Plant Oil Market Scope
Plant oils are often known as vegetable oils, are derived from plants, as opposed to animal fats or petroleum. Plant oils are made from the seeds, nuts, and fruits of many plants. They contain vitamins E, A, and B1, as well as omega-3 and omega-6 fatty acids. They are frequently utilized as a substitute for animal-based fats and petrochemicals in both food and non-food applications. They're used to make bactericides, cosmetics, and medications, among other things. Plant oils are also commonly utilized in the production of many dishes around the world because they provide health benefits such as lowering cholesterol levels, lowering the risk of cardiovascular disease, and increasing metabolism and digestion.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Cargill, Incorporated (United States), Adani Wilmar Ltd. (India), Archer-Daniels-Midland Company (United States), Bunge Limited (United States), Louis Dreyfus Company (Netherlands), Wilmar International Ltd. (Singapore), Golden Agri-Resources Limited (Singapore), Sime darby plantation Berhad (Malaysia), Arkema (France) and Olam International (Singapore) |
CAGR | % |
The global plant oil market is competitive and with product innovations, collaborations, expansions, and mergers and acquisitions among the major strategies employed by the market's top competitors. Some of the major participants in the market research are Sime Darby Plantation Berhad, Wilmar International Limited, Bunge Limited, Golden Agri-Resources, and Archer Daniels Midland Company. The market's leading companies have a wide geographic presence and diverse product portfolios to meet a wide range of consumer demands. This feature aids the companies in retaining a strong market position.
Cargill, Incorporated (United States), Adani Wilmar Ltd. (India), Archer-Daniels-Midland Company (United States), Bunge Limited (United States), Louis Dreyfus Company (Netherlands), Wilmar International Ltd. (Singapore), Golden Agri-Resources Limited (Singapore), Sime darby plantation Berhad (Malaysia), Arkema (France) and Olam International (Singapore) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are CannOils LLC (United States), Mewah Group (Singapore) and IFFCO (India).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Plant Oil market by Type , by Application (Food, Feed and Industrial) and Region with country level break-up.
On the basis of geography, the market of Plant Oil has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
In 2021, Cargill Incorporated has purchased an edible oil refinery in Nellore, India, and has invested USD 35 million in the purchase and improvement of the facility, which would increase edible oil production volume and allow the business to expand its existing supply chain to fulfill consumer demands. and In 2021, Bunge Loders Croklaan extended its oils and fats portfolio to suit European demand for organic oils and fats, including sunflower, rapeseed, soy, palm, shea, and coconut.
In India, Import duties on all crude and refined edible or plant oils were hiked to 35% and 45%, respectively, as of June 14, 2018, while the import tariff on olive oil was raised to 40%. The import duty on crude and refined palm oil has been revised to 37.5% and 45%, respectively. With effect from January 1, 2020, The import policy for refined palm oil has been changed from 'free' to ‘restricted' as of January 8, 2020. The import duty on crude palm oil has been reduced from 37.5% to 27.5% with effect from November 27, 2020. Export of edible or plant oil was banned w.e.f. 17.03.2008 to ensure the availability of edible oil in the Indian country, and it was extended from time to time.
Influencing Trend:
Helpful Policies on Plant Oil Usage in Various Countries
Market Growth Drivers:
Increasing Awareness among the Consumers Related to Health, Increasing Application demand in Developing Countries, Increasing Demand for Food and Beverage Industry and The rise in Demand for aromatherapy
Challenges:
Increasing Environmental Concerns and Increasing competition among the types of oil
Restraints:
High Consumption of Vegetable Oil Leads to Obesity Problem
Opportunities:
Globally High Demand and Market high Market Potential and Increasing demand for natural and healthy ingredients
Key Target Audience
Plant Oil manufactures, Plant Oil Suppliers, Plant Oil companies, Investors, R&D Departments and Governments Bodies