The edible oils market is witnessing significant growth from the past few years which will continue through the foreseeable future, majorly driven by increasing popularity of edible oils with extra-added health benefits. The global edible oils market is set to cross ~US$ 160 Bn by the end of 2019 and will showcase stable market growth of ~4% over the next decade-old period of projection.
Consumers are ready to pay premium prices for healthy food products because of the increasing food-based health issues such as increase in blood cholesterol as well as obesity. The increasing attractiveness about edible oils with added health benefits in many economies is influencing to buy edible oils, which are high in omega 3, vitamins, oryzanol, natural anti-oxidants, and others.
Additionally, the increasing awareness of health is driving consumers to experiment with various edible oils to find the best and healthiest choice for cooking in their kitchens. This inclination is prompting edible oil manufacturers to offer various types of oils targeting to consumers specifically looking for edible oils, which are good for healthier heart, makes immune system strong, and many other health benefits. Offering of these types of edible oils is anticipated to support the growth of the edible oils market during the forecast period.
Key Takeaways – edible oils market study
- The increasing rate of urbanization in developing as well as developed economies and changing lifestyles of the customers has increased the demand for edible oils.
- The increasing popularity of edible oils with added health benefits among customers are providing profitable opportunities to edible oil manufacturers and for market growth.
- Leading edible oil manufacturers are implementing various strategies such as cold-pressed and refining among other technologies to showcase their products on various platforms.
- The strategy of having products and brands endorsed by celebrities and chefs is facilitating manufacturers in the edible oils to ensure that their product is positioned firmly in the minds of their target audience. Production test, on-board device programming, and design verification require the usage of boundary scan controllers
Increasing inclination of consumers towards specialty restaurants will remain one of the strongest factors driving the growth of edible oils market. Our analysis reveals that such factors will particularly boost profits of domestic market players, driving expansion of local edible oils market in the long run.
Edible oils with a dash of health
Manufacturers of edible oils are evolving their marketing approaches according to the ongoing market trends. Most prominent suppliers of edible oils are now targeting the nutritional enhancement of the edible oils offered by them. Manufacturers have started offering various edible oils with various health benefits. Apart from that, the quality of the edible oils is kept at a high priority. In March 2018, Bunge Limited acquired Loders Croklaan. After this acquisition, Bunge Limited has become a global leader for Business to Business in the oil ingredients segment with a full product portfolio of tropical oils and softseed along with world-class innovation as well as application capabilities.