Global Cooking Oil Market Predicted to Generate a Revenue of $2, 56,200 Billion at a CAGR of 5.5% during the Analysis Period, 2021-2028 - Exclusive Report [232 pages] by Research Dive

Global cooking oil market is expected to experience a significant growth during the forecast period. Palm oil and residential sub-segments are estimated to be the most profitable sub-segments. Asia-pacific is expected to lead the market.

NEW YORK, Aug. 24, 2021 /PRNewswire/ -- Research Dive has published a report titled "Cooking Oil Market by Type (Palm Oil, Soybean Oil, Rapeseed Oil, Sunflower Oil, and Others), End-user (Residential, Food services, Food Processing, and Others), Distribution Channel (Hypermarket/Supermarket, Retail Stores, Business to Business, and Online Sales Channel), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".

The Global Cooking Oil Market size is predicted to garner $2,56,200 billion in the 2021–2028 timeframe, growing from $1,67,600 billion in 2020, at a healthy CAGR of 5.5%.

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Regional Outlook

The Asia-Pacific Cooking Oil Market is predicted to generate a revenue of $1,27,587.6 billion, growing at a CAGR of 5.9% during the analysis period. The Asian countries, especially India is a regular consumer of cooking oil as the cuisine of the country is rich in spices and vegetables cooked with oil. This factor has increased the demand of the cooking oil in the regional countries.

Major Segment Highlights

The report has divided the global cooking oil market into different segments based on type, end-user, distribution channel, and region.

• Type: The palm oil sub-category is estimated to reach a revenue of $93,767.5 billion during the analysis period. The main attributor of this growth is the benefits of palm oil including its low cost and health benefits.
• End-User: The residential sub-category is predicted to garner the highest revenue of $1,16,859.5 billion by the end of 2028. Increasing popularity and adoption of branded cooking oil for household usage are few of the main factors enhancing the sub-segment growth.
• Distribution Channel: The hypermarket or supermarket sub-segment is expected to lead the market with a revenue of $78,115.8 billion during the forecast period, rising from $49,900.6 billion in 2020. Supermarkets are loved by people as they offer variety of choices and good discounts. This are the main factor influencing the growth of the market sub-segment.

Dynamics of the Market

The working people of urban areas get less time for preparing food from scratch because of their busy schedule. Hence, they rely on processed food which can be prepared instantly with the help of flavorful cooking oil. This is the main factor accelerating the growth of the global cooking oil market.

The main restraining factor behind the growth of the market is expected to be the harmful ingredients or components of refined cooking oils.

Rising popularity of cooking oils such as avocado oil, olive oil, vegetable oil, palm oil, and others are expected to create many opportunities for the market during the forecast period.

Recent Development:

In May 2021, Cargill, an American privately held global food corporation based in Minnetonka, Minnesota, partnered with Frontline International, a manufacturer of commercial food service, with an aim to develop the Kitchen Controller™ end-to-end, automated oil management system. The state-of-the-art solution is expected to leverage Cargill's foodservice experience and oil quality knowledge with Frontline International's Smart Oil Management® equipment expertise and customer relationships, providing foodservice operators with an integrated and intelligent approach to oil management.

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COVID-19 Impact on Cooking Oil Market

The Covid-19 pandemic has impacted the global economy in a drastic way. It has wreaked havoc by shutting down and bankrupting industries. However, the frontline industries such as healthcare, food & beverages, and other essential services industries are experiencing a boom during the pandemic. Global cooking oil industry falls under the "essential" category and thus it has witnessed a moderate hit of the pandemic. The leading players of the market are focusing on strategic development to sustain the growth of the market till the end of the pandemic.

Access our comprehensive analysis of the IMPACT OF COVID-19 ON COOKING OIL MARKET

Top 10 Key Market Players and Strategies: Global Cooking Oil Market

The most significant players of the global cooking oil market include

1.  Louis Dreyfus Company

2.  Sime Darby Plantation

3.  Olam International Limited

4.  Bunge Limited.

5.  Archer Daniels Midland Company

6.  George Weston Foods Limited

7.  Cargill

8.  SIFCA SA.

9.  Kaneka Corporation

10.  Nutiva among others.

These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.

They are focusing on advanced product developments and merger & acquisition. These are some of the strategies conducted by the startups as well as established business organizations.  -Inquire and Get Quick Access to Top Companies Development Strategies Summary Report

More about Cooking Oil:

Cooking Oil – A Source of Improved Health and Convenience

Cooking Oil Market: Towards a Delicious Future with Rising Demand in Urban Household

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