Demand for Edible Oil & Fats and Impact of COVID-19……..
Posted by mrudulaGVR on April 22nd, 2020
The global edible oil and fats market size is expected to reach USD 162.51 billion by 2025, according to a new report by Grand View Research, Inc. Rising popularity of edible oil as a key nutritional constituent on account of its various benefits including improvement in immune system and prevention from cardiovascular disorders is projected to drive the demand.
Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
Rising concerns over glutamic disorders in developed countries including U.S. and Germany is expected to promote the scope of oilseed-based product forms as vegan alternatives for animal fats. Furthermore, changing lifestyle coupled with buyer preference for nutrition enriched food products among middle-class income groups from developing economies such as China, India, and Thailand is projected to increase the usage of edible oils over the next eight years.
Offline channels are projected to lead, accounting for more than 50% of total market share in terms of revenue. Increased concentration of supermarkets in emerging economies such as China, India, Mexico, Brazil, and South Africa is projected to provide the consumers a wide range of options when it comes to edible oils and edible fats.
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Further key findings from the report suggest:
The global edible oil and fats market size was valued at USD 97.32 billion in 2018. Rising importance of vegetable oils as key functional ingredients which reduce the risk of cardiovascular disorders along with lowering the possibility of breast cancer is projected to remain a favorable growth driver. Furthermore, rising popularity of omega-3 fatty acid as a nutritional constituent in food industry on account of its exceptional anti-inflammatory properties is projected to prompt the adoption of oil produced from soybean, canola, and flax seeds.
Over the past few years, cooking oil manufacturers including Unilever PLC and Cargill, Inc., have been increasing the spending towards the development of products with low cholesterol content. Furthermore, fluctuating diet patterns along with hectic lifestyle among working class professionals is projected to change the consumer preference and drive demand for sunflower and coconut oil for cooking. Coconut oil is a rich source of fatty acid, which provides immunity against bacteria and other pathogens. On the other hand, olive oil is capable of balancing HDL to LDL ratio of cholesterol which ensures proper blood circulation.
Rising concerns over the adverse effects such as high risk of coronary heart disease, type 2 diabetes, and brain stroke, caused by trans-fat consumption, is expected to promote the usage of vegetable oil as cooking alternatives. In addition, edible oils find application as a good flavoring agent owing to the association of exceptional aroma of peanut or groundnut oil.
Rising number of hotels and restaurant chains from developing countries including China and India on account of supportive government policies aimed at improving city infrastructure is projected to boost the utility of edible oils. In addition, shifting preference of middle-class income groups of countries including Saudi Arabia and UAE to opt for dine-out during weekends is expected to open new market avenues in food service sector over the next eight years.
Grand View Research has segmented the global edible oil and fats market on the basis of product, distribution channel:
Edible Oil & Fats Product Outlook (Revenue, USD Million, 2015 - 2025)
Edible Oil & Fats Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.Also See: Edible Oil, Fats Market, View Research, Grand View, Projected, Oil, Market
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