Fats & Oils Market

The fats and oils market is estimated to be valued at USD 271.8 Billion in 2024 and poised to achieve a 3.6% CAGR, reaching USD 323.7 Billion by 2029, and is experiencing transformative shifts and innovations. The demand for fats and oils extends beyond culinary applications, permeating various sectors such as animal feed, oleochemicals, and biofuels. In the food industry, vegetable oils and animal fats are crucial for processed foods, enhancing texture, flavor, and shelf life. Palm, rapeseed, sunflower, and soybean oils dominate global consumption, driven by their multifunctional roles across food and non-food products. However, animal fats such as butter and lard are essential in baking for their rich flavor profiles.

Additionally, specialty oils such as coconut, shea butter, and cocoa butter are increasingly used to replace conventional oils due to their similar properties. The choice of cooking oils varies regionally and is influenced by cultural preferences, availability, and emerging dietary trends. For instance, rapeseed, sunflower, and olive oils are favored in Europe, while palm oil is predominant in Asia and Africa. The growing interest in plant-based diets has also spiked demand for oils such as coconut globally.

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ADM (US)

ADM is a food manufacturing company that is primarily involved in the production of food & beverage ingredients, feed & feed ingredients, industrial ingredients, biofuels, and naturally derived alternatives to industrial chemicals. The company operates through four business segments, namely, Ag services & oilseeds, carbohydrate solutions, nutrition, and others. The company offers oils derived from vegetable sources for food, industrial, and fuel applications.

The Ag Services and Oilseeds segment encompasses worldwide operations involving the sourcing, trading, transportation, and storage of agricultural raw materials. It also covers the crushing and further processing of oilseeds like soybeans and soft seeds (such as cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals. The products from oilseeds, produced and marketed by this segment, serve as ingredients for food, feed, energy, and industrial customers.

Wilmar International Ltd (Singapore)

Wilmar International Ltd is one of the leading agribusiness companies. The company is involved in the cultivation of palm oil, crushing oilseed, refining edible oil, milling & refining sugar, and specialty fats. The company operates through four business segments, namely food products, feed & industrial products, plantation & sugar milling, and others.

Under its food products segment, Wilmar processes, brands, and distributes a wide variety of edible food products, including vegetable oils, sugar, flour, rice, noodles, specialty fats, snacks, bakery and dairy products, ready-to-eat meals, and central kitchen products to wholesalers and distributors in China, Indonesia, India, Vietnam, Bangladesh, and Africa.

During FY2023, the company expanded its operational capacities across several countries and regions, including China, Malaysia, Indonesia, Ghana, India, The Netherlands, Sri Lanka, and Pakistan. These expansions encompassed diverse activities such as refining of edible oils, crushing of oilseeds and palm kernels, extraction of rice bran, milling of flour, palm oil, and sugar, packing of edible oils, rice, and flour, manufacturing of specialty fats, and production of cakes.

Bunge (US)

Bunge provides integrated operations in the agribusiness and food segments globally. The company crushes and processes oilseeds and grains that include wheat, corn, and sugarcane for food processors, bakeries, breweries, and other commercial customers. The company has four main business segments, namely agribusiness, sugar and bioenergy, food & ingredients, and fertilizers. Bunge offers bulk oils, shortenings, margarine, mayonnaise, and other products derived from vegetable oils under the food and ingredients business segment.

The company has a presence in almost 40 countries in the Asia Pacific, African, Middle Eastern, European, Caribbean, Central American, North American, and South American regions. Its subsidiaries, such as Bunge North America, Bunge South America, Bunge Asia Pacific, and Bunge Europe, are engaged in oilseed processing, edible oils refining & packaging, shortenings, and corn dry milling.

Related Reports:

Fats & Oils Market by Type (Vegetable Oils and Fats), Source (Vegetables and Animals), Form (Liquid and Solid), Application (Food and Industrial), and Region (North America, Europe, Asia Pacific, South America, Rest of the World) - Global Forecast to 2029

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