Fats and Oils Market By Type (Edible Oils, Animal Fats, Industrial Oils), By Source (Plant-Based Oils, Animal-Based Fats), By Form (Liquid Oils, Solid Fats), By Application (Food & Beverages, Animal Feed, Cosmetics & Personal Care, Pharmaceuticals), By End-Use Industry (Food Industry, Cosmetics & Personal Care, Animal Nutrition, Biofuels), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Fats and Oils Market was valued at USD 240.5 billion and will surpass USD 330.8 billion by 2030; growing at a CAGR of 4.7% during 2024 - 2030.

The fats and oils market is a crucial sector within the global food and industrial landscape, as it caters to a wide range of applications, including food and beverages, animal feed, cosmetics, pharmaceuticals, and biofuels. The market is influenced by the growing demand for healthy and functional oils in the food industry, as well as the increasing consumption of animal fats and industrial oils in various industrial applications. The diversity of sources and forms of fats and oils, including plant-based and animal-based options, has led to a broad range of products catering to different consumer preferences and industrial requirements.

With growing consumer awareness about health and wellness, there is a shift towards plant-based oils due to their perceived health benefits, while animal fats continue to be a key ingredient in certain traditional and industrial applications. Additionally, the market is witnessing a rising demand for biofuels made from oils and fats, driven by the global push for sustainable energy sources. This demand is helping to shape the future of the fats and oils market, with innovations in extraction methods and sustainable sourcing becoming key focal points for market players.

Edible Oils Segment is Largest Due to Widespread Consumption in Food Applications

The edible oils segment is the largest within the fats and oils market, driven by the widespread consumption of oils in food preparation and cooking. Plant-based edible oils, such as olive oil, sunflower oil, soybean oil, and canola oil, dominate this segment due to their versatility and nutritional profiles, including heart-healthy unsaturated fats. The increasing consumer demand for healthier cooking oils, which provide essential fatty acids and vitamins, contributes to the market's growth.

In addition to cooking, edible oils are increasingly used in processed food products, salad dressings, sauces, and snacks. The demand for plant-based oils has also surged as part of the growing trend towards plant-based diets, which further supports the dominant position of edible oils in the fats and oils market. As awareness of the health benefits of specific oils increases, particularly for heart health and reducing cholesterol levels, the edible oils segment will continue to lead the market.

Animal Fats Segment is Fastest Growing Due to Demand in Industrial and Food Applications

The animal fats segment is the fastest-growing in the fats and oils market, driven by their essential role in the food industry, as well as growing use in industrial applications. Animal fats, such as lard, tallow, and fish oil, are used in food products like pastries, snacks, and processed meats due to their ability to enhance flavor, texture, and shelf-life. Additionally, animal fats are integral in the production of biofuels and animal feed, which are both experiencing increasing demand.

The growth of the animal fats segment is also fueled by a rising interest in sustainable sourcing and the use of by-products from the meat industry. As industries look for alternatives to traditional vegetable oils and fats, animal-based products are gaining popularity for their unique characteristics and versatility. The increasing demand for natural and high-performance ingredients in various industrial sectors is positioning animal fats as a key player in the evolving fats and oils market.

Food Industry End-Use Segment is Largest Due to Extensive Use of Fats and Oils in Food Production

The food industry is the largest end-use sector for fats and oils, accounting for a significant share of global consumption. Fats and oils are essential ingredients in food production, used in cooking, frying, baking, and as additives in processed food products. Edible oils, in particular, are integral to the food industry, with vegetable oils like palm oil, soybean oil, and sunflower oil being widely used in various culinary applications. Animal fats also find significant use in the production of high-fat processed foods, snacks, and confectionery products.

The demand for fats and oils in the food industry is further driven by the rising consumption of ready-to-eat and convenience foods, which require high-quality fats for flavor and preservation. As health-conscious consumers increasingly seek oils with lower levels of trans fats and saturated fats, there is also a growing shift towards oils rich in unsaturated fats, such as olive oil and avocado oil. This dynamic has ensured the food industry remains the largest end-user of fats and oils.

Asia-Pacific is Largest Region Due to High Demand in Food and Biofuel Production

The Asia-Pacific region is the largest market for fats and oils, driven by high demand in food production, animal feed, and biofuels. Countries such as China, India, and Indonesia are major consumers of vegetable oils, particularly palm oil, due to their extensive use in cooking and processed food manufacturing. The region's large population base, growing middle class, and increasing urbanization contribute significantly to the demand for oils and fats in food products.

In addition to food applications, the Asia-Pacific region is also experiencing a rise in biofuel production from oils and fats, driven by government initiatives to reduce reliance on fossil fuels and promote renewable energy sources. As the region continues to grow economically, the demand for fats and oils in both food and industrial applications is expected to expand, positioning Asia-Pacific as the largest market globally.

