Global Food Industry Current Scenario and Outlook
The unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.
The report offers actionable and valuable market insights of Edible Fats and Oils. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Edible Fats and Oils Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Edible Fats and Oils market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Edible Fats and Oils
This newly published and insightful report sheds light on Market Insights of Edible Fats and Oils, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Edible Fats and Oils Market.
According to Fact.MR, a CAGR of over 3% has been projected for the global fats and oils market during the forecast period (2017-2026), in terms of value. Volume sales of fats & oils across the globe are estimated to exceed 100,000,000 tons by 2026-end.
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Consumers Inclining More toward Fats & Oils Providing Health Benefits
Preference for reducing saturated fat and oil from diet has been unrelenting among consumers over the past few years. The Generation Z and Millennial consumers are at present more inclined toward discerning fats and oils not only as permissible, but also as providing positive health benefits. These consumers are exhibiting ready acceptance of specific fats and oils that benefit their health. The food industry is simultaneously witnessing huge availability of certain plant-derived oils & its narratives, which are espousing healthfulness and naturalness thereby peeking consumer interest. Demand for pantry-friendly, simple and clean ingredients from the food industry has witnessed a significant surge, with growing consumer desire to eliminate genetically modified organisms (GMOs) in their food products, and seek organic foods. The rediscovered respect for importance of taste is a resurgent trend observed in the market.
Vendors in the market have commenced investing in best substitutes to trans-fat, in a bid to cater changing consumer demand, which in turn has proliferated production of functional and fortified food. This has further prompted vendors in developing new formulations of fats & oils. Growing development of manufacturing hubs across new markets has led to a surge in globalization of olive oil production, which is one of the latest trend being witnessed in the market. Demand for fats and oils however is being restrained on account of factors such as growing health concerns including obesity and heart-related diseases, along with rising environmental concern and stringent government regulations associated with food safety.
7 Key Takeaways from Fact.MR’s Report on Fats and Oils Market for Forecast Period 2017-2026
- In terms of value, sales of fats and oils in Asia-Pacific excluding Japan (APEJ) is expected to remain relatively larger than those in all the other regional segments combined. Revenues from fats and oils sales in APEJ will account for over half revenue share of the market by 2026-end.
- Europe will also account for a large revenue share of the market during 2017 to 2026. In terms of value, the fats and oils market in North America will remain more lucrative than that in Latin America, however Latin America will register a comparatively faster expansion in the market than North America through 2026.
- In terms of value, edible vegetable oils will continue to be the most remunerative product in the market, trailed by animal fat. However, sales of palm oil will register a relatively faster expansion in the market through 2026.
- Although industrial end-users of fats and oils will continue to account for largest market revenue share, the revenues from residential end-users in the market will reflect a comparatively higher CAGR through 2026.
- Animal-sourced fats and oils are anticipated to remain preferred among end-users in the market, with revenues estimated to remain slightly larger than those from vegetable-sourced fats and oils.
- Liquid form of fats and oils will be sought-after in the market, with revenues estimated to reach nearly US$ 60,000 Mn by 2026-end. Although solid form of fats and oils dominated the market in 2017, their demand is expected to witness a slight decline during the forecast period.
- Key market players supporting expansion of the global fats and oils market include Cargill, Inc., International FoodStuff Company Limited, Wilmar International Limited, Archer Daniels Midland Company, Bunge Limited, United Plantations Berhad, Ajinomoto Co. Inc., and Associated British Food Plc.
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More Valuable Insights on Edible Fats and Oils Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Edible Fats and Oils, Sales and Demand of Edible Fats and Oils, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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