IMARC Group, a leading market research company, has recently releases report titled “Fats and Oils Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global fats and oils market trends, size, share, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the fats and oils market?

The global fats and oils market size reached US$ 223.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 284.1 Billion by 2022, exhibiting a growth rate (CAGR) of 4% during 2023-2028.

What are fats and oils?

Fats and oils involve a wide variety of glycerol-based esters with triacylglycerols that are naturally found in plants and animals. They constitute a crucial part of a healthy diet based on the high amount of essential fatty acids (EFAs). These EFAs aid in insulating organs, providing energy, and transporting A, D, E, and K vitamins through the blood. Fats and oils are extensively utilized in the food and beverages sector for flavoring, sauteing, frying and improving the texture of several food items. Moreover, they are also utilized in the production of animal feed, biodiesel, pharmaceuticals, biodiesel, and oleochemicals.

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What are the growth prospects and trends in the fats and oils industry?

The growing prevalence of chronic diseases, such as asthma, cancer, diabetes, and cardiovascular disorders, represents one of the key factors driving the market. Moreover, rising preferences for smart and precision drug delivery systems, which minimize the amount of drug required for therapeutic efficacy, are driving the demand for drug device combination products across the globe. Besides this, several market players are introducing advanced technologies for tracking and monitoring different products. They are also expending on extensive research and development (R&D) activities to develop next-generation products with high viscosity and formulations. Furthermore, the growing popularity of minimally invasive surgery (MIS) and portable devices like nebulizers and inhalers are other growth-inducing factors positively influencing the market.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

Oil Type

  • Palm Oil
  • Soybean Oil
  • Rapeseed Oil
  • Sunflower Oil
  • Olive Oil
  • Others

Fat Type

  • Butter
  • Shortenings and Margarine
  • Lard
  • Tallow
  • Others 

Breakup by Application:

  • Food Applications
  • Industrial Applications

Breakup by Source:

  • Vegetable
  • Animal

Breakup by Sales Channel:

  • Direct Sales
  • Supermarkets and Hypermarkets
  • Retail Stores
  • Online Stores
  • Others

Breakup by Region:

North America (U.S. & Canada)

Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)

Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)

Latin America (Brazil, Mexico)

Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • Ajinomoto Co. Inc.
  • Archer-Daniels-Midland Company
  • Associated British Foods plc
  • Bunge Limited
  • Cargill Incorporated
  • Conagra Brands Inc.
  • Fuji Oil Holding Inc.
  • Unilever
  • United Plantations Berhad
  • Wilmar International Limited.

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