Makreo Research has published a study on Edible Oil demand and supply, report titled “Global Edible Oil Market Future Forecast to 2027- COVID-19 and Russia-Ukraine War Impact Assessment” is a detailed study that offers the reader to understand the market from the prospect of the economy, edible oil production and consumption prospects and consumer behavior and other external factors. The study embarks on several macro-economy factors and industry factors that have influenced the edible oil market. The report discusses the edible oil industry overview, global vegetable oil production, cooking oil consumption by country, market revenue, and forecast and also helps to understand the industry challenges and opportunities.
Global Oil Market is divided into two segments that are edible oil market and the non-edible oil market. Edible oil accounts for the major market share of 76% in the industry. Edible Oils are extracted directly from oilseed grains, nuts, and tree fruits to make edible oils. The Global Edible Oil market was valued at more than USD 200 Billion in 2021 and it is expected to cross USD 450 Billion by 2027. The market witnessed positive growth during the year 2020 despite the outbreak of the virus, owing to the increasing demand for food. In 2021, the market registered a growth rate of 36% in 2020. The volume for the vegetable oil market stood at 211.71 million metric tons in 2021 and is projected to reach 217.72 million metric tons by 2022. With the growing popularity of vegan diets, the food business maintained a significant market share. A variety of oils are also utilized as food supplements due to their nutrient content or supposed medical effects. Palm oil held the largest market in the Global Edible Oil market, as palm oil is one of the world's most commonly used cooking oils. Region-wise, APAC holds the major share due to massive demand for food and other industrial sectors, Asia-Pacific has the highest growth rate in the world, owing to a growing percentage of health-conscious consumers, rising population, and evolving living standards, as well as the expansion of key palm oil-producing nations in the region.
Impact of COVID-19:
The covid 19 pandemic left a profound impact on the expansion of the vegetable oil Industry. Amid the pandemic, there were supply chain disruptions, supply declines, and disruptions in various industries such as the food and beverage industry which negatively impacted the growth of the market. However, on the demand side, the consumers were willing to pay and get the edible oil as it is an essential product, the food industry was overwhelmed by the responsibility to meet the requirements when needed, especially during lockdowns.
Impact of Indonesia Ban:
Indonesia is one of the biggest users of palm oil in addition to being one of its greatest producers. Edible oil market prices skyrocketed as a result of the export prohibition. Globally, the Indonesian export prohibition caused food prices to rise, leading to high inflation rates. Moreover, because palm oil is used in 50% of packaged meals and associated products, global edible oil prices also affected other end-user businesses.
Impact of Russia Ukraine War:
The production and supply of vegetable oil, a vital part of nutrient components, have been disrupted by the war. Due to shortages brought on by the war crisis, the price of these vegetable oils has increased, making it difficult for many people to purchase them. Additionally, it has sparked countermeasures from trade and biofuel regulations, raising prices. The oil contains a variety of vitamins and nutrients, including Omega 3, Omega 6, Vitamins A, E, and K, all of which are crucial for a balanced diet. However, the danger of increased food prices has caused some to lose access to vegetable oil.
Key Questions Answered
1. How global edible oil market has performed in the past and what is the present state of the industry?
2. What is the vegetable oil industry and what are the key segments?
3. What is the production and consumption rate and also study the gap assessment?
4. How does the edible oil market react to COVID-19 and also events such as Russia-Ukraine and Indonesia palm oil export ban?
5. Which geography/region has dominance over the edible oil market?
6. How global edible oil market is segmented and what are the dominating and rapidly evolving segments?
7. What is the expected future performance of the global edible oil market despite the external challenges?
8. What are the major driving forces and what recent trends are prevailing in the market?
9. Who are the key players in the market and how their business is positioned?
10. How global edible oil market is segmented by soil type and what is the performance of major types of oils for instance: Palm Oil, Soya Oil, Rapeseed Oil, Sunflower Oil, Cottonseed Oil,
Groundnut Oil and Rice Bran Oil?
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