New York, USA, Aug. 30, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global cooking oil market is projected to register a revenue of $2,56,200 billion, at a CAGR of 5.5% during the forecast period, increasing from $1, 67,600 billion in 2020. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures, making it easier and helpful for the new participants to understand the market.
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Impact Analysis of Covid-19
The coronavirus pandemic has impacted the global cooking oil industry in a moderate way.
While many industries have faced loss and even bankruptcy, a few industries survived the negative effects of the critical period. The demand for cooking oil has decreased during the lockdown period as a result of the shutdown of hotels and restaurants. The restrictions on supply chain have also impacted the industry in a drastic way. However, as cooking oil falls under ‘essential goods’ category, the demand has never been decreased to the lowest level.
Dynamics of the Market
Drivers: Changing food habits and popularity of instant and processed food are the main anticipated factors enhancing the growth of the global cooking oil market during the forecast period. The fast-racing lifestyle of the urban population has less to no time for cooking and preparing meals at home. Due to this reason, people are getting into the habit of depending on the ready-to-eat products. These processed foods need cooking oils in different flavors which has contributed to the growth of the market.
Restraint: Most of the branded and refined cooking oils contain large amount of fatty acids which may prove harmful for the human body. Such factors are expected to hinder the growth of the market during the forecast period.
Opportunity: Rising adoption of healthy oils including olive oil, vegetable oil, avocado oil, palm oil, and others are expected to create many opportunities for the market.
Check out How COVID-19 impacts the Global Cooking Oil Market: https://www.researchdive.com/connect-to-analyst/4639
Segments of the Market
The report has divided the market into different segments based on type, end-user, distribution channel, and regional analysis.
Type: Palm Oil Sub-Segment Expected to be the Most Lucrative
The palm oil type sub-segment is expected to surpass a revenue of $93,767.5 billion during the forecast period. Palm oil is known for its diverse benefits such as its low cost and health benefits such as improvement of bone and eye health. These are the major factors expected to enhance the growth of the market during the upcoming years.
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End-User: Resident Sub-Segment Expected to be the Most Profitable
The residential sub-segment is expected to generate the highest revenue of $1,16,859.5 billion during the analysis period. The main reason enhancing the growth of the market sub-segment is the growing trend of branded cooking oil for household uses.
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Distribution Channel: Hypermarket/ Supermarket Expected to be the Most Beneficial
The hypermarket/supermarket sub-segment is predicted to dominate the market with a revenue of $78,115.8 billion by 2028, increasing from $49,900.6 billion in 2020. The main factor behind the growth of this sub-segment is the benefits of supermarkets such as great discounts and variety of choices.
Region: Asia-Pacific Expected to Dominate the Market
The Asia-Pacific regional market size is anticipated to garner a revenue of $1,27,587.6 billion, growing at a CAGR of 5.9%, by the end of 2028. The regular consumption of oil in a high quantity has resulted in the increased production of cooking oil in the region. This is the main factor anticipated to foster the growth of the regional market.
Key Market Players and Strategies
• Archer Daniels Midland Company,
• Sime Darby Plantation,
• Bunge Limited.,
• Olam International Limited,
• Kaneka Corporation,
• Cargill,
• George Weston Foods Limited,
• Louis Dreyfus Company,
• Nutiva and
• SIFCA SA
Recent Development:
In April 2021, Olam Food Ingredients, a business unit of Olam International, completed its acquisition of Olde Thompson from the private equity firm Kainos Capital, for approximately $950 million. Olde Thompson is a private label manufacturer of dry spices and seasonings, based in USA, California. This transaction is expected to strengthen Olam’s relationship with Olde Thompson in global origination and sustainable supply chains.
These players are working on developing strategies such as product development, merger and acquisition, and partnerships and collaborations to sustain the market growth. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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