CHICAGO, Aug. 12, 2024 /PRNewswire/ -- The Fats
& Oils Market is estimated to be USD 271.8 billion in 2024, showcases a remarkable
growth projection, anticipated to escalate to USD 323.7 billion by 2029, indicating a robust
compound annual growth rate (CAGR) of 3.6% from 2024 to 2029
according to a report published by
MarketsandMarkets™.
Current trends in dietary regimes, however, have been the major
determinants of demand for particular fats and oils. Most notably,
this pertains to the ketogenic keto and paleo diets. In latter
years, the keto diet has been popularized for its high-fat,
low-carbohydrate intake, as a method to lose weight while attaining
superior levels of mental clarity and better levels of energy. It
is a diet that involves high-fat intake from various oils and fats,
self-induced to be in a state of ketosis, in which the body
supplies its energy by burning out fats rather than
carbohydrates.
According to Medical News Today, in the case of a person
following the keto diet, he must derive 55%-60% of his daily
calories from fat to keep himself in ketosis. Thus, recently, there
has been a rush in demand for oils like coconut oil, MCT oil, and
butter, all staple products within the keto community. These are
oils that provide essential fats for the ketogenic diet, but they
also contribute to the flavor profiles and methods of preparation
that individuals following such a diet might choose.
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458 – Tables
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352 –
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The butter & margarine segment, among fats types, is
estimated to hold the largest share throughout the forecast
period.
Butter and margarine are versatile products used in an array of
applications such as cooking, baking, and spreads. Their timeless
popularity rests on the base of central roles in culinary
applications, appealing taste profiles, and perceived nutritional
benefits. The choice between the two products in consumer segments
is mostly driven by considerations of health, taste, and diet that
quite often affects the market balance. Margarines are fast gaining
momentum in the global market. Several factors make them an
attractive option for consumers and food industries combined.
Large-scale commercial production of margarine happens to be one
major reason attributed to this growth at cheaper costs compared to
butter, hence making it a much-preferred choice among
cost-sensitive consumers and food manufacturers.
Another major factor for the rise in margarine demand is the
growth of the bakery and confectionery markets. These industries
vastly depend on margarine, as it is an all-purpose ingredient with
functional properties that enable the production of a great variety
of different bakery and confectionery products. The solid fat
content, consistency, and melting point of fats used in margarine
are of critical importance for its performance for various culinary
purposes; hence, margarine is an indispensable ingredient in
industry.
The liquid category within the fats and oils form segment
maintains a significant position throughout the forecast
period.
Most vegetable oils, such as olive oil, canola oil, sunflower
oil, and other related oils derived from plants, are generally
regarded as healthier than solid fats because of their lower
content in saturated fat and a higher presence of unsaturated fats.
Most of these plant-based oils have different health impacts, which
include improved heart health and a reduction in the levels of
cholesterol—messages that easily appeal to the health-conscious
consumer.
Moreover, new tastes and new foodstuffs emerging in the food
industry are contributing to the popularity of liquid oils. Liquid
fats become favourite for a myriad uses, starting from cooking and
frying to dressings and baking. With its ease of use and flavor-
and texture-enhancing ability in foods, it is now one of the major
ingredients used in homes and commercial food manufacturing.
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In Asia Pacific,
China is poised to maintain its
dominant position within the fats & oils market throughout the
forecast period.
China stands as one of the
world's major consumers of cooking oil, alongside Europe and the
United States. In 2022, according to the Malaysian Palm Oil
Council, total oils and fats consumption in China was estimated to have dropped for the
very first time ever by 5.5% in 2022 to 39.49 million metric tons.
Although this indicates a drop in consumption, the total volume
still reflects the huge consumption in China.
China consumes several types of
edible oils in abundance, of which soybean oil comes at the
top and presents a bigger market share. Regional staple oil
consumption differences reflect the wide range of culinary
diversity in the country. On top of that comes the trend of Western
oils and fats, represented by olive oil and butter, reflecting
changing consumer preferences in diversified diets.
It also shows something about consumption patterns: dietary
habits and health awareness. As China Food Hygiene Magazine has
reported, 50.72 percent of adults, from ages 18 to 59, consume more
cooking oil than the recommended maximum intake of 30 grams per
person per day. For consumption rates, the highest ranking ones are
rapeseed oil, peanut oil, and sesame oil; for volume, it is
rapeseed oil, peanut oil, and soybean oil. Hence, growing health
concerns and significant cultural, economic, and lifestyle drivers
in China ensure its continued
dominance in the Asia Pacific fats
and oils market.
The key players in the market are ADM
(US), Wilmar International Ltd (Singapore), Cargill, Incorporated (US), Bunge
(US), Kaula Lumpur Kepong Berhad (Malaysia), Olam Agri Holdings Pte Ltd
(India), Manildra Group
(Australia), Mewah Group
(Singapore), Associated British
Foods plc (UK), United Plantations Berhad (Malaysia), Ajinomoto Co., Inc. (Japan), Fuji Oil Co., Ltd. (Japan), Oleo-Fats (Philippines), Borges Agricultural and
Industrial Edible Oils, S.A.U. (Spain), K S Oils Limited (India), CSM Ingredients (US), SD Guthrie
International Zwijndrecht Refinery B.V. (Netherlands), Musim Mas Group (Singapore), Richardson International Limited
(Canada), and AAK AB (Sweden).
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