Edible Oils Market Worth 306.92 Billion By 2029 - Exclusive Report By Marketsandmarkets

The edible oils market is estimated at USD 250.78 billion in 2024 and is projected to reach USD 306.92 billion by 2029, at a CAGR of 4.1 from 2024 to 2029 , according to a report published by MarketsandMarkets .

Some of the key factors fueling rapid growth in the global edible oils market are increasing consumer awareness of healthier cooking alternatives and higher disposable incomes. A rise in plant-based diets and sustainable food choices has resulted in increased demand for health-benefiting oils such as - olive, sunflower, and coconut . These oils improve digestion but also offer the possibility of adding essential fatty acids and improving heart health. Edible oils have a wide variety of uses frying, baking, dressings, marinades, etc. Additionally, the adoption of advanced technologies in extraction and fortification of products with vitamins and antioxidants is expected to create new avenues of scope to target the consumers. Emerging markets in Asia-Pacific and Africa are particularly contributing to this growth globally, owing to their high population.

Browse in-depth TOC on Edible Oils Market 470 - Tables 78 - Figures 435 - Pages

The sunflower oil segment is having a significant share within the type of segment of the edible oils market.

Sunflower oil, extracted from the seeds of Helianthus annuus L., is a versatile product largely used in food, biodiesel, and animal feed industries. The crude sunflower oil has a light amber color, while refined appears pale yellow, having a strong flavor and smell, which can be removed by processing. Composition of sunflower oil is significantly affected by factors like climate, temperature, genetics, and seed position. Although sunflower oil has several uses, its most prominent use is still for food as it has a highly nutritional profile. USDA 2023 reports show that global sunflower oil production reached 21.72 million metric tons in the year 2022/2023 and jumped to 22.13 million metric tons in the year 2023/2024. It experienced a 2 year-on-year increase. Major producers were Russia and Ukraine , both with 31, while the European Union had 18, Argentina 7, and Turkey 3. However, this growth indicates a high demand for sunflower oil in the global market due to increased usage in various culinary processes and in processed foods.