Edible Oils Market: India's July Imports Hit Record 1.76 million Metric Tonnes Amid Black Sea Supply Concerns, Finds Maximize Market Research

PUNE, India, July 18, 2024 /PRNewswire/ -- The Edible Oils Market size was valued at USD 120.45 Billion in 2023 and the total Edible Oils Market revenue is expected to grow at a CAGR of 7.37% from 2024 to 2030, reaching nearly USD 198.14 Billion.

Reports on competitive analyses encompass company overviews, financial performances, product portfolios, and strategies of key players in the Edible Oils market. To assess strengths and weaknesses, a comprehensive SWOT analysis was conducted, while a PESTLE analysis was carried out to understand the impact of macroeconomic factors on the market. Also, the report includes detailed analyses of investments made by market players to enhance their global presence.

The research methodology utilized in analysing the Edible Oils market encompasses a thorough approach that combines primary data which is often collected through surveys, interviews, and focus groups with industry experts and stakeholders such as raw material suppliers, oil extraction companies, refiners and processors, packaging and distribution companies, regulatory bodies and government agencies and environmental and advocacy groups. This allows for firsthand insights into market trends, consumer behaviour, and regulatory challenges and secondary research utilizing reports from government sources, industry publications, and financial statements. Market sizing and forecasting techniques are employed alongside competitive analysis to provide valuable insights into the market landscape. It also includes trade balance, market entry strategies, costs in different region, technology adoption, regulatory framework, compliance requirements and customer demographics which makes it an investor's guide. The report encompasses type, packaging type and distribution channel segments and their analysis, which elucidates their influence on the market. The estimation methodology often adopts a bottom-up approach to accurately determine market sizes.  

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Global Edible Oils Market 2023-2030: Key Highlights

• Historic Market Size 2017-2023
• CAGR of the market during 2024-2030
• Detailed information on factors that will assist Edible Oils market growth during the next seven years
• An estimation of the Edible Oils market size and the impact of country's GDP on Edible Oils market
• Forecasts on upcoming trends and changes in consumer behaviour
• The growth of the Edible Oils market
• Analysis of the competitive landscape and detailed information on companies
• Comprehensive details of factors that will impede the growth of Edible Oils companies.

Competitive Landscape

The Edible Oils Market includes the presence of several global as well as regional key players. A few prominent players that offer Edible Oils in the market are Aceitera General Deheza (Argentina), Adams Group (United States), Adani Group (India), Agro Tech Foods Limited (India), American Vegetable Oils, Inc. (United States), Archer Daniels Midland Company (United States), Associated British Foods plc (United Kingdom), Beidahuang Group (China), Borges Mediterranean Group (Spain), Bunge Limited (United States) and others.

What's New: Recent Additions and Updates

• Expansion into Southeast Asia, South America, and Africa
• Localization efforts for new markets
• Technological Advancements
• New Streaming Partnerships and Platforms
• Innovative Marketing Strategies
• Financial Performance and Investment
• Consumer Behavior and Trends
• Regulatory Changes and Challenges

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Market Overview

The edible oils market is highly competitive globally, showing a mix of large players and small-scale manufacturers that provides a diverse array of edible oil products. The Edible vegetable oils consist of nearly 96% triglycerides of plant origin comprising olive, palm, soybean, canola, and sunflower oil, and are composed of different fatty acids. Other compounds or group of compounds identified include free fatty acids, phospholipids, phytosterols, tocopherols, and other antioxidants or waxes. The study provided detailed information about edible oil parameters such as consumer preferences, safety regulations across the countries, etc.

In FY2021, the Indian oil industry witnessed the best year-on-year growth mainly with a sharp rise in edible oil prices. These price increases were caused by disruption of global supply chains, production declines in major oil producing countries, lower sales volumes due to pandemic crisis cause, and for the decline of HoReCa (Hotels, Restaurants, and Restaurants).  The COVID-19 pandemic caused supply chains and labour shortages, affecting manufacturing and distribution. While the HoReCa segment faced a drop in demand, this decline was partially offset by increased retail demand from home cooking. Looking ahead to FY2022, sustained inflation due to continued challenges in the supply chain and continued demand, as well as sustained volume growth driven by economic growth and HoReCa collaboration, are expected the recovery results in, is expected to lead to favorable earnings growth for the oil consumption business.

The consumption of edible oils in India is characterized by palm oil with the largest share at 38%, followed by soybean oil at 19%, rapeseed oil at 12%, sunflower oil at 8% and other oil production at over 22%. The powerful nature of palm oil can be attributed to its low cost, wide availability and versatility in cooking, making it an important component in Indian households and the food industry. Soybean oil is popular for its nutritional value and its use in processed foods, while rapeseed oil is preferred for its health benefits, especially low saturated fat Sunflower oil's light taste and health benefits, like vitamin E-rich, contribute to a steady demand.  Other oils include coconut, corn and mustard oils, which are regionally preferred and have specific applications in cooking.

