Cooking Oil Market Trend, Share, Growth, Size and Forecast 2032

Cooking Oil Market Industry Prospective

The global Cooking oil market size accrued earnings worth approximately USD 244.92 Billion in 2023 and is predicted to gain revenue of about USD 554.32 Billion by 2032, is set to record a CAGR of nearly 9.50% over the period from 2024 to 2032. The study comprises a comprehensive view of the market with the review of market drivers, restraints, and opportunities. It also provides the level of impact of drivers and restraints on the cooking oil market.

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Cooking oil is an oil used for different cooking activities such as baking and frying. Cooking oil may contain synthetic, plant, and animal fat. Cooking oil contains edible vegetable oils derived from safflowers, olives, peanuts, and many other different plants. Cooking oils are liquid at room temperature. Cooking oil can be prepared from different parts of plants, but commonly include seeds of cotton, sunflower, safflower, grapeseed, sesame, and palm kernel; and nuts such as peanut, walnut, almond, and soybean. In some special cases, oil is also prepared by squeezing the fruit flesh of the plant. For example, palm oil uses palm fruit pulp, olive oil using fresh olives flesh, and coconut oil using the white meat of the coconut.

Cooking Oil Market Growth Analysis

Growing population worldwide has led to increased consumption of cooking oil. Increased consumption of cooking oil coupled with the growing number of cooking oil manufacturers are driving the growth of the global cooking oil market. Manufacturers are focusing on producing healthy and premium cooking oils for health-conscious consumers. Changing consumer preference and improved standard of living anticipate to fuel the cooking oil market during the forecast period. 

The study included a detailed competitive scenario and product portfolio of key vendors. The report evaluates Porter’s Five Forces model to analyze the different factors affecting the growth of the cooking oil market. Moreover, the study encompasses a market attractiveness analysis, which provides the most attractive and least attractive market segments information by extraction method, type, application, and region.

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Cooking Oil Market: Report Scope

Cooking Oil Market Segmentation Analysis

Based on the extraction method, the cooking oil market can be segmented into solvent extraction, mechanical extraction, sparging, and hydrogenation. Mechanical extraction method accounted for the largest market share in 2023. Based on the type, the cooking oil market can be segmented into rapeseed oil, sunflower oil, palm kernel oil, soybean oil, minor vegetable oil, and palm oil. The palm oil segment is anticipated to hold the largest share and is projected to grow at a significant pace during the forecast period. 

Based on application, the cooking oil market can be segmented into biodiesel, industrial, and food. The food segment accounted for a largest market share in 2023 and is anticipated to grow at a significant rate owing to its high consumption in food preparation. The industrial segment is further classified into paints, cosmetics, lubricants, and pharmaceuticals. In pharmaceuticals and cosmetics industries cooking oils are used formulation and administration of drugs and related products. Owing to the solvent properties of oil, its industrial segment application is anticipated to grow during the forecast period.

Cooking Oil Market Regional Analysis

By geography, Asia Pacific accounted for the largest chunk of market share in terms of revenue in 2023. The industry is expected to be driven by a growing population. In terms of revenue, Asia Pacific was followed by North America and Europe in 2023. North America is expected to show significant growth in the years to come. This is mainly due to increasing demand for soybean and kernel oil, due to the improved standard of living and growing health awareness.

The report provides detailed competitive outlook including market share and company profiles of the important players operating in the global cooking oil market. Some of the important participants in the report include

• Cargill Agricola S.A.
• ACH Foods Company Inc.
• Bunge North America Inc.
• Archer Daniels Midland Company
• ConAgra Foods Inc.
• CHS Inc.
• Chinatex Corporation
• Richardson Oilseed Ltd.
• J-Oil Mills Inc.
• and Carapelli Firenze S.P.A.

This report segments the global cooking oil market as follows:

By Extraction Method Segment Analysis

• Solvent extraction
• Mechanical extraction
• Sparging
• Hydrogenation

By Type Segment Analysis

• Rapeseed (canola) oil
• Sunflower oil
• Palm kernel oil
• Soybean oil
• Vegetable oil
• Palm oil

By Application Segment Analysis

• Biodiesel
• Industrial
• Food

By Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa