Market Size of South America Fats and Oil Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.59 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
South America Fats and Oils Market Analysis
The South American Fats and Oil Market are expected to record a CAGR of 4.59% during the forecast period, 2022-2027.
The COVID-19 outbreak has disrupted the food & beverage supply chain all across the country. Furthermore, the impact of the pandemic on society and the economy has been witnessed as a result of lockdowns across the globe. Labor mobility restrictions, travel bans, airline suspensions, and a slowdown in the economy affected the sustainability of supply chains of the food and beverage industry all across the globe. Consumers' consumption habits have been changed by their perception of the risk associated with COVID-19. To reduce the risk of infection, consumers used delivery services to buy groceries and food products. Furthermore, fear of potential food ingredient shortages has fueled the hoarding trend in consumers. The unavailability of raw materials has raised new concerns for market players.
The market is primarily being driven by its extensive applications in the food industry for making bakery, confectionery, dairy, and other products, along with its industrial use in the production of biodiesel, fatty acids, animal feeds, paints and coatings, plastics additives, soaps, lubricants and greases, cosmetics, pharmaceuticals, etc.
Also, the growing demand for plant-based food ingredients has propelled the application of oils in food products. In 2020, according to Good Food Institute (GFI), the plant-based food products market in the Latin American region was worth around USD 800 million.Due to several heart risks associated with partially-hydrogenated vegetable fats and their by-products, governments are repositioning their policies and rolling outlaws to limit their usage. This reflects the hindered growth of the market in the near future.
