Edible oils such as olive oil, palm oil, soybean oil and canola oil are rich dietary sources of fat that provide energy and facilitate the absorption of fat-soluble vitamins. They are widely used for cooking purposes due to their high smoke point. However, rising health concerns have boosted demand for olive and canola oils which contain monounsaturated and polyunsaturated fats known to improve cardiovascular health when substituted for saturated and trans fats. The global Edible Oils Market is estimated to be valued at US$ 124.38 Bn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increased demand for healthy oils is one of the key trends driving growth of the edible oils market. Manufacturers are developing innovative product formulations and marketing strategies to tap into opportunities arising from the shift in consumer preferences towards natural and plant-based oils high in monounsaturated and polyunsaturated fatty acids. For instance, olive and canola oil producers are highlighting the cardioprotective properties of their products compared to other commonly used oils. Furthermore, the availability of olive and canola oil-based spreads, mayonnaises and snacks has made it more convenient for consumers to include these healthy oils in their diets. This has significantly boosted sales volumes of these niche edible oils varieties in recent years.

Segment Analysis
The edible oils market size can be segmented into Vegetable Oils, Animal Oils and Seed Oils. Vegetable oils dominate the market owing to higher consumption and production of oils like Soybean Oil, Palm Oil, Canola Oil and Sunflower Oil globally. These vegetable oils are healthy, versatile and have wide application in cooking and food processing.

Key Takeaways
The global edible oils market is expected to witness high growth during the forecast period.

Regional analysis shows that Asia Pacific dominates the market currently due to large production and consumption of edible oils like palm and soybean oils in countries like China, India and Indonesia. Key players like Illumina, Inc., Eurofins Scientific, PerkinElmer, Inc., F. Hoffmann-La Roche AG, Natera, Inc., Yourgene Health Plc., Laboratory Corporation of America Holdings (LabCorp), BGI Group, and Quest Diagnostics Incorporated operating in the edible oils market focus on expanding production capacity and developing new product varieties through research and development activities.

Key players operating in the edible oils market are Illumina, Inc., Eurofins Scientific, PerkinElmer, Inc., F. Hoffmann-La Roche AG, Natera, Inc., Yourgene Health Plc., Laboratory Corporation of America Holdings (LabCorp), BGI Group, and Quest Diagnostics Incorporated. These companies focus on expanding production capacity of edible oil refineries and developing new high stability oil product varieties through research and development activities.

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