Market Trends of Activated Bleaching Earth Industry
Increasing Demand for Edible Oil & Fats
- Activated bleaching earth is used to purify edible oils, used cooking oil (UCO), sludge oils, acid oils, and other waste oils that are utilized in the manufacture of biodiesel and renewable diesel. It is widely used in the refining, decolorizing, and bleaching of edible oil and fats.
- Activated bleaching earths have a higher ability to absorb impurities in comparison to natural bleaching earths.
- It is used for the purification of various edible oils and fats, including soya bean oil, cotton seed oil, palm oil, rapeseed oil, sunflower oil, safflower oil, rice bran oil, corn oil, canola oil, olive oil, and sesame oil.
- In 2022/23, the global production volume of palm oil stood at 77.22 million metric tons, up from 73.83 million metric tons in 2021/22.
- In 2022/23, the global production volume of soybean oil increased by 3.0% to 61,494 thousand metric tons, up from 59,259 thousand metric tons in 2021/22.
- The global production of rapeseed oil across the world increased to 31.8 million metric tons in 2022/23, up from 29.07 million metric tons in 2021/22.
- In 2022/23, the global production of sunflower seed oil stood at 20.36 million metric tons, up from 19.84 million metric tons in 2021/22.
- The global production of cottonseed oil stood at 5.02 million metric tons in 2022/23, up from 4.97 million metric tons in 2021/22.
- However, the world witnessed a decline in the production of olive oil owing to the rising drought conditions in several countries, including major producers in Europe and South America. In 2022/23, the global production of olive oil stood at 2.82 million metric tons, which is lower in comparison to 3.27 million metric tons in 2021/22
- Thus, the increase in production and surge in demand for activated bleaching earth in edible fats and oils are expected to provide growth opportunities in the global market.
Understand The Key Trends Shaping This Market
Download Sample
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to account for the largest share of the activated bleaching earth market. China holds the largest share of vegetable oil consumption and production in Asia-Pacific. Though the production volume is high, consumption exceeds production, resulting in higher import volumes when compared to export volumes.
- According to Oils & Fats International, during the crop year 2021-22, China produced 28 million tonnes of edible oil, a 150,000 tonnes decrease from the previous year's volume of 28.15 million tonnes. The decrease in the production volume is due to the drop in the oilseed imports, leading to a downgrade in edible vegetable oil production.
- As per the reports by the Government of China, in July 2022, the palm oil and soyabean oil imports to the country declined by 300,000 tonnes and 170,000 tonnes as compared to their previous year's volume of 3.7 million tonnes and 630,000 tonnes, respectively.
- According to the Indian Vegetable Oil Producers' Association (IVPA), during the current oil year (October 2022-September 2023), India imported around 14.37 million tonnes of vegetable oil, as compared to 14.07 million tonnes imported in the previous year.
- According to the International Energy Agency (IEA), oil continues to be the most important energy source in South Korea in terms of total energy supply. South Korea has a very important refining industry and is self-sufficient in most products other than petrochemical feedstocks.
- Furthermore, according to a report by Agriculture and Agri-Food Canada (AAFC), the total retail sales of cooking oils in the country were valued at USD 478.7 million in 2021. The sales of cooking oil are projected to reach USD 522.3 billion by the year 2026. While edible oil consumption is expected to reach nearly one million metric tons by 2026.
- According to the Ministry of Internal Affairs and Communications, the retail price for vegetable oil grew by 67% from March 2021 to January 2023, far above the price increase for most other staple foods.
- Additionally, the import value of soybeans in the country reached USD 213.98 million in July 2023 from USD 190.05 million in June 2023. The soybean oil exports in the country accounted for USD 0.17 million, whereas imports accounted for USD 2.43 million, resulting in a negative trade balance.
- Hence, due to the above-mentioned reasons, Asia-Pacific is anticipated to dominate the market during the forecast period.
Get Analysis on Important Geographic Markets
Download Sample