In 2023, the Indian edible oil market saw significant contributions from key players. Adani Wilmar, with the Fortune brand, is the market leader due to its extensive distribution network and diversity of products. Meanwhile, Ruchi Soya, a division of Patanjali, maintains a strong position through established brands like Nutrela. Marico's Saffola brand uses its health-related marketing to maintain a large share, especially in urban areas. In addition, Cargill India and Imami Agrotech have made impressive progress in their respective projects with focus on quality and health benefits.  These companies have developed strategic plans, including expansion of their product lines, development of distribution channels and investment in brand building activities which is crucial in shaping the competitive environment of the Indian oil consumption market.

Key players share in the Indian edible oil industry 2023

India's edible oil imports rose to a record 1.76 million metric tonnes in July on efforts by oil producers to build stocks ahead of festival a, Reuters sources said coming has been caused by the uncertainty in supply from the Black Sea region due to the Russian-Ukrainian crisis.  Palm oil imports rose impressively to 10.9 million tonnes at a time when imports rose above the average of 11.7 million tonnes per month in 2021/22 trade year reported by the Solvent Extractors Association (SEA) of India, the highest in seven months. The increase will impact global palm oil reserves in Indonesia and Malaysia, potentially increasing futures benchmarks.  Meanwhile, sunflower oil imports rose 73% month-on-month to 330,000 tonnes, while soybean oil imports fell 22% to 340,000 tonnes amid structural challenges at Kandla ship in the station. The accumulation strategy of Indian importers underscores their cautious approach amid geopolitical uncertainties affecting key oil producing areas.

China's edible oil industry has undergone major changes due to urbanization, rising living standards and growing food safety concerns. Traditional oils, such as pork fat and unrefined rapeseed oil, have been replaced by healthy, refined vegetable oils purchased from supermarkets. Soybean, rapeseed, palm, and corn oils are the most commonly consumed, and Western oils are widely accepted.  Economic growth led to an increase in per capita consumption of vegetable oil, supported primarily by an increase in palm oil imports. Within China, it has expanded oilseed production, but the industry faces challenges such as limited farmland and regulatory consolidation. Despite these, technological advances and consumer preferences for healthier oils are setting the industry up for continued growth and adaptation in a competitive global market.

In conclusion, the demand for edible oils is constantly increasing worldwide, driven by factors such as the growing demand for fast food. The Maximize Market Research report captures these trends in detail across various regions. It provides a comprehensive analysis of market trends, consumer preferences and competitive landscape in each category. This comprehensive perspective provides stakeholders with valuable information to navigate opportunities and challenges, and ensures strategic decisions for sustainable growth in the global Edible Oils market.

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Segment Overview

MMR has segmented the market based on

By Type               

• Soybean Oil
• Mustard Oil
• Palm Oil
• Sunflower Oil
• Olive Oil
• Others

By Packaging Type

• Pouches
• Jars
• Cans
• Bottles

By Distribution Channel

• Direct/Institutional Sales
• Supermarkets and Hypermarkets
• Convenience Stores
• Online

Based on Packaging Type, in 2023, the pouches segment is projected to hold a significant 60% share of the global edible oils market, driven by its increasing popularity among consumers.

Pouches offer numerous advantages over traditional packaging formats such as bottles and cans. They don't take up a lot of visible space, which is especially appealing to urban buyers who live in small spaces.  Additionally, the bags are lightweight and convenient, making them extremely portable for today's on-the-go lifestyle. Additionally, the pouch format enables innovative bag-in-box packaging solutions that reduce oil waste and mess when packed. The enhanced barrier technology used in the bottles helps keep the oil fresher better than other packaging materials. Some of the free-standing bags make it easy to dispense and pour oil directly from the bag without the need for a new container, making it more convenient.  These easy-to-use features drive consumer preference, especially among young professionals and families, to bottled oils. Overall, these products have established pouches as the preferred form of growth on commercial oils worldwide.

Detailed segmentation values for each segment and explanations for growth are provided in the final report.

Geography Overview

In 2023, The Asia-Pacific edible oils market had a revenue share of about 53% of the global edible oils market and is expected to maintain its dominance at the end of the forecast period. The APAC region has a global and local producer of edible oils, as well as a large population, increasing disposable income and awareness of individuals on the health benefits of edible oil consumption, and the rapidly growing edible oil sector in Asia. Manufacturing industries, as well as developing countries and others are the growth drivers of the regional oil consumption market. Moreover, increasing use of edible oils in cosmetics and personal care products is boosting the Asia-Pacific commercial oil market.

In the final report, past and future numbers and explanations are incorporated seamlessly to provide a comprehensive understanding of the Global Edible Oils market.

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