Edible Oils and Fats Industry Overview | COVID-19 Pandemic Impact, Market is Projected to Grow at a CAGR of 4.29% During Forecast Period 2020 to 2023
As per the analysis by Market Research Future (MRFR), the global Edible Oils and Fats Industry is anticipated to acquire a market value of USD 153.11 billion, expanding at a CAGR of 4.29% during the review period from 2020-2023.
The rise in demand for bakery products is anticipated to be a significant factor that can drive the edible oils and fats market 2020. The increasing need for nutritional food products and surging consumption of processed foods are anticipated to be other salient causes, which may develop the market. The growing preference for natural products in the beauty and personal care sector can boost the edible oils and fats industry in the forthcoming period. Other salient factors, such as; rising per capita income and the increasing requirement for environment-friendly products, can augment the edible oils and fats market size.
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On the other hand, health concerns due to the excessive consumption of fats and oils can impede market expansion. However, the changing lifestyle of consumers, along with above-mentioned factors can counter the restricting factor that can fuel the market growth during the forecast period.
Eminent players of the Global Edible Oils and Fats Industry are Conagra Brands, Inc. (US) Limited (Canada), James Richardson & Sons, Wilmar International Ltd. (Singapore), Cargill, Incorporated (US), Associated British Foods PLC (UK), Bunge Limited (US), IFFCO (UAE), United Plantations BERHAD (Malaysia), and AAK AB (Sweden).
The segmental analysis of the global Edible Oils and Fats Industry is done by source, type, and application.
The source-based applications of the global Edible Oils and Fats Industry are plant and animal. Between the two segments, the global market is expected to be dominated by the plant source segment with a CAGR of 4.21% during the review period.
The type-based applications of the global edible oils and fats market are oils and fats. The oil segment is further segmented into rapeseed/canola oil, olive oil, sunflower oil, palm oil, soybean oil, and others. Fats segment is sub-segmented into butter oil, butter, margarine, white cream fat, lard & tallow, and others. Among all segments, the oil segment is expected to dominate the market during the review period.
The application-based applications of the global edible oils and fats market are sauces, Sweet & savory snacks, spreads and dressings, bakery & confectionery, convenience foods, hotels, restaurants & cafes (HORECA), and others. Among all segments, the HORECA is anticipated to acquire the largest market share during the review period, with bakery & confectionary acquiring the second-largest segment, expanding at a CAGR of 4.16% during the review period.
Based on the region, the global Edible Oils and Fats Industry is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
As per the analysis, the global market is anticipated to be dominated by North America by acquiring the market value of USD 31 203.4 million by 2023. The robust presence of oil and fat producers is anticipated to play a significant role in actuating the regional market.
Europe is anticipated to acquire significant market value during the forecast period owing to the growing usage of edible oils & fats in bakery and confectionaries.
The APAC region is anticipated to rise significantly during the review period owing to the growing demand for bakery products. Furthermore, the growing demand for environment-friendly products is likely to strengthen the regional market in the review period.
The MEA region is anticipated to grow significantly due to the rising awareness among the countries.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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