Published Date : Apr 12, 2016
Cooking oils and fats are essential of a kitchen and are required for a healthy and balanced diet, therefore the demand for them has remained consistent. According to a report published by Transparency Market Research, the global cooking oils and fats market which valued at US$59,782.3 million in 2014 is expected to reach the value US$65,270.6 million by 2021, expanding at a modest CAGR of 1.2% over the period 2014 to 2021.
Growing Use of Edible Oil Drives Global Cooking Oils and Fats Market
In recent years there has been a rise in the consumption of processed oil and fats as the consumption of ready-to-eat meals is growing. The demand is especially high from emerging markets of India, Indonesia, and Argentina, and is expected to boost the market in the next few years.
The global cooking oils and fats market is expected to be challenged by the rising health consciousness among people and the high costs of oil and fats.
Vegetable and Seed Oil to Dominate the Market
The global cooking oils and fats market is segmented on the basis of product type into: margarine, butter, cooking fats, vegetable and seed oil, and olive oil. Out of these the market for vegetable and seed oil is expected to dominate the global cooking oils and fats market in the coming years.
Rest of the World to be the Fastest Growing Region of the Global Cooking Oils and Fats Market
The largest market for cooking oils and fats was held by Asia Pacific in 2014, followed by Europe. 50% of the global market was held by Asia Pacific in 2014. However the Rest of the World is expected to lead the market for being the fastest growing region, followed by Asia Pacific. RoW is expected to expand at a CAGR of 1.6% from 2015 to 2021.