Competitive Landscape and Key Players

The fats and oils market is highly competitive, with numerous global and regional players vying for market share. Key companies in the market include Cargill, Archer Daniels Midland Company, Bunge Limited, and Wilmar International. These companies are actively involved in the production and distribution of a wide range of fats and oils, including edible oils, animal fats, and industrial oils, to meet the diverse needs of the food, cosmetics, pharmaceuticals, and biofuel industries.

In addition to traditional players, newer entrants focused on sustainable and plant-based oils are gaining traction as consumers demand healthier, more eco-friendly alternatives. Companies are investing in research and development to enhance product offerings and improve sustainability in sourcing and production. Strategic partnerships, mergers, and acquisitions are also common as companies seek to strengthen their market positions and expand their product portfolios to meet the evolving needs of global markets.

Recent Developments:

  • Cargill, Inc. launched a new range of plant-based oils aimed at the growing vegan food segment.
  • Wilmar International Limited expanded its palm oil operations to meet the rising demand in Asia and Africa.
  • Archer Daniels Midland Company acquired a major soybean oil processing plant in South America to enhance its market share.
  • Olam International introduced a new line of organic oils, focusing on health-conscious consumers.
  • Bunge Limited unveiled a new palm oil sustainability certification program to improve sourcing practices.

List of Leading Companies:

  • Cargill, Inc.
  • Archer Daniels Midland Company
  • Bunge Limited
  • Wilmar International Limited
  • Olam International
  • IOI Corporation Berhad
  • AAK AB
  • Marico Limited
  • Sime Darby Plantation Berhad
  • KLK OLEO
  • Golden Agri-Resources Ltd.
  • United Plantations Berhad
  • Alamo Group Inc.
  • Musim Mas Group
  • Premium Oilseed Processing LLC

Report Scope:

Report Features

Description

Market Size (2023)

USD 240.5 billion

Forecasted Value (2030)

USD 330.8 billion

CAGR (2024 – 2030)

4.7%

Base Year for Estimation

2023

Historic Year

2022

Forecast Period

2024 – 2030

Report Coverage

Market Forecast, Market Dynamics, Competitive Landscape, Recent Developments

Segments Covered

Fats and Oils Market By Type (Edible Oils, Animal Fats, Industrial Oils), By Source (Plant-Based Oils, Animal-Based Fats), By Form (Liquid Oils, Solid Fats), By Application (Food & Beverages, Animal Feed, Cosmetics & Personal Care, Pharmaceuticals), By End-Use Industry (Food Industry, Cosmetics & Personal Care, Animal Nutrition, Biofuels)

Regional Analysis

North America (US, Canada, Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Australia, India, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, and Rest of Latin America), Middle East & Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)

Major Companies

Cargill, Inc., Archer Daniels Midland Company, Bunge Limited, Wilmar International Limited, Olam International, IOI Corporation Berhad, AAK AB, Marico Limited, Sime Darby Plantation Berhad, KLK OLEO, Golden Agri-Resources Ltd., United Plantations Berhad, Alamo Group Inc., Musim Mas Group, Premium Oilseed Processing LLC

