New York, USA, May 25, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global cooking oil market is predicted to grow at a stable CAGR of 5.5%, thereby garnering a revenue of $2,56,200 billion in the 2021-2028 timeframe. This holistic report provides an overarching overview of the nature of the cooking oil market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
Dynamics of the Market:
Drivers: Increased urban working culture and the associated fast-paced lifestyle has led to a rise in the consumption of processed foods. This increased prevalence of processed foods has, in turn, led to a growth in demand for cooking oil, which is expected to boost the cooking oil market in the forecast period. Along with this, strategic alliances between the major market players are predicted to push the market forward.
Opportunities: Growing awareness regarding the need to follow a healthy and nutritious diet has led to an increase in demand for healthy cooking oil. This is expected to provide huge growth opportunities to the market in the forecast period. Moreover, several business strategies adopted by leading market players is projected to create numerous investment opportunities.
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Restraints: However, health issues related to higher consumption of cooking oil might prove to be a hindrance in the growth trajectory of the cooking oil market.
Segments of the Market:
The report has divided the cooking oil market into certain segments based on type, end-user, distribution channel, and region.
Type: Palm Oil Sub-Segment to be the Most Dominant
By type, the palm oil sub-segment is predicted to have the most dominant market share and garner a revenue of $93,767.5 billion during the forecast period. Palm oil, being 20% less costly than other cooking oils, is one of the largest distributed oils around the globe. Moreover, palm oil has numerous health benefits which most of the other cooking oils fail to provide. Both these factors are expected to play a huge role in the growth of this sub-segment.
End-User: Residential Sub-segment to be the Most Profitable
By end-user, the residential sub-segment of the cooking oil market is expected to be the most profitable one by registering a revenue of $1,16,859.5 billion during the forecast period. Growing adoption of branded cooking oils for cooking and baking is expected to be the primary growth driver of this sub-segment in the 2021-2028 timeframe.
Distribution Channel: Retail Stores Sub-segment to be the Fastest Growing
By distribution channel, the retail stores sub-segment of the cooking oil market is expected to be the fastest growing one and garner $65,186.4 billion by 2028. Since the last few years, people are preferring retail stores like wholesalers, independent stores, and brand chains to buy the grocery items for their household. This is projected to become an important growth factor behind the surge of this sub-segment.
Region: Market in Asia-Pacific Region to be the Most Lucrative
By regional analysis, the cooking market in the Asia-Pacific region is poised to become the most dominant as well as the fastest growing sub-segment. It is predicted to grow at a CAGR of 5.9% by 2028. High production coupled with increased consumption of cooking oil is anticipated to become the primary growth driver of the market in this region. Additionally, the higher import volumes as compared to export volumes is expected to push the market forward.
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Prominent Market Players:
Some prominent market players of the cooking oil market are
- Archer Daniels Midland Company
- Olam International Limited
- Louis Dreyfus Company
- Sime Darby Plantation
- Kaneka Corporation
- Nutiva
- Bunge Limited Cargill
- SIFCA SA
- George Weston Foods Limited, among others.
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market. – Inquire to get more insights@ https://www.researchdive.com/purchase-enquiry/4639
For instance, in November 2021, Cargill, an American global food corporation, announced the acquisition of an edible oil refinery in Andhra Pradesh, a state in India. This acquisition is aimed at increasing the footprint of the company, both in India and in the cooking oil industry. The acquired refinery will boost the production capacity of the food corporation and will augment its capabilities.
Finally, this report published by Research Dive, also offers many vital facets of the cooking oil market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
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