Cooking Oil Market Size is estimated to reach USD 250,896.4 million by 2030

 The Market Statsville Group (MSG) publishes the new report on the "Cooking Oil Market by Product Type (Palm oil, Soy oil, Sunflower oil, Peanut oil, Olive oil, Rapeseed oil, and Others), by End-Users (Residential, Food services, and Food processor), by Distribution Channel (Supermarket/Hypermarket, Independent retail stores, Business to Business, and Online sales channels), by Region – Global Share and Forecast to 2030".

The global cooking oil market size was USD 154,961.2 million in 2021 and is estimated to reach USD 250,896.4 million by 2030, registering a CAGR of 5.5% during the study period. The overall production cost of refining the cooking oil is high. Thus, the players are continuously trying to decrease the production cost. Moreover, many steps are taken, like installing mono feedstock plants, increasing plant capacities, and increasing automation. In addition, technologies and energy-efficient processes have been introduced to obtain higher refined oil yields.

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Similarly, Adani Wilmar recently launched a new technology for eco-friendly packaging in the place of cooking oil plastic packaging. In addition, consumers are shifting toward eco-friendly and recyclable packaging to reduce the usage of plastic and related products. Therefore, this innovation in packaging is pushing all the market players to introduce recyclable and eco-friendly packaging of the cooking oil in the market.

Global Cooking Oil Market Segmentation

The cooking oil market has been segmented into the product type, end-users, distribution channel, and region.

• By Product Type (Palm oil, Soy oil, Sunflower oil, Peanut oil, Olive oil, Rapeseed oil, and Others)
• By End-Users (Residential, Food services, and Food processor)
• By Distribution Channel (Supermarket/Hypermarket, Independent retail stores, Business to Business, and Online sales channels)
• By Region (North America, South America, Asia Pacific, Europe, and the Middle East & Africa)

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Business to business, by distribution channel, is estimated to hold the largest market share during the forecast period

Based on distribution channels, the market is categorized into supermarket/hypermarket, independent retail stores, business to business, and online sales channels. In 2021, business to business had the largest market share of 52.2% in the global cooking oil market. Business to business sales, also known as B2B sales, refers to the companies that sell their products primarily to another business instead of selling it direct to consumers (B2C). B2B sales typically have higher order values and longer sales cycles and are often more complex than B2C sales.

The major factor driving the business-to-business cooking oil sales growth is the rising outdoor dining trend among the consumers. In addition, the standard of living and the disposable income of the consumers is on the rise, leading to a rise in the consumption of food at restaurants, cafés, and other food services sectors, owing to which the demand for cooking oil is rising. Furthermore, cooking oil is also used in food processing and other ready-to-eat snacks, and other eatables, which are gaining high popularity.

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Asia Pacific accounted for the largest market share in 2021

Based on the regions, the global cooking oil market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Asia Pacific accounted for the highest market share in the global cooking oil market. Further, in India, the production and demand for food processing and food service are rising owing to the rising disposable income and standard of living, which is estimated to increase in the future and is the major factor of increasing cooking oil demand in the country after population growth.

Moreover, In China, the cooking oil consumption varies from all around the region, like in northern region which has the provinces of Heilongjiang, soybean oil is the staple oil. Whereas in middle and western regions, the consumption of rapeseed oil is high, peanut oil is the most popular oil in the southern region. All these regional consumption differences are majorly due to the varied climates, oil seed production, land condition, socioeconomic factors and cultures of the country. However, with the rise in per capita income, the consumption pattern of cooking oil typically diversifies.

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This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the cooking oil market. It also consists of the profiles of leading companies such as Archer-Daniels-Midland Company, Louis Drayfus Company, Cargill, Bunge Limited, American Vegetable Oil, Wilmar International., Indo Agri, J-Oils, Fuji Oil, and Richardsons International.

About Market Statsville Group

Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

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