According to the latest market research study released by Technavio, the global vegetable oil market is expected to grow at a CAGR of more than 4% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global vegetable oil market based on product type:
Global vegetable oil market share by product type 2015
|
Palm oil |
33.75% |
|
Soybean oil |
26.85% |
|
Canola oil |
15.10% |
|
Sunflower oil |
8.75% |
|
Others |
15.55% |
Source: Technavio
The top three revenue contributing product type segments are discussed below:
Global palm oil market
In 2015, palm oil accounted for around 34% share in the global vegetable oil market. Palm oil is also known as red palm oil and is rich in antioxidants, vitamins, and saturated fat. Palm oil is safe to use for cooking purposes as it is resistant to heat and can be stored at a room temperature for a long time. It is due to all these qualities that enables the use of palm oil as an ingredient in sauces and soups and as a flavoring agent in many dishes. Besides these, palm oil is also added to various skin care products such as sunblock, cosmetics, moisturizers, and soaps, owing to its nutrient dense profile and high level of carotenes, which makes it ideal for sunblock.
“Health communities and associations consider palm oil to be a superfood, as it helps in reducing blood pressure, regulates cholesterol level, and improves the blood circulation. A few everyday products that contain palm oil are instantly packaged bread, pizza dough, noodles, and cookies. The multiple benefits of palm oil will significantly drive the overall vegetable oil market during the forecast period,” says Manjunath Reddy, a lead analyst at Technavio for research on food.
Global soybean oil market
Soybean oil is mostly consumed in countries such as Mexico, Korea, and the US. Soybean oil has polyunsaturated fat, which is bad for health. Soybean oil is not suitable for cooking as it is unstable due to the hydrogenation and presence of genetically modified varieties and polyunsaturated fat that leads to various health disorders. Soybean oil has trans-fat and contains omega-6 fatty acids and is highly processed, which leads to chronic inflammation in the body. For instance, GE (genetically engineered) soybean oil is often linked to adverse health effects such as increasing infertility rate. Soybean oil is widely used in making salad dressing, mayonnaise, non-dairy creamers, and margarine. It is anticipated that the rapidly growing processed snacks industry will drive the soybean oil market marginally during the forecast period.
Global canola oil market
Canola oil is low in saturated fat and rich in polyunsaturated and monounsaturated fatty acids such as omega-3 fatty acid. It is produced from pressed canola seeds that are harvested pods and extracted from the canola plant and is widely promoted as a healthy salad dressing and cooking oil. Canola oil is used as an ingredient in various food items such as making mayonnaise, margarines, and salad dressings.
Moreover, canola oil, once processed, can also be used in the production of plastics, lubricants, soaps, paints, and inks. Canola oil is high in demand owing to the high amounts of monounsaturated oleic acid, which is beneficial in lowering plasma cholesterol levels. The other health benefits associated with using canola oil in cooking include protection to cell membrane in the body, reduction of risks related to cancer, improvement in health, delay in aging signs, low cholesterol level, and helpful for brain health.
The top leading vendors operating in the global vegetable oil market are:
- Associated British Foods
- Bunge
- CHS
- Cargill
- Wilmar
Other prominent vendors in the market include ACH, Adams Group, ADM, Beidahuang Group, Carapelli Firenze, Dow Agrosciences, Savola Group, and Unilever.
A more detailed analysis is available in the Technavio report titled, ‘Global Vegetable Oil Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Fish Oil Products Market in the US 2016-2020
- Global Digestive Health Food and Drinks Market 2016-2020
- Food Additives Market in the US 2016-2020
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