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cooking oil market size 2023
The global cooking oil market size was valued at USD 77.6 billion in 2022 and is projected to reach USD 119.4 billion by 2032, at a CAGR of 4.4%.
NEW YORK CITY, NEW YORK, UNITED STATES, March 18, 2023 /einpresswire.com / -- Market Overview:
The global cooking oil market size was valued at USD 77.6 billion in 2022 and is projected to reach USD 119.4 billion by 2032, at a CAGR of 4.4% during the forecast period. The market is driven by the increasing demand for healthier cooking oils, rising disposable incomes, and changing dietary habits.
The global cooking oil market is expected to grow at a CAGR of 4.4% during the forecast period, from 2022 to 2032.
Asia-Pacific region is the largest market for cooking oil, followed by Europe and North America.
Palm oil is the most widely used cooking oil in the world, followed by soybean oil and canola oil.
The demand for healthier cooking oils such as olive oil, avocado oil, and coconut oil is increasing due to their health benefits.
The increasing awareness about the harmful effects of trans fats is driving the demand for healthier cooking oils.
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Increasing demand for healthier cooking oils due to rising health concerns among consumers.
Changing dietary habits and increasing demand for ethnic foods.
Growing awareness about the harmful effects of trans fats.
Rising disposable incomes and increasing urbanization.
Fluctuations in the prices of raw materials.
Availability of substitutes such as margarine and butter.
Concerns about the environmental impact of palm oil production.
Growing demand for organic and natural cooking oils.
Increasing demand for plant-based cooking oils.
Emerging markets such as Asia-Pacific and Latin America present significant growth opportunities.
The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share:
Stringent regulations regarding the labeling and packaging of cooking oils.
Increasing competition from local and regional players.
Growing concerns about the health effects of high consumption of cooking oils.
In November 2021, Cargill launched a new line of plant-based cooking oils made from canola, soybean, and sunflower oils.
In October 2021, Bunge launched a new range of omega-3 canola and soybean oils in the United States.
In August 2021, Archer Daniels Midland Company announced the acquisition of Sojaprotein, a Serbian-based soy processing company, to expand its plant-based protein offerings.
In May 2021, Wilmar International, a Singapore-based agribusiness company, announced plans to build a new palm oil refinery in East Java, Indonesia, to expand its presence in the Asia-Pacific region.
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