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The cooking oil market is projected to grow by USD 46.18 billion with a CAGR of 5.6% during the forecast period 2021 to 2026.
This cooking oil market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the cooking oil market segmentation by distribution channel (offline and online), type (palm oil, rapeseed oil, soy oil, sunflower oil, and other cooking oil), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). The cooking oil market report also offers information on several market vendors, including AAK AB, Adams Group, Adani Wilmar Ltd., American Vegetable Oils Inc., Archer Daniels Midland Co., Associated British Foods Plc, Aveno NV, Avril SCA, Borges International Group SLU, Bunge Ltd., C. Thywissen GmbH, Cargill Inc., Catania Spagna, COFCO Corp., Corteva Inc., Deoleo SA, Fuji Oil Holdings Inc., Marico Ltd., Nisshin OilliO Group Ltd., and Royal Smilde BV among others.
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The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the cooking oil market.
Key Cooking Oil Market Driver
Increasing consumer awareness regarding the health benefits of palm oil is notably driving the cooking oil market growth. Palm oil is regarded as being a more natural product whose naturalness could be exploited in terms of promoting physical well-being and assisting consumers in living healthier life. Consequently, there is more demand for palm oil, which has led to an increase in cooking oil consumption. This is set to drive the cooking oil market's growth during the forecast period. Crude palm oil (CPO) emerged as a prominent type of palm oil, accounting for 58.3% of the total revenue share followed by palm kernel oil (PKO). Additionally, the consumption of oleo chemicals and the production of agrochemicals and cleaning products are expected to boost market growth during the forecast period. Palm kernel oil (PKO) is one of the most prominent categories that accounted for 23% of the whole market revenue share. The segment is anticipated to witness growth momentum as a result of its properties, such as 80% saturated fat content and high medium chain fatty acids (capric, lauric acids, and caprylic) content. Additionally, its exclusive use as feedstock for animal feed and biomass is projected to drive the sales of PKO during the forecast period.
Key Cooking Oil Market Trend
The growing influence of online retailing is the primary trend driving the cooking oil market growth. With the growth of e-commerce businesses worldwide, vendors have the potential to enhance their profitability. The average amount of money spent online per transaction and the number of transactions that take place online are on the rise globally. The increase in the number of Internet users and the buy-it-now attitude of users are contributing to the growth of this retail channel. For instance, Internet retailing is anticipated to gain popularity in the UK, where the Internet penetration rate was approximately 94.62% in 2021. Customers prefer online shopping and pay for their orders using credit or debit cards, which helps them avoid time-consuming journeys and long billing queues. Also, online shopping portals have incorporated enhanced security features for efficient customer service and payments, along with customer-friendly website designs that offer enhanced product visibility. This trend is encouraging various manufacturers to concentrate on the Internet-savvy customer segment and explore the new online retail format. This mode of business will help cooking oil vendors in saving operating costs and overheads, which are lower in the online retail format than that in the physical store format. Thus, the growing influence of online retailing will have a positive impact on the growth of the global cooking oil market during the forecast period.
Key Cooking Oil Market Challenge
One of the key challenges affecting the cooking oil market is distribution challenges. Retail stores such as supermarkets, hypermarkets, and large chains of discount or convenience stores have become important distribution modes for manufacturers and vendors of cooking oil. However, this presents some serious challenges for manufacturers. For instance, manufacturers are under significant pressure regarding the prices and margins of products while retailers demand that manufacturers make frequent and smaller product deliveries for lower warehousing costs. Retailers also expect manufacturers to come up with innovative merchandising units, such as movable shelves, which can be rolled when fully stocked, to reduce the replenishment cost of the store as they (retailers) want to avoid any decline in revenues by fulfilling the gaps in the inventory that arise when there is a shortage of supply from vendors. This means that a retailer will not hesitate to go to other vendors if a particular manufacturer is not able to supply an adequate amount of goods. This hampers the market growth during the forecast period.
This cooking oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global cooking oil market as a part of the global packaged foods and meats under the global food products segment of the global food, beverage, and tobacco market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cooking oil market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the cooking oil market encompasses successful business strategies deployed by the key vendors. The cooking oil market is fragmented, and the vendors are deploying growth strategies such as focusing on strengthening their online presence to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The report cooking oil market contains comprehensive market knowledge and an in-depth vendor landscape add-on to an analysis of the key vendors.
Our report provides extensive information on the value chain analysis for the cooking oil market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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58% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for the cooking oil market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rising instances of adulteration in cooking oil have driven consumers to purchase approved cooking oils, thereby facilitating the cooking oil market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In early 2020, the outbreak of the COVID-19 pandemic adversely affected many businesses and organizations. The outbreak negatively impacted the cooking oil industry. Production and consumption in developing and developed countries were significantly impacted due to the restrictions on transportation, along with stringent lockdowns and restrictions, including border closures. In India, rapeseed oil was mostly consumed in hotels and restaurants, which were temporarily shut down due to COVID-19-induced restrictions. This negatively affected the sales volume of cooking oil and, subsequently, hampered the growth of the market. However, with the initiation of vaccination drives, the market has started to recover from the second half of 2021. Such factors are expected to positively impact the demand and, in turn, will fuel the growth of the global cooking oil market during the forecast period.
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The cooking oil market share growth in the offline segment will be significant during the forecast period. The offline distribution segment includes supermarkets, hypermarkets, discount stores, convenience stores, and individual retailers. Hypermarkets and supermarkets offer multiple types of cooking oils from various brands. The high popularity of this distribution channel can be attributed to rapid urbanization and changing consumer lifestyles.
This report provides an accurate prediction of the contribution of all the segments to the growth of the cooking oil market size and actionable market insights on the post-COVID-19 impact on each segment.
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Cooking Oil Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 5.6% |
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Market growth 2022-2026 |
USD46.18 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
5.11 |
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Regional analysis |
APAC, Europe, North America, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 58% |
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Key consumer countries |
US, China, India, Germany, and Brazil |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
AAK AB, Adams Group, Adani Wilmar Ltd., American Vegetable Oils Inc., Archer Daniels Midland Co., Associated British Foods Plc, Aveno NV, Avril SCA, Borges International Group SLU, Bunge Ltd., C. Thywissen GmbH, Cargill Inc., Catania Spagna, COFCO Corp., Corteva Inc., Deoleo SA, Fuji Oil Holdings Inc., Marico Ltd., Nisshin OilliO Group Ltd., and Royal Smilde BV |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Distribution Channel
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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