Cooking Oil Market - Growth, Trends, and Forecasts (2023 - 2028)

The Cooking Oil Market is Segmented by Type (Palm Oil, Rapeseed Oil, Sunflower Oil, Peanut Oil, and Other Types), Application (Bakery and Confectionery, Snack Foods, Salads, Cooking Oils, and Other Applications), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report offers market sizes and values in USD million during the forecast period for the abovementioned segments.

Cooking Oil Industry Overview

Cooking Oil Market Summary
Study Period: 2016 -2027
Fastest Growing Market: Africa
Largest Market: Asia-Pacific
CAGR: 5.6 %

Major Players

Cooking Oil Market Major Players

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Cooking Oil Market Analysis

The cooking oil market is projected to register a CAGR of 5.6% during the next five years.

The global cooking oil market is driven by the robust demand for organic health-based products, with increased consumption of high-quality edible oils/cooking oils by health-conscious consumers and the growing demand from various applications, such as confectionery, primarily in the production of candies. Also, refined olive oil and coconut oil are increasingly used in various bakery applications, as they are bland in taste, allowing the food to maintain its original flavor. Additionally, they do not exhibit any pungency, unlike mustard oil.

The demand for non-GMO edible oil has also catered to the market, as it augmented the shares of sunflower oil, coconut oil, and olive oil, together with leading segments of the market studied, including palm oil, canola oil, and soybean oil. Palm oil is one of the most highly used vegetable oils. In the past few years, palm oil production amplified significantly, with almost all production growth set in Malaysia and Indonesia. However, the associated large-scale deforestation is restricting palm oil’s application in varied food sectors, as consumers are becoming highly aware of the damages caused by deforestation to the environment, and they are opting for the International Palm Oil Free Certification.

Cooking Oil Industry Segments

Cooking oil is a liquid fat made of plants, animals, or synthetic materials used in baking, frying, and other cooking processes. It may also be referred to as edible oil because it is used in cold food preparation and flavoring, including salad dressings and bread dips. 

The global cooking oil market has been segmented based on type, application, and geography. Based on type, the market studied is segmented into palm oil, rapeseed oil, sunflower oil, peanut oil, and other types. Based on application, the market studied is segmented into bakery and confectionery, snack foods, salads and cooking oils, and other applications. Based on geography, the market studied is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizing and forecasts have been done based on value (in USD million).

By Product Type
Palm Oil
Rapeseed Oil
Sunflower Oil
Peanut Oil
Other Types
By Application
Bakery and Confectionery
Snack Foods
Salads and Cooking Oils
Margarine, Fillings, and Spreads
Other Applications
By Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
Spain
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Africa
Saudi Arabia
Rest of Middle East and Africa

Report scope can be customized per your requirements. Click here.

Cooking Oil Market Trends

This section covers the major market trends shaping the Cooking Oil Market according to our research experts:

Palm Oil Emerges as the Most Consumed Oil

Palm oil is one of the most distributed cooking oils in the world. The primary users of palm oil include China, India, Indonesia, and the European Union. These countries do not produce crude palm oil, and their demand is entirely met by imports. There is substantial demand for palm oil from various end-user sectors across the world since it costs 20% less than most cooking oils. In the past few years, the production and imports of palm oil amplified significantly, with almost the entire demand supplied by Malaysia and Indonesia. 

According to the US Department of Agriculture, palm oil imports were 47.56 million metric tons during the current year, which was higher than the previous year's imports which were 47.21 million metric tons. Furthermore, there has been an increase in the demand for biofuel in most developed regions. This, in turn, is augmenting the demand for palm oil. Other chief demand drivers include the versatility and extensive application of palm oil in various aspects of the food industry.

Cooking Oil Market: Consumption of Vegetable Oils, in Million Metric Tons, By Oil Type, Global, 202021

Asia-Pacific Holds Significant Share in the Market

Asia-Pacific accounts for the largest share of the global vegetable oil market, and it is the second-fastest-growing region. Asia-Pacific has emerged as a dominant market for fish oil consumption owing to the massive concentration of the aquaculture industry in China, India, Vietnam, and Indonesia. Moreover, the rising health concerns among consumers lead to the usage of fish oil as a nutritional supplement in developed countries such as Japan and Australia. Olive oil, in particular, has the highest growth rate due to its health benefits.

