The global plant-based oils market is estimated to reach the USD 110.36 billion by 2026, at a CAGR of 5.1% during the forecast period from 2020 to 2026. Sunflower, soybean, olive, palm, coconut, rapeseed, cottonseed, and other plants are used to make plant-based oils. Several manufactures have accomplished backward integration and are cultivating raw materials as a result. Hydraulic or screw press-based and solvent-based process are the two most popular methods for extracting plant-based oils. Historically, the hydraulic mechanism has been used for a long period. To reach optimum yield and lower production costs, manufacturers are focusing more on the oil refining process. Enzymatic degumming is preferred by manufacturers over conventional water or chemical degumming. Enzymes attack phospholipid impurities in oil while leaving the majority of the oil alone.
Factors such as the fast-growing food processing industry and the use of alternative fuels such as biodiesel around the world are projected to boost demand growth. Plant-based oils are mainly used in the production of confectionery, bakery, cheese, and other food products. The biggest factor for growth is the steady growth in the food processing industry, which uses plant-based oils for deep-frying. Additionally, the growing demand for healthier oils like olive oil due to the rising prevalence of cardiovascular diseases is augmenting target industry growth. Plant-based oils are also used to create biodiesel and oleochemicals.
Plant-based oils are projected to grow in popularity as the demand for alternative and renewable fuels rises around the world. Plant-based oils are widely consumed in China, the United States, India, the United Kingdom, Germany, Japan, and other countries. The presence of key players in these countries, as well as the rising demand for plant-based oils in the food processing industries, are helping to fuel the target industry in these countries. Furthermore, the major players are focusing on new product creation to gain a competitive advantage across the globe, which is a key factor behind the market's global expansion.
Adroit Market Research report on global plant-based oils market gives a holistic view of the market from 2016 to 2026, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2016 to 2018, with the base year of estimation as 2019 and forecast from 2020 to 2026. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global plant-based oils market have been studied in detail.
The global plant-based oils market can be segmented based on source and applications segment. Palm oil, rapeseed oil, cottonseed oil, soybean oil, olive oil, sunflower oil, coconut oil, and others are key segments of the plant-based oils. Further based on application, the global industry is segregated into food, industrial, and animal feed. Food application segment is expected to dominate the global plant-based oils market in the near future in terms of revenue. The growth of food application segment is owing to the increasing food processing industry across emerging economies. Plant-based oils have a huge demand in the production of dairy, confectionery, bakery, as well as processed foods including margarine, salad dressings, cookies, mayonnaise. All these aspects are boosting the growth of the food segment. These factors are in turn expected to fuel the growth of the plant-based oils industry in the next 10 years.
Geographically, Asia Pacific dominated the global plant-based oils market. The growth is accredited to the growing adoption of plant-based oils in various end-use industries including food, animal feed among Asian countries especially in China, India, and Japan the region. Besides, North America is anticipated to register remarkable growth soon as the foodservice industry is constantly growing in the countries particularly in the U.S. of the region. Further, growing biodiesel production, coupled with the presence of leading players in the region are among major factors boosting the growth of the plant-based oils industry in the Europe region. Key players in the global plant-based oils market are ACH Food Companies, Inc. Westmill Foods, Wilmar International Ltd, Riceland Foods, FUJI OIL ASIA PTE. LTD. CHS Inc. Cargill, Incorporated, Ag Processing Inc a cooperative, ADM, Bunge Limited, Carapelli Firenze S.p.A. and Olam International. Major players in the target industry are developing various organic and inorganic strategies to get a strong position in the global market.
Key Segments of the Global Plant-based Oils Market
Source Overview, 2016-2026 (USD Billion)
- Palm Oil
- Soybean Oil
- Sunflower Oil
- Rapeseed Oil
- Olive Oil
- Coconut Oil
- Cottonseed Oil
Application Overview, 2016-2026 (USD Billion)
- Animal Feed
Regional Overview, 2016-2026 (USD Billion)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa