Cooking Oil Market To Report Impressive Growth, Revenue To Surge To US$ 130.30 Billion By 2024 – ZMR Blog
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Cooking Oil Market To Report Impressive Growth, Revenue To Surge To US$ 130.30 Billion By 2024

With the presence of a large pool of participants, the global cooking oil market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Cargill Agricola S.A., ACH Foods Company Inc., Bunge North America Inc., Archer Daniels Midland Company, ConAgra Foods Inc., CHS Inc., Chinatex Corporation, Richardson Oilseed Ltd., J-Oil Mills Inc., and Carapelli Firenze S.P.A. are some of the key vendors of cooking oil across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the cooking oil market study.

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Citing an instance, in October 2018, Eni S.p.A. – a reputed Italy-based oil & gas firm – and AMA signed a pact to produce fuel from utilized cooking oil.

Global Cooking Oil Market

As estimated in this report, the global cooking oil market stood at US$ 85.52 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this cooking oil market is expected to reach US$ 130.30 billion by the end of the forecast period. The main types available in this cooking oil market are Rapeseed (canola) oil, Sunflower oil, Palm kernel oil, Soybean oil, Minor vegetable oil, and Palm oil. Among them, the demand for Sunflower oil is relatively higher and the trend is anticipated to remain so over the next few years, notes the cooking oil market research report.

Extensive Need Of Cooking Oil In Food Preparation To Steer Market Growth

“Escalating demand for cooking oil in food sector is anticipated to boost cooking oil market trends,” says the author of this study. Apart from this, massive intake of cooking oil through daily diet along with its growing popularity across emerging and densely populated regions of Asia Pacific will foster the expansion of cooking oil market size in the ensuing years. In addition, wide product application in food, biodiesel, and industrial sectors will further accelerate the growth of cooking oil market in the years to come.

Massive Health Awareness To Aid APAC Maintain Regional Dominance

Regionally, Asia Pacific has been leading the worldwide cooking oil market and is anticipated to continue on the dominant position in the years to come, states the cooking oil market study. Increasing population and rising consumption of cooking oil through diet in countries such as India, China, and Japan is one of the key factors behind the dominance of the Asia Pacific cooking oil market. The high number of market players being headquartered in Asia Pacific is another significant factor that is supporting the growth of this regional cooking oil market. In addition, massive health awareness and rise in the disposable incomes of consumers is projected to accelerate the demand for premium and specialty cooking oils in APAC during the estimated timeframe.

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