The global edible oil market is highly competitive, but you might be surprised by which countries are the biggest players. China and India, for example, are two of the largest exporters of edible oil, but they are also two of the biggest importers of it from other countries. In fact, the US exports more edible oil than any other country in the world. With all this movement happening in both directions, how will you know how to succeed in this market? Here are seven facts about the global edible oil market that will give you some insight into this competitive industry.
1) Edible Oils Dominate Global Oil Demand
The oils market, including fish and animal oils, accounted for nearly a third of total global oil demand in 2014. Sunflower oil is one of four edible fats tracked by Euromonitor International. In 2014, it was one of the top five most consumed edible oils in 23 of 43 countries where data are available. Though it is not as popular as olive oil globally (especially in Europe), it dominated volumes compared to other major fats such as canola and palm oil. Even at just a fraction of worldwide volume levels, sunflower dominates many European markets—including Denmark and Germany—and acts as an effective substitute for less healthy options like palm oil or butter.
2) The Top Edible Oil Producers – Their Capacities And Outlooks
Brazil, Indonesia, and Argentina are among the top edible oil producers globally. With consumption exceeding domestic production, they export edible oils to other nations around the world. Exports contribute significantly to income in these three countries and have been growing steadily since 2000. They’re expected to remain strong through 2021 – though decreasing demand for biofuels will weigh on Brazil’s supply-and-demand outlook for edible oils. Meanwhile, the production of palm oil (one of Argentina’s most important exports) is expected to grow steadily as well – bolstering exports of olive and soybean oils from that country over time.
3) Global Edible Oil Consumption Forecast Until 2023
Edible oil consumption is expected to register a CAGR of 0.5% over 2018-2023. This growth can be attributed to growing food processing and food & beverage industries in the Asia Pacific region and various technological developments in the refining industry globally, which have contributed positively to increasing global edible oil demand and revenue. Growing population, urbanization, aging people worldwide, and rising middle-class income levels are other factors driving the market for edible oils across regions. Increasing government investments in new product development is an opportunity for players in the North American market during the forecast period from 2018-to 2023. Among all regions, India holds the largest share in global demand as edible oil price fluctuates as compared to crude oil price constantly due to heavy imports from major exporters like Indonesia and Malaysia.
4) Top 4 Countries By Edible Oil Consumption 2017/2024
The edible oil market has been growing rapidly in recent years, with global consumption reaching 46.7 million metric tons in 2017. The market is expected to grow at a CAGR of 5.1% from 2018 to 2024, reaching a value of 62.7 million metric tons by the end of the forecast period.
The top 4 countries by edible oil consumption in 2017 were as follows:
- China – 12.0 million metric tons
- United States – 3.9 million metric tons
- India – 3.5 million metric tons
- Brazil – 2.9
5) Most Frequently Used Edible Oils In Different Regions
Edible oils are an important part of the diet in many parts of the world. They are used for cooking, as a condiment, and in various food preparations. Some oils are also used for religious ceremonies or as medicine.
The most commonly used edible oils vary from region to region. In India, ghee is the most popular cooking oil, while in the United States, soybean oil is the most popular. In China, sesame oil is the most commonly used, while in Mexico, lard is the most popular. And export of edible oils is not limited to the above-mentioned countries.
6) Major Consumers Of Palm, Soybean, Rapeseed, And Sunflower Oils
Palm oil is the most popular vegetable oil in the world, accounting for about one-third of all vegetable oil production. It is derived from the fruit of the oil palm tree.
Soybean oil is the second most popular vegetable oil, accounting for about one-sixth of all vegetable oil production. Soybean oil is a high-quality cooking oil that is also used to produce biodiesel fuel.
Rapeseed oil is the third most popular vegetable oil, accounting for about one-tenth of all vegetable oil production. Rapeseed oil is a high-quality cooking oil
India is the world’s largest producer of palm oil as well as one of the world’s largest consumers of palm Oil with over 9.4 million tonnes of palm oil consumption annually. The second-largest consumer of palm oil is Indonesia with over 6 million tonnes of palm oil consumption annually.
7) Consumption Per Capita In Major Consuming Countries With Forecasts
In 2017, the value per capita private use in the United States was the highest at approximately US 40.1 thousand. This was followed by the United Kingdom and Germany at 24.2 and 21.7 thousand per capita respectively.