Edible oils are among the widely used ingredient and considered essential in preparing food items. It is consumed by people and also has an impact on their health. Increasing incidences of chronic diseases such as heart disease, obesity, people are moving towards adopting more healthy option including omega-3 fatty acids that minimize the risk of chronic diseases. Hence, manufacturers are also focusing on the research and development of edible oils that can cut the risk of various diseases and also help to fight the problem of obesity. Majority of the people are moving towards consuming monounsaturated and polyunsaturated edible oils such as peanut oil, olive oil, sunflower oil, and walnut oil. Most of the countries have set various standards to ensure the authenticity of food and labeling. These standards have been set to avoid adulteration, including the dilution of commodity with a less expensive material. Various incidents of oil adulteration have also occurred in the past, hence, governments of various countries have introduced stringent regulations on production and labeling of edible oils.
As per the report by Persistence Market Research (PMR), the global edible oils market is expected to witness a steady growth throughout the forecast period 2017-2024. The global edible oils market is also estimated to bring in US$ 130.3 Billion revenue by the end of the forecast period.
Retail Sector to Emerge as the Largest End User of Edible Oils
Compared to the food processor and food service industry, retail sector is likely to be the largest end user of edible oils. Owing to the changing consumer preference, and improving the standard of living, consumers are opting for more healthy edible oil options. The edible oil industry is also witnessing a rise in the consumption of premium oils including canola oil, olive oil, mustard oil, and soybean oil. Oil is used a main ingredient in cooking in the Asia Pacific region, especially in India and China, hence, the demand for edible oils is increasing. Along with the production, companies are also focusing on the packaging of edible oils to lead to zero wastage. Advanced techniques for processing are also being adopted by manufacturers to offer edible oil at an affordable rate.
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Manufacturers of edible oils are also moving towards merger and acquisition to expand in the global market and establish the business in the country where demand is high. Meanwhile, increasing popularity of new food items and packaged food products is also driving the demand for edible oils in the Asia Pacific region.
Palm Oil to Witness Significant Demand in the Coming Years
The consumption of palm oil is increasing as it is one of the cheapest forms of vegetable oil. Hence, it is finding large application in various food processing companies. Moreover, it is consumed on a large scale in developing countries due to its affordability. Also, it is being used widely as a feedstock in the biofuel production. The major consumers of palm oil are India, Indonesia, and China. Indonesia is also focusing on expanding the area of palm oil plantation. Meanwhile, the government in Indonesia is also focusing on more sustainable palm oil production in Indonesia.