According to Reports and Data's latest report, the global size for plant-based oils market was USD 50.43 billion in 2022 and is expected to experience a revenue compound annual growth rate (CAGR) of 6% over the forecast period.
Growing consumer interest in plant-based oils is due to the increasing prevalence of health issues such as obesity, high cholesterol levels, and cardiovascular disease. Plant-based oils are thought to be healthier because they contain less saturated fat than animal-based oils, which promotes heart health and reduces the risk of chronic diseases. Additionally, plant-based oils are versatile in baking and cooking, making them a popular choice for both home cooks and professional chefs.
Furthermore, as more individuals switch to plant-based diets in response to growing awareness of the negative environmental impact of animal agriculture, demand for plant-based oils is increasing. Animal-based oils require more resources and have a greater carbon footprint than plant-based oils. Plant-based oils are perceived to be more environmentally sustainable since they require fewer resources and have a smaller negative impact on the environment. The market for plant-based oils is predicted to expand due to changing consumer preferences for high-quality, all-natural, and organic products, as well as rising disposable income.
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Top Profiled Companies:
- Unilever
- Cargill, Inc.
- Archer Daniels Midland Company
- Bunge Limited
- Wilmar International Limited
- Conagra Brands
- Associated British Foods plc
- Ruchi Soya Industries Ltd.
- J-Oil Mills, Inc.
- Adani Wilmar Limited
- Bio-Oil Limited
- CHS Inc.
- AAK AB
- Sunora Foods Inc.
Drivers of Plant-Based Oils Market
- Health and Wellness Trends: Growing consumer awareness about health and wellness has led to increased demand for healthier cooking and dietary options. Plant-based oils are often perceived as healthier alternatives to animal-based fats and oils due to their lower saturated fat content and potential health benefits.
- Rise in Vegan and Vegetarian Lifestyles: The rise of vegan and vegetarian diets, driven by concerns about animal welfare, environmental impact, and health benefits, has fueled the demand for plant-based oils as alternatives to animal-derived fats like butter and lard.
- Functional Properties: Many plant-based oils are rich in nutrients, antioxidants, and omega-3 fatty acids, which are associated with various health benefits, including cardiovascular health, brain function, and anti-inflammatory effects. This has led to the increased use of oils like olive oil, flaxseed oil, and avocado oil for their functional properties.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Source Type Outlook:
- Olive
- Coconut
- Palm
- Soybean
- Canola
- Others
Application Outlook:
- Food Beverages
- Cosmetics Personal Care
- Pharmaceuticals
- Others
Key Takeaways of the Global Plant-Based Oils Market Report:
- A comprehensive overview of the global Plant-Based Oils industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Plant-Based Oils market.
- Elaborate study of the leading regional markets in the global Plant-Based Oils market.
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