The fats & oils market is projected to grow at a CAGR of 4.4%, in terms of value, from 2016 to reach a projected value of USD 247.78 Billion by 2021. The market is driven by the demand from Asia-Pacific countries, particularly India, China, Malaysia, and Indonesia. Demand from the respective food sectors of these countries, which are supported by rise in living standards and population growth are factors driving the fats & oils market. The increased focus on biofuels, such as biodiesel from vegetable oils and animal fats, is fueling the demand for fats & oils.



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The fats & oils market is segmented on the basis of application into food uses and industrial uses. Fats & oils have a wide range of application in industries such as food, oleochemicals, energy, and biodiesel. Varieties of fats & oils such as higher-oleic varieties of rapeseed oil, safflower, and sunflower oils are used in snacks and baked goods, while high-oleic soybeans are now more widely commercialized. The snack industry has rapidly adopted high-stability liquid oils, as they represent highly functional replacements for partially hydrogenated ingredients.

The fats & oils market is segmented on the basis of form into solid and liquid. The liquid segment dominated the market in 2015, and is projected to be the fastest-growing segment as oils are largely consumed for cooking purposes and in biodiesel, where liquid form is preferred over solid. The crystalline form of the fat has a marked effect on the melting point and the performance of the fat in various applications in which it is utilized.

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The Asia-Pacific region accounted for the largest share, in terms of both value and volume, in the global fats & oils market, in 2015. Increase in population and growth in consumption of fats & oils, especially in Asian countries such as China and India, are projected to augment the growth of the fats & oils market in the Asia-Pacific region. Growth in population and development of food and non-food industries in the Asia-Pacific region demand more fats & oils than other end-use industries in the world.

Apart from environmental concerns such as deforestation for oilseed cultivation, there are other health factors that restrain the growth of the fats & oils market. Overconsumption of fats & oils increases the risk of thrombosis.

The leading players that dominated the fats & oils market include Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Bunge Limited (U.S.), International Foodstuff Company Holdings Limited (UAE), and Wilmar International Limited (Singapore). The key players have been exploring the market in new regions by adopting acquisitions, new product developments, agreements, and certifications as their preferred strategies. New requirements to label trans-fatty acid levels in foods are creating pressure on manufacturers to use other methods for producing hydrogenated oils, thus increasing the demand for oils with high trans-fats levels.

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