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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Vegetable Oil Market Share
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.
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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