Vegetable Oil Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The global vegetable oil market is segmented by Product Type (Palm Oil, Soybean Oil, Rapeseed Oil, Sunflower Oil, Olive Oil, and Others) By Application (Food, Feed, and Industrial); and by Geography

Market Snapshot

vegetable oil market
Study Period:

2016 - 2026

Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific


5.14 %

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Market Overview

The global vegetable oil market is projected to grow at a CAGR of 5.14% during the forecast period (2020 - 2025).

  • The market is driven by robust demand for organic health-based products, with increased consumption among health-conscious consumers of high-quality edible oils /cooking oils and the growing demand from various application areas.
  • Vegetable oils are finding their way into lubricants for industrial and transportation applications. Potential benefits include resource renewability and biodegradability, as well as providing satisfactory performance. These oils have also proved to serve as excellent greases and fuels.
  • The rising environmental concerns, supported by various government measures to reduce the use of palm oil, are anticipated to hamper the market growth, during the forecast period.
  • The COVID-19 pandemic has unleashed a series of unprecedented events affecting every industry. However, since the food industry was overburdened with the responsibility of meeting the requirements in the time of emergency, especially during the lockdown period, vegetable oils for food applications were consumed in large quantities and the market witnessed a surge in demand from the sector.

Scope of the Report

The global vegetable oil market has been segmented by type which includes palm oil, soybean oil, rapeseed oil, sunflower oil, olive oil, and others. Based on application, the market is segmented into food, feed, and industrial. The study also involves the global level analysis of the main regions such as North America, Europe, Asia-Pacific, South America, the Middle East, and Africa.

By Type
Palm Oil
Soybean Oil
Rapeseed Oil
Sunflower Oil
Olive Oil
By Application
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Asia Pacific
Rest of Asia-Pacific
South America
Rest of South America
Middle East and Africa
South Africa
United Arab Emirates
Rest of Middle East and Africa

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Key Market Trends

Supportive policies on vegetable oil usage in various countries

EU’s consumption of vegetable oil in biofuel has been largely driven by the Renewable Energy Directive (RED). This directive, established in 2009, requires 10% of the energy consumption in road and rail transport in 2020 to be from renewable sources. EU Member States (countries) are required to implement this target with national laws and incentives, such as blending mandates. In India, during November 2017, the taxes on crude and refined palm oil were raised to 30% and 40%, respectively, and in March 2018, to 44% and 54%, respectively. These changes were made to support domestic vegetable oil production. Similarly in the United States the Renewable Fuel Standard (RFS), mandates the consumption of increasing volumes of biofuel each year. In addition to the RFS, the United States has provided a tax incentive for biodiesel and renewable diesel consumed in the US imported biofuels. In several cases, the tax credits were reinstated retroactively.

Vegetable Oil Market1

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Asia-Pacific Dominates the Market

Asia-Pacific registers as the dominated region across the globe and 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. The Chinese vegetable oil market majorly encompasses palm oil, soybean, rapeseed, peanut, sunflower oil, and olive oil. Over the past five years, soybean and palm oil had the largest shares in the Chinese vegetable oil market. Wilmar International Ltd (Yihai Kerry), Cofco Corporation, and Xiwang Food are some of the major edible vegetable oil companies operating in the Chinese market. Japan is another major player in the industry. Japan imports the great majority of olive oil from Southern Europe, which is used as cooking oil and non-food use.

Vegetable Oil Market2

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Competitive Landscape

The global vegetable oil market is fragmented, yet competitive and the major strategies adopted by the key players of the market studied includes product innovation, partnership, expansion, and mergers and acquisition. Wilmar International Limited, Bunge Limited, Golden Agri-Resources, and Sime Darby Plantation Berhad are some of the prominent players. The major players of the market have a broad geographical presence and an extensive product portfolio to cater numerous consumer demand. This factor assists the company to maintain a strong foothold in the market.

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    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


    1. 5.1 By Type

      1. 5.1.1 Palm Oil

      2. 5.1.2 Soybean Oil

      3. 5.1.3 Rapeseed Oil

      4. 5.1.4 Sunflower Oil

      5. 5.1.5 Olive Oil

      6. 5.1.6 Others

    2. 5.2 By Application

      1. 5.2.1 Food

      2. 5.2.2 Feed

      3. 5.2.3 Industrial

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Mexico

        4. Rest of North America

      2. 5.3.2 Europe

        1. Spain

        2. United Kingdom

        3. Germany

        4. France

        5. Italy

        6. Russia

        7. Rest of Europe

      3. 5.3.3 Asia Pacific

        1. China

        2. Japan

        3. India

        4. Australia

        5. Rest of Asia-Pacific

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle East and Africa

        1. South Africa

        2. United Arab Emirates

        3. Rest of Middle East and Africa


    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Archer Daniels Midland Company

      2. 6.4.2 Sime Darby Plantation Berhad

      3. 6.4.3 Bunge Limited

      4. 6.4.4 Olam International Limited

      5. 6.4.5 Cargill Incorporated

      6. 6.4.6 Golden Agri-Resources

      7. 6.4.7 Wilmar International Limited

      8. 6.4.8 Kuala Lumpur Kepong Berhad

    5. *List Not Exhaustive


**Subject to Availability

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Frequently Asked Questions

The Vegetable Oil Market market is studied from 2016 - 2026.

The Vegetable Oil Market is growing at a CAGR of 5.14% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

  • Cargill, Incorporated
  • Wilmar International Limited
  • Olam International
  • Archer Daniels Midland Company
  • Bunge Limited

Are the major companies operating in Vegetable Oil Market.

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