The edible oils market is expected to grow from USD 212.6 billion in 2022 to USD 268.9 billion by 2027, with a compound annual growth rate (CAGR) of 4.8% during this period.
The global population is increasing, and there is a growing trend towards consuming processed foods. Edible oils are a key ingredient in processed foods, and with the development of new products such as confectionery, baked goods, ready-to-eat meals, and fast food, the importance of edible oils in enhancing taste has become even greater. The rapidly changing food processing sector is driving significant demand for edible oils during the study period.
The global market for soybean oil is expected to grow at the fastest rate with a CAGR of 5.4% between 2022 and 2027. With increasing concerns about food costs and climate change, soy products are gaining popularity. Soybean oil is a versatile cooking oil with a neutral flavor that can be used for frying, sautéing, baking, and as an ingredient in various recipes. As consumers become more aware of the health benefits of soy, demand for soybean oil is expected to rise.
The United States is one of the top producers and exporters of soybeans in the world, and the popularity of plant-based meals is boosting demand for soy-based products. In China, consumers are increasingly interested in purchasing genetically modified (GM) soybean oil due to consistent and accurate information about the benefits of GM products.
Major players in the soybean oil market are increasing their production capacity to meet the growing demand. In November 2022, Cargill and Owensboro Grain Company signed an agreement to expand Cargill's soybean oil business, while in April 2022, ADM announced a growth investment to expand its oilseed facility in Germany to process non-GMO soybeans.
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The key players in edible oils market include Cargill, Incorporated (US); Archer Daniels Midland Company (ADM); Bunge Limited (US); Louis Dreyfus Company (Netherlands); Wilmar International Limited (Singapore); and Adani Wilmar Limited (AWL) (India); Associated British Foods PLC (ABF) (UK); Sime Darby Plantation Berhad (Malaysia); and Borges International Group, S.L.U. (Spain).
