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The global fats and oils market is expected to register a CAGR of 5.2% during the forecast period 20182023, to reach USD 270.55 billion by 2023. The primary driver of the market is the hike in demand for polyunsaturated fats, which encompasses omega3 and omega6 fatty acids. Ferrero products have achieved the distinction of being produced with only palm fruit oil, which is 100% certified as sustainable and segregated, according to the Roundtable on Sustainable Palm Oil RSPO supply chain.
Hike in Consumption of Processed Foods and Confectionery
The prime factor driving fats and oils market is the increased consumption of processed foods, confectionary and ready to drink beverages. Asiapacific accounts for largest share in palm oil in terms of production as well as its consumption. The primary driver in consumption is its use in cooking and its role in food processing. Many factors have led to an increased demand for processed and packaged food, encouraging food producers to increase production and invest heavily in food processing equipment and machinery.
The increased demand for olive oil, LDL lowering, and HDLincreasing oils and fats are the primary reasons for the shift in the global oils and fats market. China's soybean production is projected to see increased harvested area, as policy changes reduce incentives to plant corn. Argentina's soybean crop is projected at 57.0 million tons, up 0.5 million from the revised 2015/16 crop. The rise in the consumption of soybean is due to its health index. In the global context of health, diet, and physical activity, the European oils and fats sector strives to improve the fatty acid profile of oils and fats formulations reduction of TFA and SAFA and an increase of MUFA and PUFA and develop healthier alternatives for all food applications. McDonald's has urged FSSAI to establish cooking oil standards.
Palm Oil Accounts for Major Share
The global fats and oil market is segmented by oil type into palm oil, soybean oil, canola oil, rapeseed oil, sunflower oil, olive oil and others coconut oil, cottonseed oil, and peanut oil while by fat type, the market has been segmented into butter, shortenings margarine, lard, tallow and others. Palm oil accounts for the highest share followed by soybean and canola. The market value for palm oil is expected to grow at 6% CAGR during the forecast period. Palm oil covers around 30% of the vegetable oil market.
North America Holds Major Share
The statistics for the last ten years depict an increase in the global oil consumption, by 3040%. AsiaPacific comprises of developing economies, such as China and India, which are the largest consumers of fats oils in the world. The global consumption of palm oil was 52.1 million tons, in 2012. The primary consumers of palm oil are China, India, and the European Union, none of which produce crude palm oil and imports entirely meet their demand. Indonesia, though a prominent consumer, is the world's largest producer of palm oil, surpassing Malaysia. On the global front, the United States is ahead of the Asian countries, and is the largest producer of soybean. Soybean export by the United States is projected to be 37%, up slightly from 2015/16 and near the fiveyear average. The maximum percentage of olive oil production is attributed to Spain, followed by Italy.
MAJO RPLAYERS: WILMAR INTERNATIONAL LIMITED, ARCHER DANIELS MIDLAND COMPANY, BUNGE LIMITED, CARGILL, INCORPORATED, RUCHI SOYA, CONAGRA FOODS, INC., UNILEVER PLC, UNITED PLANTATIONS BERHAD, ASTRA AGRO LESTARI, INTERNATIONAL FOODSTUFF COMPANY HOLDINGS LIMITED IFFCO, ASSOCIATED BRITISH FOODS PLC ABF, ADANI GROUP, FUJI OIL, ADAMS GROUP and ARISTA INDUSTRIES INC., amongst others.
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