According to Reports and Data's latest report, the global market size for plant-based oils was USD 50.43 billion in 2022 and is expected to experience a revenue compound annual growth rate (CAGR) of 6% over the forecast period.
Growing consumer interest in plant-based oils is due to the increasing prevalence of health issues such as obesity, high cholesterol levels, and cardiovascular disease. Plant-based oils are thought to be healthier because they contain less saturated fat than animal-based oils, which promotes heart health and reduces the risk of chronic diseases. Additionally, plant-based oils are versatile in baking and cooking, making them a popular choice for both home cooks and professional chefs.
Furthermore, as more individuals switch to plant-based diets in response to growing awareness of the negative environmental impact of animal agriculture, demand for plant-based oils is increasing. Animal-based oils require more resources and have a greater carbon footprint than plant-based oils. Plant-based oils are perceived to be more environmentally sustainable since they require fewer resources and have a smaller negative impact on the environment. The market for plant-based oils is predicted to expand due to changing consumer preferences for high-quality, all-natural, and organic products, as well as rising disposable income.
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Top Profiled Companies in the Global Plant-Based Oils Market Report:
- Unilever
- Cargill, Inc.
- Archer Daniels Midland Company
- Bunge Limited
- Wilmar International Limited
- Conagra Brands
- Associated British Foods plc
- Ruchi Soya Industries Ltd.
- J-Oil Mills, Inc.
- Adani Wilmar Limited
- Bio-Oil Limited
- CHS Inc.
- AAK AB
- Sunora Foods Inc.
Some Key Highlights from the Report
· During the forecast period, the olive oil segment is projected to hold the largest share of revenue in the plant-based oils market. This is due to the well-known health benefits of olive oil, including reducing the risk of heart disease, diabetes, and cancer, which have made it a popular choice among consumers. Additionally, the segment is experiencing revenue growth as a result of the increasing demand for natural ingredients in food products. The popularity of extra-virgin olive oil, which is made by cold-pressing olives to ensure the highest quality, is also contributing to the growth of this segment.
· The food and beverage industry is anticipated to hold the largest revenue share in the plant-based oils market during the forecast period. This can be attributed to the growing consumer inclination towards organic and nutritious food products. Plant-based oils are commonly used in the food industry for various purposes such as frying, baking, and cooking. Furthermore, the increasing demand for plant-based dairy substitutes, such as plant-based milk and butter, is also expected to drive the growth of this segment.
· According to regional analysis, the Asia Pacific market is expected to hold the largest revenue share during the forecast period due to the growing population and rising health consciousness among consumers in the region. As the middle-class population in countries like India and China becomes more affluent, they are increasingly choosing healthier and more environmentally friendly substitutes for cooking oil. The availability of affordable bottled plant-based oils in this region is also driving demand. Moreover, the convenience and availability of online discounts are leading more consumers to make purchases online, thereby driving market revenue growth in the region.
· During the forecast period, the European market is expected to experience rapid revenue growth. Plant-based oils are in high demand in the region's well-established food and beverage sector for usage in a range of goods such as cooking, baking, and salad dressings. Another element driving demand is consumer awareness of the environmental implications of animal-based products as well as the health benefits of plant-based diets. Furthermore, the personal care and pharmaceutical industries in this region are incorporating more and more plant-based oils into their products, which is driving revenue growth in this region.
Key Regional Markets Covered in the Report:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Further market segmentation
Source Type Outlook:
- Olive
- Coconut
- Palm
- Soybean
- Canola
- Others
Application Outlook:
- Food & Beverages
- Cosmetics & Personal Care
- Pharmaceuticals
- Others
Key Takeaways of the Global Plant-Based Oils Market Report:
· A comprehensive overview of the global Plant-Based Oils industry.
· Accurate market projections in terms of market size, share, and volume.
· Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
· Deep-dive analysis of the upcoming market trends.
· Qualitative and quantitative analyses of the global Plant-Based Oils market.
· Elaborate study of the leading regional markets in the global Plant-Based Oils market.
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