Cooking oils and fats constitute an important component of a healthy human diet. The food and drinks that we consume have varying levels of several essential nutrients, one of which are fats. While monosaturated and polysaturated fats help reduce cholesterol levels, saturated fats increases the cholesterol level in the body. Dietary fat is essential for bodily functions such as circulation of essential vitamins around the body and synthesis of hormones.
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Cooking Oils and Fats Market: Drivers and Restraints
Globally, overall economic growth leading to increasing disposable incomes and busy lifestyles have led to demand for processed foods and ready-to-drink beverages, which is driving demand for cooking oils and fats. In emerging markets such as India, Argentina, and Indonesia, the growing urban population, with Western food habits, is driving demand for processed foods, which in turn is fueling the cooking oils and fats market.Additionally, rising consumer awareness regarding the quality of edible oils and health benefits of moderate consumption of oils and fats is contributing to the growth of the global cooking oils and fats market.
On the other hand, increased awareness regarding adverse health implications of excessive consumption of oils and fats is hindering growth of the market. Excessive intake of trans fats increases cholesterol levels in the body, which increases chances of heart diseases, cancer, and type 2 diabetes. Processed foods such as pizza, doughnuts, and French fries are loaded with trans fats and are detrimental to human health if consumed on a regular basis. However, development of suitable substitutes for trans fats is likely to open opportunities for the oils and fats market globally.
High raw material prices also pose a challenge to the growth of the market. This inhibits new players from entering the cooking oils and fats market due to the high initial outlay.The cooking oils and fats market was worth US$59,782.3 million in 2014 and is anticipated to be worth US$65,270.6 million by 2021, growing at a meager 1.2% CAGR from 2015 to 2021. By volume, the market was valued at 21,204.5 million kg in 2014 and will reach 22,333.1 million kg by 2021, growing at a 0.7% CAGR between 2015 and 2021.
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RoW to Dominate Global Cooking Oils and Fats Market
The global cooking oils and fats market is segregated on the basis of products and geography. By products, the market is divided into vegetable and seed oil, butter, olive oil, spreadable oils and fats, margarine, and cooking fats. Among the product segments, vegetable and seed oil dominated the market and will continue to enjoy the leading market position in the coming years.
Geographically, the market is divided into North America, Asia Pacific, Europe, and Rest of the World (RoW). In 2014, Asia Pacific and Europe collectively accounted for more than 50% of the global cooking oils and fats market. The same year, Rest of the World exhibited the fastest y-o-y growth, followed by Asia Pacific, in the global cooking oils and fats market.For the period of 2015-20121, the cooking oils and fats market in Rest of the World will display the fastest growth at a 1.6% CAGR, followed by Asia Pacific. Wilmar International Ltd, Associated British Foods plc, Ajinomoto Co., Unilever plc, and CHS Inc. are major vendors with significant presence in the global cooking oils and fats market.