The research study covers the present scenario and growth prospects of the global vegetable oil market for 2016-2020. The report also lists palm oil, soybean oil, canola oil, sunflower oil, and others as the five main product segments.
According to Manjunath Reddy, a lead analyst at Technavio for food research, “The market is growing steadily because of an increase in demand and consumption of nutritional products worldwide. An increase in consumer awareness and health consciousness is leading to a rise in demand for healthy edible oils. Emerging countries such as China and India are slowly moving toward healthy vegetable oils because of improving economic conditions.”
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Technavio food and beverage analysts highlight the following three factors that are contributing to the growth of the global vegetable oil market:
- Increase in use of high-quality edible oils
- Growing demand for vegetable oils in processed foods
- Health benefits associated with olive oil
Increase in use of high-quality edible oils
Edible oil is mainly used for cooking purposes, and the rising health awareness among consumers has led to the need for high-quality edible oils. The cold-pressed oils are counted as high-quality oils as they are pressed at a lower temperature, which preserves the flavor and characteristics of the oil. Companies like Proteco Oils, Badia Spices, Da Morgada, and Conscious Food offer cold-pressed oils.
Various parameters are used to check the quality of these edible oils, including AV (Anisidine value), IV (iodine value), FFA (free fatty acids), and TFA (trans fatty acids). The fatty acid content in these oils limits their use as a cooking oil. However, olive oil is the healthiest oil because it has more monounsaturated fats. Due to this factor olive oil is increasingly being used. According to the 2013 US International Trade Commission’s Report on Olive Oil, it was estimated that the US consumption of olive oil has increased by over 650% during the last three decades.
Growing demand for vegetable oils in processed foods
Mounting work pressure and paucity of time have significantly contributed to the demand for packaged and convenience food, which in turn will drive the sales of vegetable oils. Consumers are willing to spend more on packaged foods, as these save cooking time and can be consumed on the go. Packaged foods are made by using cottonseed oil, safflower oil, corn oil, soybean oil, and sunflower oil. These oils are rich in omega-6 fats, which compete with the healthy omega-3 fats in the body.
Increasing acceptance of packaged food in emerging countries such as Brazil, China, and India is a major trend in the market. Owing to the maturity of the American and European markets, manufacturers of vegetable oils are now concentrating on emerging countries. “The urban population’s demand for Western foods and rising disposable incomes has resulted in several manufacturers setting up their production base in these emerging countries,” says Manjunath.
Health benefits associated with olive oil
Olive oil, a part of the Mediterranean diet, is the safest and healthiest oil for consumption. Extra virgin olive oil is high in antioxidants and is 100% natural. The main fat present in olive oil is MUFA (monounsaturated fats), which is considered as a healthy dietary fat. Some of the antioxidants present in olive oil are anti-inflammatory oleocanthal and oleuropein, which protect against many health issues including cholesterol and heart disease. Increase in awareness of the health benefits associated with monounsaturated fats that are present in olive oil is driving the oils and fats market. Consumers are consciously replacing butter and other fats with olive oil.
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