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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 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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Vegetable Oil Market Analysis
8.1 Key Industry Highlights
8.2 Global Vegetable Oil Historical Market (2018-2023)
8.3 Global Vegetable Oil Market Forecast (2024-2032)
8.4 Global Vegetable Oil Market by Oil Type
8.4.1 Palm Oil
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Soyabean Oil
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Sunflower Oil
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Olive Oil
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Canola Oil
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Coconut Oil
8.4.6.1 Market Share
8.4.6.2 Historical Trend (2018-2023)
8.4.6.3 Forecast Trend (2024-2032)
8.4.7 Others
8.5 Global Vegetable Oil Market by Application
8.5.1 Food
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Feed
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Industrial
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Vegetable Oil Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Vegetable Oil Market Analysis
9.1 Market by Oil Type
9.2 Market by Application
9.3 Market by Country
9.3.1 United States of America
9.3.1.1 Historical Trend (2018-2023)
9.3.1.2 Forecast Trend (2024-2032)
9.3.2 Canada
9.3.2.1 Historical Trend (2018-2023)
9.3.2.2 Forecast Trend (2024-2032)
10 Europe Vegetable Oil Market Analysis
10.1 Market by Oil Type
10.2 Market by Application
10.3 Market by Country
10.3.1 United Kingdom
10.3.1.1 Historical Trend (2018-2023)
10.3.1.2 Forecast Trend (2024-2032)
10.3.2 Germany
10.3.2.1 Historical Trend (2018-2023)
10.3.2.2 Forecast Trend (2024-2032)
10.3.3 France
10.3.3.1 Historical Trend (2018-2023)
10.3.3.2 Forecast Trend (2024-2032)
10.3.4 Italy
10.3.4.1 Historical Trend (2018-2023)
10.3.4.2 Forecast Trend (2024-2032)
10.3.5 Others
11 Asia Pacific Vegetable Oil Market Analysis
11.1 Market by Oil Type
11.2 Market by Application
11.3 Market by Country
11.3.1 China
11.3.1.1 Historical Trend (2018-2023)
11.3.1.2 Forecast Trend (2024-2032)
11.3.2 Japan
11.3.2.1 Historical Trend (2018-2023)
11.3.2.2 Forecast Trend (2024-2032)
11.3.3 India
11.3.3.1 Historical Trend (2018-2023)
11.3.3.2 Forecast Trend (2024-2032)
11.3.4 ASEAN
11.3.4.1 Historical Trend (2018-2023)
11.3.4.2 Forecast Trend (2024-2032)
11.3.5 South Korea
11.3.5.1 Historical Trend (2018-2023)
11.3.5.2 Forecast Trend (2024-2032)
11.3.6 Australia
11.3.6.1 Historical Trend (2018-2023)
11.3.6.2 Forecast Trend (2024-2032)
11.3.7 Others
12 Latin America Vegetable Oil Market Analysis
12.1 Market by Oil Type
12.2 Market by Application
12.3 Market by Country
12.3.1 Brazil
12.3.1.1 Historical Trend (2018-2023)
12.3.1.2 Forecast Trend (2024-2032)
12.3.2 Argentina
12.3.2.1 Historical Trend (2018-2023)
12.3.2.2 Forecast Trend (2024-2032)
12.3.3 Mexico
12.3.3.1 Historical Trend (2018-2023)
12.3.3.2 Forecast Trend (2024-2032)
12.3.4 Others
13 Middle East and Africa Vegetable Oil Market Analysis
13.1 Market by Oil Type
13.2 Market by Application
13.3 Market by Country
13.3.1 Saudi Arabia
13.3.1.1 Historical Trend (2018-2023)
13.3.1.2 Forecast Trend (2024-2032)
13.3.2 United Arab Emirates
13.3.2.1 Historical Trend (2018-2023)
13.3.2.2 Forecast Trend (2024-2032)
13.3.3 Nigeria
13.3.3.1 Historical Trend (2018-2023)
13.3.3.2 Forecast Trend (2024-2032)
13.3.4 South Africa
13.3.4.1 Historical Trend (2018-2023)
13.3.4.2 Forecast Trend (2024-2032)
13.3.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Price Analysis
17.1 North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.2 Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.3 Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.4 Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.5 Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Cargill, Incorporated
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Archer Daniel Midland Company
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 IOI Corporation Berhad (IOI)
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Fuji Oil Co., Ltd.
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Sime Darby Plantation Berhad
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Bunge Limited
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Wilmar International Limited
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 Louis Dreyfus Company B.V.
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 Conagra Brands, Inc
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 Olam Group Limited
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.11 Golden Agri-Resources (GAR)
18.2.11.1 Company Overview
18.2.11.2 Product Portfolio
18.2.11.3 Demographic Reach and Achievements
18.2.11.4 Certifications
18.2.12 PT Astra Agro Lestari Tbk
18.2.12.1 Company Overview
18.2.12.2 Product Portfolio
18.2.12.3 Demographic Reach and Achievements
18.2.12.4 Certifications
18.2.13 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Vegetable Oil Market: Key Industry Highlights, 2018 and 2032
2. Global Vegetable Oil Historical Market: Breakup by Oil Type (MMT), 2018-2023
3. Global Vegetable Oil Market Forecast: Breakup by Oil Type (MMT), 2024-2032
4. Global Vegetable Oil Historical Market: Breakup by Application (MMT), 2018-2023
5. Global Vegetable Oil Market Forecast: Breakup by Application (MMT), 2024-2032
6. Global Vegetable Oil Historical Market: Breakup by Region (MMT), 2018-2023
7. Global Vegetable Oil Market Forecast: Breakup by Region (MMT), 2024-2032
8. North America Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2023
9. North America Vegetable Oil Market Forecast: Breakup by Country (MMT), 2024-2032
10. Europe Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2023
11. Europe Vegetable Oil Market Forecast: Breakup by Country (MMT), 2024-2032
12. Asia Pacific Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2023
13. Asia Pacific Vegetable Oil Market Forecast: Breakup by Country (MMT), 2024-2032
14. Latin America Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2023
15. Latin America Vegetable Oil Market Forecast: Breakup by Country (MMT), 2024-2032
16. Middle East and Africa Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2023
17. Middle East and Africa Vegetable Oil Market Forecast: Breakup by Country (MMT), 2024-2032
18. Major Importing Countries by Volume
19. Major Exporting Countries by Volume
20. Major Importing Countries by Value
21. Major Exporting Countries by Value
22. North America Historical Price Trends and Forecast 2018-2032
23. Europe Historical Price Trends and Forecast 2018-2032
24. Asia Pacific Historical Price Trends and Forecast 2018-2032
25. Latin America Historical Price Trends and Forecast 2018-2032
26. Middle East and Africa Historical Price Trends and Forecast 2018-2032
27. Global Vegetable Oil Market Structure
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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