These plant derivative vegetable oils are extracted from various parts of the plant including seeds and fruits. Vegetable oil is also called vegetable fat which is a blend of cocoa butter, soybean oil, grapeseed oil, and triglycerides. Some of the widely utilized vegetable oil includes palm oil, olive oil, rice bran oil, and others. Such products are widely utilized in makeup and cosmetic products. Also, these are utilized in a wide number of applications in food and household items. The fatty acids extracted from such edible oils are utilized in bactericides, pharmaceuticals, and cosmetic products.
Nowadays, people prefer to adopt vegetable oil as an alternative to mineral oil products all across the globe, which is one of the primary key factors fuelling the growth of the global vegetable oil market. Such transformation can be attributed to its easy availability, high viscosity, better pressure performance, lower volatility, affordable prices, and several other benefits of vegetable oils over mineral oils. The growing incidences of several chronic diseases all across the globe will significantly transform the lifestyle of the people. Therefore, it resulted in a huge change in the dietary habits of consumers all across the globe. By considering such a transforming landscape, manufacturers are launching minimally processed and organic products in the market to cater to the surging needs of the consumers. Also, the various initiatives undertaken by government agencies to encourage bio-based products including vegetable oil is also augmenting the growth of the market globally. The spike in the rise of vegetable oils in the production of perfume formulations, culinary soaps, and fuels will also escalate the growth of the global vegetable oil market.
The global vegetable oil market can be segmented into packaging, type, and region.
By packaging, the market can be segmented into pouches, bottles, cans, and others. The powder segment accounts for the largest share in the global vegetable oil market due to its ease of use and storage.
By type, the market can be segmented into olive oil, sunflower oil, rapeseed oil, soybean oil, palm oil, and others. The palm oil segment dominates the global vegetable oil market due to the surging health benefits associated with palm oil.
North America accounts for the largest share in the global vegetable oil market due to the growing health concerns among consumers and the growing adoption of organic health-based food products in the region.
Asia Pacific is expected to witness a significant growth rate in the forthcoming years due to the growing disposable income of the people in the region along with growing incidences of chronic diseases among the population in the region.
Some of the significant players in the global vegetable oil market are Adani Wilmar Limited, Marico Limited, Edible Oils Ltd., Woolworths Group Limited, Unico, IFFCO, The J.M. Smucker Co., Waitrose & Partners, Conagra Brands, Inc., The Manischewitz Company, and Richardson International Limited. To cite, L’Oreal in April 2019 introduced a beauty brand product based on sunflower seed vegetable oil to augment their position in the global market.