Global Edible Oils Market Update

Edible Oils
Jan | 10 | 2017

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.

Edible Oils

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.

Honiron is an industry-leading designer and manufacturer of processing equipment, including heat exchangers, condensers, strippers, evaporators, and extractors. For more information or to speak with one of our qualified experts, contact us today.

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Honiron Manufacturing is a global manufacturing solutions provider of industrial process equipment serving the sugar, oil and gas, petrochemical, carbon black, and food processing industries. Combining operational expertise, single-source capabilities and proven processes, we provide innovative, high-value manufacturing solutions that meet our client’s operational challenges - safely, efficiently, and cost-effectively.

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