The global edible oils and fats market is expected to grow at a 4.56% CAGR in terms of volume over the forecast period from 2018 to 2023, according to a new market research report from Market Research Future (MRFR). The global edible oils and fats market is expected to reach a volume of 298,522 kilotons by 2023. The report presents a thorough overview of the historical growth trajectory of the global edible oils and fats market, including a review of the major drivers and restraints affecting the growth of the market and likely to have a lasting impact on the market over the forecast period.
The global Edible Oil Market Share has been driven by the growing demand for edible oils and fats in culinary applications across the world. Edible oils and fats add to the flavor of the food being cooked and also contain vital nutrients that add to the nutritive content of the food. Edible oils and fats are especially high in vitamin E and amino acids, which are a vital group of micronutrients that many individuals in the modern world are lacking due to unwise dietary choices. Due to these reasons, edible oils and fats have taken on a crucial role in culinary preparations around the world. The rising food and beverage industry in emerging regions is likely to remain a major driver for the global edible oils and fats market over the forecast period.
The global edible oils and fats market is also likely to be driven by the growing demand for oils and fats in industrial end uses such as the production of biofuels. The growing demand for an effective production process of biofuels is likely to drive research in the sector over the coming years, driving the demand from the edible oils and fats market. Emerging as well as developed countries are likely to step up their efforts in terms of producing biofuels over the coming years, leading to strong growth prospects for the edible oils and fats market.
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The global edible oils and fats market is segmented by type, processing, source, fatty acid content, application, and region.
The global edible oils and fats market is dominated by Asia Pacific, which accounts for a dominant 54.07% share in the market and is likely to remain the leading revenue generator over the forecast period due to the abundant presence of source animals as well as plants in the region. Europe is also likely to exhibit rapid growth in the global edible oils and fats market due to the growing technological innovation in the industry and the growing demand for plant as well as animal fats and oils.