Plant-Based Oils Market Size Worth $90.34 Billion By 2032 | CAGR: 6.50%

The plant-based oils market size is expected to reach USD 90.34 Billion by 2032, 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 Packaging, By Application, By Distribution Channel, By Region, Segments & Forecast, 2023 – 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rising demand for organic food products and technological advancements in processing techniques support the market.

Plant-based oils are derived from various plant sources, such as seeds, fruits, and nuts. They are commonly used in cooking, baking, frying, and as ingredients in different food products. Plant-based oils have gained popularity in recent years due to their health benefits and sustainability compared to animal-based fats and oils. Some commonly used plant-based oils include olive oil, coconut oil, sunflower oil, canola oil, and soyabean oil. Other plant-based oils include palm oil, grapeseed oil, safflower oil, and flaxseed oil.

Plant-based oils are used in various end-use applications, including food, cosmetics, pharmaceuticals, and industrial applications. It is widely used in cooking, frying, and baking. They are also used as ingredients in various food products, such as salad dressings, mayonnaise, and margarine. They are also used in multiple industrial applications, such as lubricants, biofuels, and paints. These oils are valued for their renewable and sustainable nature, and are often used as alternatives to petroleum-based products.

For instance, as per the United States Department of Agriculture, the global production of sunflower seed oil has increased from 19,032 thousand metric tons in 2021 to 20,583 thousand tons in 2023. The soyabean oil production increased from 38.99 million metric tons in 2010 to 59.27 million in 2023.

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• Sunflower is expected to account for the fastest growth rate in the forecast period. In recent years, the sunflower oil market has experienced significant growth, driven by several health benefits and versatility. Sunflower oil is rich in vitamin E, an antioxidant that helps protect cells from damage. It is also low in saturated fats, making it a healthier alternative to other oils.
• PET bottles are anticipated to dominate the market in the forecast period. The use of plant-based oils as a PET production feedstock is expected to grow in the coming years. As consumers become more environmentally conscious and regulations to reduce the use of petroleum-based materials continue to be introduced, the demand for plant-based PET bottles will likely increase.
• The food & beverage segment will dominate the market in the forecast period. The dominance of the food and beverage segment in the plant-based oil market can be attributed to its wider uses in cooking & baking purposes and increasing demand from health-conscious consumers.
• Asia Pacific region is projected to account for the fastest growth rate in the forecast period. The region is a key player in the global plant-based oils market, both in terms of production & consumption. Indonesia and Malaysia are the largest palm oil producers, while China is a major producer of soybean oil. India is the largest consumer of vegetable oil in the world, with palm oil being the most widely consumed oil in the country.

Polaris Market Research has segmented the plant-based oils market by source, packaging, application, distribution channel, and region:

Plant-Based Oils Market, Source (Revenue - USD Billion, 2019 - 2032)

• Sunflower Oil
• Palm Oil
• Cottonseed Oil
• Soybean Oil
• Rapeseed Oil
• Coconut Oil
• Others

Plant-Based Oils Market, Packaging (Revenue - USD Billion, 2019 - 2032)

• PET Bottles
• HDPE Cans
• Tin-Plate Containers
• Tetra packs
• Flexible Plastic Pouches
• Glass Bottles

Plant-Based Oils Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Food and Beverages
• Animal Feed
• Industrial
• Pharmaceutical
• Biofuel
• Others

Plant-Based Oils Market, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)

• Business to Business
• Business to Consumers
  • Hypermarkets/ Supermarkets
  • Convenience Stores
  • Specialty Retail Stores
  • Online Retail

Plant-Based Oils Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa