Dublin, Oct. 04, 2023 (GLOBE NEWSWIRE) -- The "Plant-Based Oils Market Share, Size, Trends, Industry Analysis Report, By Source, By Packaging, By Application, By Distribution Channel, By Region, Segments & Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
The plant-based oils market size is expected to reach USD 90.34 Billion by 2032
The rising demand for organic food products and technological advancements in processing techniques support the market.
They've surged in popularity owing to their health advantages and eco-friendliness when compared to animal-based fats and oils. Common plant-based oils include olive, coconut, sunflower, canola, and soybean oils. Others like palm oil, grapeseed oil, safflower oil, and flaxseed oil are also prevalent.
These oils serve various purposes across industries, including food, cosmetics, pharmaceuticals, and industrial sectors. In cooking, frying, and baking, they play pivotal roles, also featuring as ingredients in products like salad dressings, mayonnaise, and margarine. Furthermore, they're indispensable in industrial applications such as lubricants, biofuels, and paints, prized for their renewable and sustainable characteristics that make them compelling alternatives to petroleum-based counterparts.
For instance, the global production of sunflower seed oil is expected to increase from 19,032 thousand metric tons in 2021 to 20,583 thousand tons in 2023, as per the United States Department of Agriculture. Soybean oil production has similarly surged from 38.99 million metric tons in 2010 to 59.27 million in 2023.
In the forecast period, sunflower oil is poised to register the swiftest growth, attributed to its numerous health benefits and versatility. Rich in vitamin E, a potent antioxidant, and low in saturated fats, sunflower oil stands out as a healthier oil option.
The market is expected to witness the dominance of PET bottles in the coming years. As environmental consciousness grows and regulations advocating reduced use of petroleum-based materials gain traction, the demand for plant-based PET bottles is set to rise.
Notably, the food and beverage segment will maintain its supremacy in the plant-based oil market during the forecast period. Its extensive use in cooking, baking, and increasing demand from health-conscious consumers contribute to its leadership position.
Asia Pacific is anticipated to exhibit the fastest growth rate in the forecast period, emerging as a pivotal player in the global plant-based oils market in terms of both production and consumption. Major palm oil producers include Indonesia and Malaysia, with China being a significant soybean oil producer. India, the largest consumer of vegetable oil globally, predominantly favors palm oil.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 118 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $51.26 Billion |
| Forecasted Market Value (USD) by 2032 | $90.34 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Plant-Based Oils Market Dynamics
Drivers and Opportunities
- Steady Growth Of Processed Food And Foodservice Industries
- Increasing Production Of Biodiesel
Restraints and Challenges
- High Volatility In Prices
Porter's Five Forces Analysis
PESTLE Analysis
Plant-Based Oils Industry Trends
Value Chain Analysis
COVID-19 Impact Analysis
Company Profiles
- Wilmar International Ltd
- Olam International
- Cargill Agricola S.A.
- Viterra
- Riceland Foods.
- Richardson International Limited.
- ACH Food Companies Inc.
- Viterra Inc.
- Richardson International Limited.
- Riceland Foods.
- Olam International
- Kuala Lumpur Kepong Berhad
- ADM
- Golden Agri-Resources
Scope of the Report
Plant-Based Oils Market, Source (Revenue - USD Billion, 2019 - 2032)
- Sunflower Oil
- Palm Oil
- Cottonseed Oil
- Soybean Oil
- Rapeseed Oil
- Coconut Oil
- Others
Plant-Based Oils Market, Packaging (Revenue - USD Billion, 2019 - 2032)
- PET Bottles
- HDPE Cans
- Tin-Plate Containers
- Tetra packs
- Flexible Plastic Pouches
- Glass Bottles
Plant-Based Oils Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)
- Food and Beverages
- Animal Feed
- Industrial
- Pharmaceutical
- Biofuel
- Others
Plant-Based Oils Market, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)
- Business to Business
- Business to Consumers
- Hypermarkets/ Supermarkets
- Convenience Stores
- Specialty Retail Stores
- Online Retail
Plant-Based Oils Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/qcxq8c
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