In Asia-Pacific, China holds the largest share of vegetable oil consumption as well as production. Though the production volume is high, consumption exceeds production, resulting in higher import volumes when compared to export volumes. China is an import-oriented country. Due to the huge demand from food industries, attributed to the increasing number of health-conscious consumers, strong population base, and changing living standards, coupled with the presence of major palm oil-producing nations in the region. Additionally, a prominent factor in the increasing edible oil use is the growing consumption of processed food.

Cooking Oil Market: Market Size (%), By Region, Global, 2021

Cooking Oil Market Competitor Analysis

The global cooking oil market is fragmented yet competitive, with a significant share held by leading players, such as Archer Daniels Midland Company, Bunge Limited, Fuji Oil Group, Cargill Incorporated, and Olam Oil Group. These key players in the market aim to target the right product to the right consumer. Consistent innovation in product quality, variety, usage, and other attributes is essential to maintaining a strong foothold in the market. Additionally, as it is a mature market, the oil manufacturers focus on other strategies, such as acquisitions and expansions, in order to penetrate deeper into the pre-existing markets.

Cooking Oil Market Top Players

  1. Archer Daniels Midland Company

  2. Cargill Incorporated

  3. Bunge Limited

  4. Olam Group Limited

  5. Fuji Oil Group

*Disclaimer: Major Players sorted in no particular order

Cooking Oil M.C..png

Cooking Oil Market Recent Developments

  • March 2022: Alfa Laval acquired Desmet, a well-known player in the engineering and supply of processing facilities and technologies for the edible oil and biofuel sectors. Desmet was a division of the Desmet Ballestra Group. The acquisition strengthened Alfa Laval's position in the field of renewable energy and helped the company expand its range of edible oils.
  • November 2021: Cargill acquired an edible oil refinery located in Nellore in Andhra Pradesh. Cargill’s investment to acquire and upgrade the facility will significantly expand its edible oil production capacity and footprint in southern India and strengthen its existing supply chain to meet growing customer demand.
  • November 2021: To build the new facility in the HoogTij industrial district of the Port of Amsterdam, Bunge announced its plans to invest more than EUR 300 million (USD 343 million) for the expansion project. According to the company, it was a crucial step in leveraging Bunge's asset footprint in Europe and was expected to help the company achieve more operational flexibility and efficiency. With the help of the new facility, the company aims to offer a wider range of cutting-edge culinary oils and fats made from sustainably harvested plants, better positioning its brand to satisfy growing consumer demand.

Cooking Oil Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Palm Oil

      2. 5.1.2 Rapeseed Oil

      3. 5.1.3 Sunflower Oil

      4. 5.1.4 Peanut Oil

      5. 5.1.5 Other Types

    2. 5.2 By Application

      1. 5.2.1 Bakery and Confectionery

      2. 5.2.2 Snack Foods

      3. 5.2.3 Salads and Cooking Oils

      4. 5.2.4 Margarine, Fillings, and Spreads

      5. 5.2.5 Other Applications

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 Spain

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 Saudi Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Strategies Adopted by Leading Players

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Archer Daniels Midland Company

      2. 6.3.2 Cargill Incorporated

      3. 6.3.3 Bunge Limited

      4. 6.3.4 Olam International Limited

      5. 6.3.5 Fuji Oil Group

      6. 6.3.6 Wilmar International Limited

      7. 6.3.7 Alami Commodities Sdn Bhd

      8. 6.3.8 Musim Mas Group

      9. 6.3.9 Richardson International

      10. 6.3.10 J Oil Mills Inc.

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
You can also purchase parts of this report. Do you want to check out a section wise price list?

Cooking Oil Market Research FAQs

The Cooking Oil Market market is studied from 2016 - 2027.

The Cooking Oil Market is growing at a CAGR of 5.6% over the next 5 years.

Africa is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

Archer Daniels Midland Company , Cargill Incorporated , Bunge Limited , Olam Group Limited, Fuji Oil Group are the major companies operating in Cooking Oil Market.

Cooking Oil Industry Reports

In-depth industry statistics and market share insights of the Cooking Oil sector for 2020, 2021, and 2022. The Cooking Oil research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Cooking Oil report PDF.

close-icon
80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!