The global vegetable oil market reached a value of approximately 219.88 MMT in 2023. The market is projected to grow at a CAGR of 3.10% between 2024 and 2032, reaching a value of around 289.41 MMT by 2032.
Base Year
Historical Year
Forecast Year
Value in MMT
2024-2032
Vegetable Oil Market Outlook
*this image is indicative*
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Vegetable oils, derived from natural sources like seeds, nuts, and fruits, have widespread applications across various sectors, including food, household, and personal care. They are nutrient-rich and commonly used for cooking, as well as in margarine, non-dairy creamers, and ice cream.
Additionally, they serve as substitutes for animal fats. In non-food industries, vegetable oils are utilized in making soaps, detergents, lubricants, greases, and candles. Moreover, biofuel is emerging as an important application area for these oils. According to the data from the Open Government Data (OGD) Platform India, India imported 1,42,78,156 tonnes of edible oil globally in 2021-22 from 1,35,40,007 tonnes in 2020-21.
The escalation of disposable income, evolving dietary patterns, increasing sustainability practices, and growing demand for imports are the major trends impacting global vegetable oil market growth.
Rising disposable incomes boost the vegetable oil market by increasing demand for premium, diverse, convenient, and health-focused oils, driven by enhanced purchasing power and lifestyle changes.
Changing dietary habits propel the vegetable oil market with rising health awareness, diverse cuisine choices, plant-based diets, home cooking trends, and increased processed food consumption.
Growing sustainability initiatives fuel the vegetable oil market by catering to consumer preferences for ethically sourced products and minimizing environmental harm, ensuring industry longevity.
The growing request for imports propels the vegetable oil market by broadening market access, fostering competition, and diversifying product options to align with consumer preferences.
Health consciousness drives demand for healthier oils like olive and avocado while plant-based diets increase consumption. Global culinary exploration expands use in diverse cuisines and sustainable sourcing meets ethical demands. Technological advances enhance production efficiency. Economic development in emerging markets spurs demand.
Rising incomes drive vegetable oil market growth through increased demand for premium and health-focused oils. Evolving diets, with more health awareness and diverse cuisines, also boost the market, catering to consumer preferences and broadening product options.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
“Vegetable Oil Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Oil Type
Market Breakup by Application
Market Breakup by Region
Palm oil is the most widely used vegetable oil due to its high yield and cost-effectiveness, versatility in both food and non-food products, stability at high temperatures, and nutritional content
Palm oil is the market leader, primarily produced in Indonesia and Malaysia. In Indonesia, palm oil production is projected to grow by 1.8% annually during the forecast period, with notable growth also expected in Thailand, Colombia, and Nigeria.
Global production relies on perennial tropical oil plants like oil palm and the crushing of oilseeds. Indonesia and Malaysia together account for over one-third of total production, with Indonesia being the top producer worldwide.
Over half of the global production comes from crushing soybeans and other oilseeds. Although its use as biodiesel feedstock has declined compared to the peak during the introduction of biofuel policies, it is still anticipated to grow by 0.3% annually over the next five years. The decreased use in the United States and European Union is being offset by increased use in emerging nations like Argentina.
Argentina exports over 40% of its biodiesel and is expected to use nearly three-fourths of its domestic production as biodiesel feedstock during the forecast period. In Indonesia and Brazil, the growth of biodiesel applications will surpass that of the food sector. In the European Union, biodiesel feedstock will constitute about 39% of its applications during the forecast period.
The companies manages the marketing, processing, and distribution of grains, and oilseeds, specialises in plant-based food solutions, and bakery ingredients, as well as soy ingredients committed to integration and sustainability practices.
Cargill, Incorporated: Founded in 1865, with its headquarters in the United States, Cargill, Incorporated manages the marketing, processing, and distribution of grains, oilseeds, sugar, meat, other food products, and cotton.
Archer Daniel Midland Company: Founded in 1902, with its headquarters in the United States, is a prominent fig...
IOI Corporation Berhad (IOI): Founded in 1969, with its headquarters in Malaysia, IOI Corporation Berhad is a ...
Fuji Oil Co., Ltd.: Founded in 1950, with its headquarters in Japan, Fuji Oil Co., Ltd. specialises in plant-b...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other global vegetable oil market key players are Sime Darby Plantation Berhad, Bunge Limited, Wilmar International Limited, Louis Dreyfus Company B.V., Conagra Brands, Inc, Olam Group Limited, Golden Agri-Resources (GAR), and PT Astra Agro Lestari Tbk among others.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
India is the leading importer of vegetable oil, expected to account for over a quarter of global imports in the forecast period, with annual imports growing by 4.7%. Holding a 41% trade share in agricultural commodities, India's dominant position is projected to continue, driving the vegetable oil market by ensuring strong and consistent demand.
The growth in vegetable oil consumption will be supported by the expansion of oilseed cultivation and increased imports, particularly of palm oil from Indonesia and Malaysia. As the second largest consumer.
Indonesia and Malaysia, as leading markets, are projected to experience annual growth rates of 1.8% and 1.4%, respectively. Both countries are also major exporters, with Indonesia exporting nearly 70% of its vegetable oil production and Malaysia exporting over 80%. This high export volume from these nations will drive the global vegetable oil market.
*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.*
Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!
The market was valued at 219.88 MMT in 2023.
The market is projected to grow at a CAGR of 3.10% between 2024 and 2032.
The revenue generated from the vegetable oil market is expected to reach 289.41 MMT in 2032.
The market is categorised according to the oil type, which includes palm oil, soyabean oil, sunflower oil, olive oil, canola oil, coconut oil, and others.
The market key players are Cargill, Incorporated, Archer Daniel Midland Company, IOI Corporation Berhad (IOI), Fuji Oil Co., Ltd., Sime Darby Plantation Berhad, Bunge Limited, Wilmar International Limited, Louis Dreyfus Company B.V., Conagra Brands, Inc, Olam Group Limited, Golden Agri-Resources (GAR), and PT Astra Agro Lestari Tbk among others.
Based on the application, the market is divided into food, feed, and industrial.
The market is broken down into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
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:
|
| Breakup by Oil Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| Competitive Landscape |
|
| Companies Covered |
|
Purchase Full Report
Datasheet
Single User License
One User
Five User License
Five Users
Corporate License
Unlimited Users
How To Order
Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
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
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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
Share