IMARC Group’s report titled “Fats and Oils Market Report by Type (Oil Type, Fat Type), Application (Food Applications, Industrial Applications), Source (Vegetable, Animal), Sales Channel (Direct Sales, Supermarkets and Hypermarkets, Retail Stores, Online Stores, and Others), and Region 2025-2033”, The global fats and oils market size reached USD 241.1 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 336.3 Billion by 2033, exhibiting a growth rate (CAGR) of 3.38% during 2025-2033.
- Factors Affecting the Growth of the Fats and Oils Industry:
- Health and Wellness Trends Driving Demand for Plant-Based Oils:
More people are choosing healthier lifestyles, which is making plant-based oils more popular. In 2024, oils like olive, avocado, and coconut are becoming favorites because they offer health benefits, such as better heart health and reducing inflammation. These oils are also appealing to people with dietary restrictions, like those following vegan or vegetarian diets. The rise of health-conscious diets, like the Mediterranean diet, is encouraging the use of these oils in cooking. As a result, the market for plant-based oils is growing, with manufacturers creating new organic and specialty oils to meet the demand from health-conscious consumers.
- Sustainability and Ethical Sourcing of Oils:
Consumers are increasingly focused on sustainability and ethical sourcing when it comes to oils. In 2024, there is growing awareness of the environmental damage caused by palm oil production, especially due to deforestation. As a result, people are looking for oils that are sourced responsibly and certified by organizations like the Roundtable on Sustainable Palm Oil (RSPO). This shift is pushing companies to adopt transparent and sustainable practices, including using alternative oils like algae oil, which have a smaller environmental impact. By focusing on sustainability, brands can build trust with consumers and stand out in the market.
- Technological Advancements in Oil Extraction and Processing:
New technologies are changing how oils are extracted and processed. In 2024, methods like cold-press extraction, supercritical fluid extraction, and enzymatic processing are making oil production more efficient while keeping the oils' nutrients and flavors intact. Automation and digital tools are also improving oil production, reducing waste, and ensuring better product quality. These advancements are allowing companies to meet the growing demand for high-quality oils that are safe and consistent. Ongoing research is also leading to new types of oils, such as high-oleic oils, which are more stable for cooking and frying.
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- Ajinomoto Co. Inc.
- Archer-Daniels-Midland Company
- Associated British Foods plc
- Bunge Limited
- Cargill Incorporated
- Conagra Brands Inc.
- Fuji Oil Holding Inc.
- Unilever
- United Plantations Berhad
- Wilmar International Limited
Fats and Oils Market Report Segmentation:
- By Type:
- Oil Type
- Palm Oil
- Soybean Oil
- Rapeseed Oil
- Sunflower Oil
- Olive Oil
- Others
- Fat Type
- Butter
- Shortenings and Margarine
- Lard
- Tallow
- Others
- By Application:
- Food Applications
- Industrial Applications
- Vegetable
- Animal
- By Sales Channel:
- Direct Sales
- Supermarkets and Hypermarkets
- Retail Stores
- Online Stores
- Others
- Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Global Fats and Oils Market Trends:
The fats and oils market is evolving to match changing consumer preferences. As people become more health-conscious, they want oils that are natural, with no artificial additives or preservatives. In 2024, oils that focus on transparency and nutritional benefits will be more popular. The demand for plant-based oils from nuts, seeds, and other plants is also growing, as more people follow plant-based diets. Additionally, as people become more interested in gourmet cooking, specialty oils, like truffle oil and infused oils, are becoming more popular. Sustainability will continue to influence buying choices, with consumers preferring brands that use ethical sourcing and eco-friendly practices. These trends will keep shaping the fats and oils market, leading to new products that align with consumers' values and preferences.
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