Vegetable oils play an important role in numerous cooking applications such as deep frying, baking, and frying of vegetables and snacks. Vegetable oils provide healthier options as compared to butter and animal fats in cooking. Vegetable oils are rich in nutrients such as vitamin E and unsaturated fats that impart various health benefits.

The global vegetable oils market is estimated to be valued at US$ 351391.74  Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The rising demand for vegetable oils in cooking applications is expected to offer lucrative opportunities for the growth of the vegetable oils market over the forecast period. Cooking oils account for a major share in the global consumption of vegetable oils. Their suitability in various cooking processes like frying, sautéing, and baking has driven their adoption in the food industry. Furthermore, the growing health consciousness has shifted consumer preference towards healthier vegetable oils for cooking purposes. Vegetable oils are better alternatives to animal fats and butter as they are low in saturated fats and high in nutrients. This increasing preference for vegetable oils in cooking is expected to boost the demand significantly, thereby presenting attractive prospects for players in the vegetable oils market.

Porter's Analysis
Threat of new entrants: The vegetable oils market has moderate threat of new entrants due to high capital requirements and established brand loyalty.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and undifferentiated products.

Bargaining power of suppliers: Suppliers have high bargaining power due to lack of substitutes and significant control over prices of raw materials.

Threat of new substitutes: Threat of substitutes is moderate as alternatives like margarine are available.

Competitive rivalry: Intense due to large number of regional and global players.

SWOT Analysis
Strengths: Wide applications in cooking, industrial uses, and biodiesel production. Growing health consciousness.

Weaknesses: Price volatility of raw materials. Impact of climate change on crop yields.

Opportunities: Rising demand from developing nations. Growing use in processed food industries.

Threats: Stringent regulations over oilseed cultivation. Trade barriers and policies.

Key Takeaways

Global Vegetable Oils Market Size is expected to witness high growth over the forecast period owing to rising demand for cooking oils in the food industry.

Regional analysis indicates that the Asia Pacific region will continue to be the fastest growing as well as largest market for vegetable oils. Countries like India, China, Indonesia are the major producers and consumers of vegetable oils in the region. Changing dietary habits and growing population are driving the demand.

Key players operating in the vegetable oils market are Solvay S.A., Tokuyama Corporation, Occidental Petroleum Corporation, Ward Chemical Ltd., Tata Chemicals Ltd., TETRA Technologies, Inc., Zirax Limited, Weifang Yuze Chemical Co., Ltd., Mey Chern Chemicals Sdn Bhd., Anmol Chemicals Group, TCI Sanmar Chemicals S.A.E., and Weifang Haibin Chemical Co., Ltd. The players are focused on new product launches, partnerships and expansions to gain market share.