The market for edible oil is expanding as a result of rising consumer health concerns and a growing demand for organic edible oil. The market is expanding as a result of rising demand for edible oils with reduced calorie, cholesterol, and fat content. This is because numerous lifestyle illnesses including diabetes, obesity, and cardiovascular disease are becoming more and more common. Thus, it is anticipated that the market would increase in the near future as a result of the rising demand for organic edible oil. The market is expanding due to rising consumption and demand, particularly in the APAC region. According to Coherent Market Insights' analysis, the rise in demand from markets in China and India, which together account for over 40% of all edible oil consumption worldwide, is a major factor driving the growth of the APAC edible oil market. Additionally, this region's growing population is once more fueling a rise in edible oil consumption. Future market potential are expected to be lucrative due to the growing industrial use of maize oil.
According to Coherent Market Insights, over the projected period (2021-2028), the market for Edible Oils is anticipated to grow at a CAGR of 5.1%, reaching an estimated value of US$ 112.6 billion in 2021.
Key Companies in the Edible Oils Industry:
1. Adani Wilmar Ltd.
The firm was established in 1999 and is based in India. A fast-moving consumer goods (FMCG) company based in India is Adani Wilmar Limited. It sells essential culinary supplies for Indian clients, such as sugar, wheat flour, rice, lentils, and edible oil. There are many different staples available, including wheat flour, rice, lentils, and sugar.
2. Ruchi Soya Industries Ltd
The business was founded in 1986 and is located in Madhya Pradesh. The business produces packaged food items and sells soy flour, texturized soy protein, soybean oil, and vanaspati vegetable fat. In May 2022, it paid about 690 crore to buy Patanjali Ayurved's food division. Ruchi Soya paid 60 crores in June 2021 to purchase Patanjali's cookie and noodle operations. In June 2022, the business adopted the Patanjali Foods moniker.
3. Associated British Foods plc
The company was founded in 1935 and is located in London, United Kingdom. The business sells packaged foods and provides delivery services in addition to providing wholesome food items with well-known brands. Its ingredients section is a significant producer of other components such emulsifiers, enzymes, and lactose in addition to being the second-largest producer of sugar and baker's yeast in the world.
4. Archer Daniels Midland Company
The business was founded in 1902 and its main office in Illinois, United States. The company processes oilseeds, corn, milo, oats, barley, peanuts, and wheat in addition to obtaining, transporting, storing, and merchandising agricultural commodities and goods. In august 2022, LG Chem and ADM announced the launch of joint ventures and the intended location for the production of lactic acid and polylactic acid in the United States. ADM successfully acquired Sojaprotein in November 2021, enhancing its capabilities for plant-based proteins.
5. Beidahuang Group
The firm was started in 1998 and is located in Harbin, China. The business cultivates agricultural items and provides grains, beets, fruit, meat, milk, oil-bearing crops, and marine products. With little marketing efforts outside of China, Beidahuang Group largely markets its goods domestically.
6. Cargill Incorporated
The business was founded in 1865 and has its main office in Minnesota, U.S. The business raises grains and oilseeds, provides tools and services for risk management to farmers, and produces animal nutrition, biofuels, meat and poultry, food, and industrial items. Cargill announced the purchase of Owensboro Grain Company in November 2022.
7. Fuji Vegetable Oil, Inc.
The company was established in 1987 and has its headquarters in Georgia, United States. The business produces and distributes speciality fats and oils in addition to offering industrial, personal care, confectionery, ingredients, and pastry filling goods. The business develops and supplies plant-based fats, oils, and shortening for the bakery, confectionery, and food processing industries.
*Definition: A fatty liquid commonly used in culinary preparation, edible oil comes from a variety of vegetable sources. Due to its nutrient-rich composition, edible oil has a number of health advantages.
