The global fats and oils market is valued at USD YY million in 2021 and is estimated to reach USD YY million by 2029, growing at a CAGR of 4.2% during the forecast period (2022-2029).
Fats and oil are also referred to as triacylglycerols, and are esters of glycerol including three fatty acids, and derived naturally in both plants and animals. They produce an essential part of a healthy diet as they are high in essential fatty acids (EFAs) that offer insulate organs, energy, and transport A, K, D, and E vitamins through the blood.
Subsequently, they are utilized largely in the food and beverages (F&B) industry to improve the texture and flavor of various food products. Moreover, they are also used in the making of animal feed, biodiesel, oleochemicals, and pharmaceuticals. Apart from the food industry, vegetable oils and fats are also progressively utilized for various industrial applications, including soaps, paints, detergents, oleochemicals, and biodiesel.
The growing intake of processed food products is one of the major factors propelling the growth of the global fats and oils market in the forecast period. Moreover, encouraging government policies to reduce the environmental effect of fossil fuels and supporting the application of biodiesel are positively motivating the market growth.
Important vegetable oils' competitive positions changing significantly could profoundly influence costs and pose a danger to specific food goods. Due to numerous laws, the vegetable oil market is under pressure in this environment, particularly in the US.
The global fats and oils market is highly competitive with the presence of many manufacturers. Some of the major players of the market include Associated British Foods PLC, Cargill Inc., Archer Daniels Midland Company (ADM), Wilmar International Limited, Ajinomoto Co., Inc., and United Plantations Berhad, among others.
Market Dynamics
Drivers
- Increasing demand for food boosting global consumption of vegetable oils
- Increasing Demand for Vegetable Oil in Energy and Cosmetic Industry
- Encouraging government policies to reduce the environmental effect of fossil fuels
Restraints
- High dependence on imports, leading to high costs of end-products
- Labeling of fat & oil products and the safety issues
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Geographical Analysis
The Middle East & Africa fats and oils market is estimated to grow at a CAGR of 3.3% during the forecast period (2022-2029) to reach a market value of USD YY million by 2029.
Countries such as Saudi Arabia, Israel and the UAE are witnessing an increased demand for animal fat & vegetable oil products.
The domestic demand for this oil has increased in recent times as food processors widely use this oil for frying and cooking purposes. Besides, an increasing number of companies are investing in major food processing facilities in the region. Many international firms are also eyeing collaborations with local producers to serve the regional demands.
In Saudi Arabia, the inclination towards ready-to-eat food products and convenience food is increasing, which is likely to fuel the country’s oils demand. Various food companies are focusing on the development of “healthier” snacks in order to meet the changing demand of the customers. These meals will have lower calories, fat, salt and sugar, thereby attracting a large number of customers to opt for healthier ready-to-eat meals in Saudi Arabia.
Iran (Islamic Republic of) has set a mandatory limit of 2% in cooking oils and 5% of fats/oils in other foods. Saudi Arabia limits the maximum content of vegetable oils and spreadable margarines to 2% of the total fat, with a 5% limit of total fat content for all other foods. Bahrain, Israel, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, and UAE require labeling of trans fat on packaged foods.
South Africa has best practice mandatory limits on industrially-produced trans fat in foods, fats and oils since 2011. By contrast manufacturers in South Africa are not required to include trans fat content on labels.
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