New York, NY, July 17, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Cooking Oil Market by Extraction Method (Solvent extraction, Mechanical extraction, Sparging, and Hydrogenation), by Type (Rapeseed (canola) oil, Sunflower oil, Palm kernel oil, Soybean oil, Minor vegetable oil, and Palm oil), by Application (Biodiesel, Industrial, and Food): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024” . According to the report, the global cooking oil market was valued at around USD 85.52 billion in 2017 and is expected to reach approximately USD 130.30 billion by 2024, growing at a CAGR of around 6.2% between 2018 and 2024.
Cooking oil is made of polysaturated and saturated fats and monosaturated fatty acids. Cooking oil can be derived from different parts of plants such as seeds and flowers. Cooking oil is mainly used in frying, where it acts as a medium for heat transfer. Cooking oil adds texture and flavor to foods. It is usually stable under high moisture and temperature. Cooking oil derived from sunflower and safflower contains a high content of polyunsaturated fatty acids and is suitable for frying purpose.
Browse through 39 Tables & 26 Figures spread over 110 Pages and in-depth TOC on "Global Cooking Oil Market Size, Share 2017: By Industry Type, Trends, Analysis and Forecast, 2024”.
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The cooking oil market is anticipated to witness significant growth within the forecast period. The market is mainly driven by increasing demand for cooking oil in the food application. Cooking oil is widely used in daily food preparation. This, in turn, is expected to boost the growth of the cooking oil market during the forecast period. The growing population in developing countries of Asia Pacific region and maximum consumption of cooking oil through daily food and diet are the key factors anticipated to boost the growth of the market during the forecast period.
The market can be segmented on the basis of the extraction method for solvent extraction, mechanical extraction, sparging, and hydrogenation. The mechanical extraction method is widely used for extracting cooking oil as compared to other methods. However, sometimes the solvent extraction method is preferred over mechanical extraction in order to make the extraction process more cost-effective. Based on the type, the market can be segmented into rapeseed (canola) oil, sunflower oil, palm kernel oil, soybean oil, minor vegetable oil, and palm oil. Sunflower oil was the leading segment in 2017 owing to its importance in the curing of cardiovascular disorders. Palm oil is cheaper as compared to other types of oils. However, due to its certain health dangers such as reproductive toxicity, organ toxicity, and difficulty in digestion anticipates restraining its use in the food sector over the forecasting period. Based on the application, the market can be segmented into biodiesel, industrial, and food. The food segment dominated the global cooking oil market in 2017, followed by the industrial and biodiesel segment.
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Asia Pacific is currently the leading region in cooking oil market with a share of over 27% with respect to revenue generation in 2017. Key factors such as growing population and increasing consumption of cooking oil through daily food and diet are driving the Asia Pacific cooking oil market. Increasing health awareness coupled with high per capita income is anticipated to boost the market growth during the forecast period.
Asia Pacific region was followed by North America. This is mainly due to shift in consumer consumption patterns towards cooking oil, coupled with growing industry of specialty and premium cooking oil are the key factors contributing to the increased demand for cooking oil.
Browse the full "Cooking Oil Market by Extraction Method (Solvent extraction, Mechanical extraction, Sparging, and Hydrogenation), by Type (Rapeseed (canola) oil, Sunflower oil, Palm kernel oil, Soybean oil, Minor vegetable oil, and Palm oil), by Application (Biodiesel, Industrial, and Food): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/cooking-oil-market
Europe is expected to witness significant growth over the forecast period. This is mainly due to the growing trend of health and wellness. The market is anticipated to offer opportunities for specialty and premium cooking oils during the forecast period.
The Middle East & Africa is expected to exhibit significant growth in the near future. This growth is mainly due to the increasing demand for vegetable oil in biodiesel production. Latin America is another important regional market and is anticipated to exhibit noticeable growth over the forecast period. This growth is mainly attributed to increasing research & development to provide innovative products.
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The global cooking oil market is consolidated with the key players that accounted for a significant share of the market in 2017. Some of the major companies have been investing in product innovation, technological advancement, and quality standard maintenance in order to expand their existing customer base. Some of the important players are Cargill Agricola S.A., ACH Foods Company Inc., Bunge North America Inc., Archer Daniels Midland Company, ConAgra Foods Inc., CHS Inc., Chinatex Corporation, Richardson Oilseed Ltd., J-Oil Mills Inc., and Carapelli Firenze S.P.A.
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This report segments the global automotive heat shield market as follows:
Global Cooking Oil Market: Extraction Method Segment Analysis
- Solvent extraction
- Mechanical extraction
- Sparging
- Hydrogenation
Global Cooking Oil Market: Type Segment Analysis
- Rapeseed (canola) oil
- Sunflower oil
- Palm kernel oil
- Soybean oil
- Vegetable oil
- Palm oil
Global Cooking Oil Market: Application Segment Analysis
- Biodiesel
- Industrial
- Food
Global Cooking Oil Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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