According to a recent report released by Persistence Market Research (PMR), the global edible oils market is expected to increase from $83.4 billion to $130.3 billion by 2024, representing a CAGR of 5.1% (source: PMR).
Edible oils are derived from fruits and vegetables, such as soybeans, palms, sunflowers, and rapeseed. The primary use for nearly all varieties of oil is in cooking applications.
Increasing global population and spending from bulk food service providers such as restaurants, hotels, bars, and casinos, will fuel the demand for edible oils consumption over the next decade.
According to the PMR report, through 2024, the Asia-Pacific region’s share of the global market is expected to increase by over 40% – much of which will be due to high demand from India and China. Latin America, a region with an abundance of raw materials for oils products such as soybeans and sunflowers, is also expected to experience significant growth.
North America will follow a similar trend over this period as well. However, market share in Europe and in the Middle East is expected to decline as a result of consumer preference for higher quality edible oils.
The growing awareness of food health will have a strong influence on buying patterns in the coming years. This is especially the case with trans-fats, partially hydrogenated oils (PHOs), and cholesterol, which have come under increased scrutiny from global health organizations.
Other factors that will drive growth include growing economies, higher crop yields, and improvements in oil production processes.
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