The global plant-based oils market size is expected to reach USD 92.87 billion by 2028 according to a new study by Polaris Market Research. The report “Plant-Based Oils Market Share, Size, Trends, Industry Analysis Report, By Source (Sunflower Oil, Palm Oil, Cottonseed Oil, Soybean Oil, Rapeseed Oil, Coconut Oil, Others); By Application (Food and Beverages, Animal Feed, Biofuel, Industrial, Others); By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for plant-based oils is expected to rising during the forecast period owing to increasing obesity and related disorders, growing health consciousness, and greater awareness regarding benefits associated with plant-based oils. Increasing disposable income of consumers, greater consumption of convenience food, and increasing application in animal feed have significantly increased the demand for plant-based oils. These oils are incorporated in animal feed owing to their nutritional and biological health benefits for livestock. However, the plant-based oils industry has been impacted by the COVID-19 outbreak due to disruption of the supply chain, lack of raw materials, operational challenges, transportation delays, travel restrictions.
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The different applications in this report include food and beverages, animal feed, biofuel, industrial, and others. The food and beverages segment accounted for a major share of the global market. Rising urbanization and growing demand for convenience food have driven the overall growth of this segment. Increasing health awareness in the developing economies has fuelled the incorporation of olive oil and rice bran oil in food products, supporting the growth of this segment.
Asia-Pacific dominated the global industry in 2020 and is expected to maintain its dominance over the forecast period. Improving living standards, increasing use in animal feed, and supportive trade regulations support industry growth in this region. Increasing population coupled with rising awareness regarding biofuel supports the development in this region. Leading global players are expanding their presence in developing nations of South Korea, India, Japan, and China to tap the growth opportunities offered by these countries.
Some major Participants include Sime include ACH Food Companies, Inc., Ag Processing Inc a cooperative, Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated, Darby Plantation Berhad, FUJI OIL ASIA PTE. LTD., Golden Agri-Resources, Kuala Lumpur Kepong Berhad, PT Astra Agro Lestari Tbk, Riceland Foods, Sime Olam International Limited, Viterra Inc., Westmill foods, Wilmar International Limited. Market players are collaborating with each other for research and development, strengthening market presence, and technological innovation. Greater need to cater to growing customer requirements has encouraged industry participants to leverage new technologies for development of high-quality products.
Polaris Market Research has segmented the Plant-Based Oils market report on the basis of source, application, and region:
Plant-Based Oils, Source Outlook (Revenue, USD Billion, 2016 – 2028)
- Sunflower Oil
- Palm Oil
- Cottonseed Oil
- Soybean Oil
- Rapeseed Oil
- Coconut Oil
Plant-Based Oils, Application Outlook (Revenue, USD Billion, 2016 – 2028)
- Food and Beverages
- Animal Feed
Plant-Based Oils, Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa