of soybean in the world, reaching a volume of 140 million tons by 2029. Moreover, various advantages such as fast growth associated with the production of oilseeds are increasing their production in Latin American countries, which is anticipated to bolster the growth of the vegetable oil industry in the forecast period.
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The report presents a detailed analysis of the following key players in the Latin America vegetable oil market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
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Latin America Vegetable Oil Market Size
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the Latin America vegetable oil market attained a volume of 22.45 MMT.
The market is projected to grow at a CAGR of 1.45% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of 25.56 MMT by 2032.
The market is being aided by the rising demand for healthy vegetable oils and increasing innovations to increase the usage of vegetable oils as a substitute for petroleum products.
The market is expected to be driven by the rising demand for biofuels, the increasing production of oilseeds, and the introduction of various government initiatives to reduce carbon footprints.
The major regions in the market are Brazil, Argentina, Mexico and Chile, among others.
The major types of vegetable oil in the market are palm oil, soybean oil, canola oil, sunflower oil, and coconut oil, among others.
The significant applications in the market are food, industrial, and biofuel.
The major players in the market are Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated, Louis Dreyfus Company B.V, Aceitera General Deheza S.A, Agropalma S/A, Camilo Ferrón Chile S.A., and others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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