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Report Overview
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.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Latin America Vegetable Oil Market Growth
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.
Latin America Vegetable Oil Market Report Snapshots
Latin America Vegetable Oil Market Size
Latin America Vegetable Oil Market Growth
Latin America Vegetable Oil Companies
*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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Key Questions Answered in the Report
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.
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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