Market Size of Cooking Oil Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.60 % |
| Fastest Growing Market | Africa |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
