The recently-released Global Oils and Fats Market 2015-2019 report states that growing usage of quality edible oils is driving the growth of this market. The market research analyst predicts the oils and fats market to reach a market value of around US$170 billion by the end of 2019.
The cold-pressed oils are quality oils as these are pressed at a lower temperature that preserves the flavour and characteristics of the oil. Olive oil is considered as the healthiest oil due to the presence of a high level of monounsaturated fats in it. According to the US International Trade Commissions Report during 2013 on olive oil, the consumption of olive oil in the US has increased by over 650% during the last three decades.
As per the global oils and fats market analyst, clean label recipes that are trending in global and mature markets are defined as modified foods with simpler labelling and ingredients. According to the report, increasing work pressure and shortage of time have led to an increase in demand for packaged and convenience food, which in turn has driven the sales of oils and fats. These food items have already been processed, and therefore it takes less time and effort to cook them. Consumers are willing to spend more on convenience foods as their lifestyles have changed and they have less time to cook.
Product Segmentation and Analysis of Oils, Solid Fats
Oils accounted for nearly 63% of oils and fats market share during 2014 and is expected to maintain its dominance until the end of 2019. This segment is further classified as cooking spray, corn oil, olive oil, sunflower oil, vegetable oil, and other edible oils. The growing consumer awareness regarding the health benefits of cooking oils is expected to drive the growth of this segment by the end of the forecast period.
Segmentation by Distribution Channel and Analysis
Hypermarkets and supermarkets accounted for 61% of the market share during 2014. The value for money and wide choice provided by these stores make them a popular channel among consumers.
Geographical Segmentation and Analysis of the Market
APAC accounted for 45% of the market share during 2014 and is predicted to retain its leadership until the end of 2019. China and India are the prime contributors to the production of sunflower and soybean oil in this region. The report predicts the oils and fats market to reach a market value of around US$89 billion by the end of 2019.
The global oils and fats market is fragmented with numerous vendors, including international and regional players. Vendors compete on the basis of product differentiation, portfolio, and pricing. The market is dominated by six key vendors who have a worldwide presence and have strong brand images for their products in the market.
The leading vendors in the oils and fats market are Associated British Foods, Bunge, CHS, Land O'Lakes, Unilever and Wilmar.
Other vendors in the market are Archer Daniels Midland, Arla, Agropur cooperative, Brf Brasil Foods, Behshahr Industrial, Britannia, Cargill, Carapelli Firenze, China National Cereals, COFCO, ConAgra Foods, Dairy Crest, Deoleo, Fonterra Brands, Goodman Fielder, Gujarat Co-operative Milk Marketing Federation, IFFCO, Kerry Group, Mother Dairy, Monini, The Nisshin OilliO Group, Parmalat, PT Salim Ivomas Pratama Tbk, Ruchi Soya, Saudi Vegetable Oil & Ghee, Strauss, Willowton Group, Yihai Kerry Oils & Grains, and Yug Rusi.
Further, the oils and fats market report by Infiniti Research states that the market faces challenges in terms of adverse health effects from fats and saturated oil due to excessive consumption.