Customization Scope

Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements

1. Introduction

   1.1. Market Definition

   1.2. Scope of the Study

   1.3. Research Assumptions

   1.4. Study Limitations

2. Research Methodology

   2.1. Research Approach

      2.1.1. Top-Down Method

      2.1.2. Bottom-Up Method

      2.1.3. Factor Impact Analysis

  2.2. Insights & Data Collection Process

      2.2.1. Secondary Research

      2.2.2. Primary Research

   2.3. Data Mining Process

      2.3.1. Data Analysis

      2.3.2. Data Validation and Revalidation

      2.3.3. Data Triangulation

3. Executive Summary

   3.1. Major Markets & Segments

   3.2. Highest Growing Regions and Respective Countries

   3.3. Impact of Growth Drivers & Inhibitors

   3.4. Regulatory Overview by Country

4. Fats and Oils Market, by Type (Market Size & Forecast: USD Million, 2022 – 2030)

   4.1. Edible Oils

   4.2. Animal Fats

   4.3. Industrial Oils

5. Fats and Oils Market, by Source (Market Size & Forecast: USD Million, 2022 – 2030)

   5.1. Plant-Based Oils

   5.2. Animal-Based Fats

6. Fats and Oils Market, by Form (Market Size & Forecast: USD Million, 2022 – 2030)

   6.1. Liquid Oils

   6.2. Solid Fats

7. Fats and Oils Market, by Application (Market Size & Forecast: USD Million, 2022 – 2030)

   7.1. Food & Beverages

   7.2. Animal Feed

   7.3. Cosmetics & Personal Care

   7.4. Pharmaceuticals

8. Fats and Oils Market, by End-Use Industry (Market Size & Forecast: USD Million, 2022 – 2030)

   8.1. Food Industry

   8.2. Cosmetics & Personal Care

   8.3. Animal Nutrition

   8.4. Biofuels

9. Regional Analysis (Market Size & Forecast: USD Million, 2022 – 2030)

   9.1. Regional Overview

   9.2. North America

      9.2.1. Regional Trends & Growth Drivers

      9.2.2. Barriers & Challenges

      9.2.3. Opportunities

      9.2.4. Factor Impact Analysis

      9.2.5. Technology Trends

      9.2.6. North America Fats and Oils Market, by Type

      9.2.7. North America Fats and Oils Market, by Source

      9.2.8. North America Fats and Oils Market, by Form

      9.2.9. North America Fats and Oils Market, by Application

      9.2.10. North America Fats and Oils Market, by End-Use Industry

      9.2.11. By Country

         9.2.11.1. US

               9.2.11.1.1. US Fats and Oils Market, by Type

               9.2.11.1.2. US Fats and Oils Market, by Source

               9.2.11.1.3. US Fats and Oils Market, by Form

               9.2.11.1.4. US Fats and Oils Market, by Application

               9.2.11.1.5. US Fats and Oils Market, by End-Use Industry

         9.2.11.2. Canada

         9.2.11.3. Mexico

    *Similar segmentation will be provided for each region and country

   9.3. Europe

   9.4. Asia-Pacific

   9.5. Latin America

   9.6. Middle East & Africa

10. Competitive Landscape

   10.1. Overview of the Key Players

   10.2. Competitive Ecosystem

      10.2.1. Level of Fragmentation

      10.2.2. Market Consolidation

      10.2.3. Product Innovation

   10.3. Company Share Analysis

   10.4. Company Benchmarking Matrix

      10.4.1. Strategic Overview

      10.4.2. Product Innovations

   10.5. Start-up Ecosystem

   10.6. Strategic Competitive Insights/ Customer Imperatives

   10.7. ESG Matrix/ Sustainability Matrix

   10.8. Manufacturing Network

      10.8.1. Locations

      10.8.2. Supply Chain and Logistics

      10.8.3. Product Flexibility/Customization

      10.8.4. Digital Transformation and Connectivity

      10.8.5. Environmental and Regulatory Compliance

   10.9. Technology Readiness Level Matrix

   10.10. Technology Maturity Curve

   10.11. Buying Criteria

11. Company Profiles

   11.1. Cargill, Inc.

      11.1.1. Company Overview

      11.1.2. Company Financials

      11.1.3. Product/Service Portfolio

      11.1.4. Recent Developments

      11.1.5. IMR Analysis

    *Similar information will be provided for other companies 

   11.2. Archer Daniels Midland Company

   11.3. Bunge Limited

   11.4. Wilmar International Limited

   11.5. Olam International

   11.6. IOI Corporation Berhad

   11.7. AAK AB

   11.8. Marico Limited

   11.9. Sime Darby Plantation Berhad

   11.10. KLK OLEO

   11.11. Golden Agri-Resources Ltd.

   11.12. United Plantations Berhad

   11.13. Alamo Group Inc.

   11.14. Musim Mas Group

   11.15. Premium Oilseed Processing LLC

12. Appendix

A comprehensive market research approach was employed to gather and analyze data on the Fats and Oils Market. In the process, the analysis was also done to analyze the parent market and relevant adjacencies to measure the impact of them on the Fats and Oils Market. The research methodoloagy encompassed both secondary and primary research techniques, ensuring the accuracy and credibility of the findings.

Research Approach -

Secondary Research

Secondary research involved a thorough review of pertinent industry reports, journals, articles, and publications. Additionally, annual reports, press releases, and investor presentations of industry players were scrutinized to gain insights into their market positioning and strategies.

Primary Research

Primary research involved conducting in-depth interviews with industry experts, stakeholders, and market participants across the E-Waste Management ecosystem. The primary research objectives included:

  • Validating findings and assumptions derived from secondary research
  • Gathering qualitative and quantitative data on market trends, drivers, and challenges
  • Understanding the demand-side dynamics, encompassing end-users, component manufacturers, facility providers, and service providers
  • Assessing the supply-side landscape, including technological advancements and recent developments

Market Size Assessment

A combination of top-down and bottom-up approaches was utilized to analyze the overall size of the Fats and Oils Market. These methods were also employed to assess the size of various subsegments within the market. The market size assessment methodology encompassed the following steps:

  1. Identification of key industry players and relevant revenues through extensive secondary research
  2. Determination of the industry's supply chain and market size, in terms of value, through primary and secondary research processes
  3. Calculation of percentage shares, splits, and breakdowns using secondary sources and verification through primary sources

Bottom Up and Top Down -

Data Triangulation

To ensure the accuracy and reliability of the market size, data triangulation was implemented. This involved cross-referencing data from various sources, including demand and supply side factors, market trends, and expert opinions. Additionally, top-down and bottom-up approaches were employed to validate the market size assessment.

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