Latin America Vegetable Oil Market Report and Forecast 2024-2032

Latin America Vegetable Oil Market Outlook

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 25.62 MMT by 2032.

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Increasing Demand for Healthy Vegetable Oils Aiding the Market Growth of Vegetable Oil in Latin America

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.

Surging Industrial Uses of Vegetable Oils to Boost the Growth of the Vegetable Oil Industry in Latin America

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: Market Segmentation

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:

• Palm Oil
• Soybean Oil
• Canola Oil
• Sunflower Oil
• Coconut Oil
• Others

The market can be broadly categorised on the basis of its applications into:

• Food 
• Industrial
• Biofuel 

The EMR report looks into the regional markets of vegetable oil in Latin America like Brazil, Mexico, Argentina, and Chile, among others.
 

Growing Demand for Biofuels to Augment the Market Growth of Vegetable Oil in Latin America

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.

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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Key Industry Players in the Latin America Vegetable Oil Market

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:

• 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.
• Others

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 Report Snapshots

Latin America Vegetable Oil Market Size

Latin America Vegetable Oil Market Growth

Latin America Vegetable Oil Companies