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Report Overview
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.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- As per the OGD platform India, India imported 12,45,957 tonnes of edible oil from Argentina by September 2022.
- According to the Eurostat, €19.8 billion of vegetable or animal oil and fats products have been imported into Europe in 2022.
- According to the NSW Government value of NSW oilseed production in 2022-23 has been estimated at $1.3 billion.
Vegetable Oil Market Analysis
The increasing use in food applications, especially in emerging countries, aided the global market growth. The global vegetable oil market is being driven by its increasing consumption in emerging economies like China and India. The rise in consumption in these economies is a result of the growing population, changing diets, and higher standards of living. The rising demand for its imports has provided further impetus to the market.
Palm oil is the leading type in the market and is produced mainly in Indonesia and Malaysia. In Indonesia, palm oil production is expected to witness an annual growth of 1.8% in the forecast period. Additionally, palm oil will see significant growth in countries like Thailand, Columbia, and Nigeria.
The production in the world depends upon the production of perennial tropical oil plants like oil palm and the crush of oilseeds. Indonesia and Malaysia account for over one-third of the total production, with Indonesia as the leading producer globally.
Over half the total product being produced globally is being derived by the crushing of soybeans and other oilseeds. Its application as a feedstock of biodiesel has tapered down in recent years as compared to the last decade when biofuel policies were being introduced. However, it is still expected to witness an annual growth of 0.3% annually in the coming five years. The decrease use in biodiesel production in the United States and European Union is offset by its increasing use in this sector by emerging nations like Argentina.
Argentina exports over 40% of the biodiesel it produces and is expected to use almost three-fourths of the product being produced domestically as feedstock for biodiesel in the forecast period. In Indonesia and Brazil, too, the growth of application in the biodiesel sector will outpace the food sector. Its application as biodiesel feedstock will account for about 39% of its applications in the forecast period in the European Union.
Vegetable Oil Market Report Snapshots
Vegetable Oil Market Regional Analysis
*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
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.
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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