The Vegetable Oils are imitative from plant seeds or their portions which have a widespread variability of food and non-food applications. Such vegetable oils involve sunflower oil, rapeseed oil, soybean oil, palm oil and several others. It has widespread applications across households, food processing industries, cosmetics products and several others. Hence the increasing usage of vegetable oils in the processed foods industry propels the market growth.
According to the report analysis, ‘Global Vegetable Oils Market to reach USD XXX billion by 2027’ states that as per Statista, the worldwide vegetable oil production amounted to 203 million metric tons during 2019 while the depletion of sunflower seed oil amounted to 18.28 million metric tons across the globe. Also, the usage of non-edible vegetable oils in fuel manufacture, culinary, soap and perfume formulation propels the market growth. As established by the augmented imports of non-edible vegetable oils across India, which amounted to 636 thousand tons during the year 2018-19 an augment of 126 thousand tons from 509 thousand across 2017-18 as per the Solvent Extractors’ Association. However, the outpouring in environmental concerns and unfettered production of the vegetable oils limits the market growth. The usage of the oils in form of feedstock across the bio-fuel industry opens an occasion for the market players.
Although, the regional analysis of worldwide Vegetable Oils market is measured for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The Asia-Pacific is the leading/noteworthy region around the world in terms of market share due to huge requirement from the food segment and several other manufacturing industries owing to speedy industrialization. Also, the enormous growth in bio-fuels and biollastics along with the abundant obtain ability of the raw materials in the Southeast Asian countries propels the market growth during the region. Whereas, the Asia-Pacific is also projected to exhibit greatest growth rate / CAGR over the review period 2020-2027. Aspects such as growing population along with transforming living standards and augmenting health conscious customers would generate lucrative growth prospects for the Vegetable Oils market around Asia-Pacific region.
Furthermore, the Asia-Pacific indices as the registered region across the globe and in Asia-Pacific, China hold the greatest share of vegetable oil consumption, as well as production. Though the construction volume is great, consumption surpasses production, resulting in greater import volumes when associated to export volumes. China is an import-oriented region. The Chinese vegetable oil market majorly comprehends palm oil, soybean, rapeseed, peanut, sunflower oil, and olive oil.
The market is propelled by robust requirement for the organic health-based products, with augmented consumption amongst the health-conscious customers of high-quality edible oils /cooking oils and the increasing demand from several application areas. Vegetable oils are finding their manner into lubricants for industrial and transportation applications. The potential assistances involve resource renewability and biodegradability, as well as delivering the satisfactory performance. Therefore, in the near years, it is predicted that the market of vegetable oil will increase around the globe more significantly over the forthcoming duration.
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Ankur Gupta, Head Marketing & Communications