LONDON--(BUSINESS WIRE)--Technavio’s latest report covers the present scenario and growth prospects for the global oils and fats market during the period 2015-2019.
In this report, Technavio’s food and beverage research experts announce their key market highlights for the global oils and fats market. Their findings include:
Global oils and fats market is likely to grow at a CAGR of 5.35%
Adoption of healthier oils, like olive oil and sunflower oil have been observed across many countries. In mature markets like the US, Southeast Asia, and Eastern Europe, consumer preferences for healthier variants of olive like extra virgin olive have spurred demand, while in developing countries like China and India, oils like soybean oil and olive oil is gradually finding adoption as a mainstream oil for cooking. Fats like butter and ghee have a big market in Asian countries like India and Pakistan. Butter is also prominent in America, while margarine, lard, and shortening have a huge market in Europe.
One of Technavio’s lead analysts Vijay Sarathi, who specializes in food and beverage research added, “The global oils and fats market is well diversified across APAC, the Americas, Western Europe, Eastern Europe, and MEA. In 2014, the market was dominated by APAC, which accounted for a share of close to 44.51%. During the same period, Americas emerged as the second largest market in the world because of the presence of many well-known vendors and strong distributors in the region. Increased demand for packaged food is the key driver in the oils and fats market in the region. However APAC will continue to be the fastest growing market during the forecast period.
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Steady growth on account of growing consumption and demand for nutritional products
The vegetable oil segment holds the largest share in the global oils market. This segment is witnessing a high growth in the Europeans and North American region, as consumers in these countries are demanding more expensive variants like olive oil and castor oil. In Asian countries however, people prefer oils that provide omega-3 fatty acids, monounsaturated fats, and antioxidants like Oryzanol due to their health benefits. The market is also witnessing an increasing demand, especially from Gulf countries for these products, since consumers from gulf countries tend to consume more oil-rich food. It thus makes olive and rice bran a healthier choice for cooking.
In conjunction with this trend, a major oil company in the UAE, the Savola Group have started promoting blended oils as a healthy and cheap alternative for frying. By venturing into this segment, the company has adopted a strategy that targets the expat population and other immigrants from Asian countries, who account for the majority of the sales in the country.
Vendor innovations and globalization of olive oil production will boost the market until 2019
Vendors are beginning to invest in best alternatives to trans fats for catering to changing consumer demands. Therefore it is anticipated that production of fortified and functional food will gain tremendous traction over the next four years. This trend will thereby compel market vendors to introduce new formulations during the forecast period.
The market is also witnessing growing globalization of olive oil production thanks to the development of manufacturing hubs in new markets. Historically, the olive oil industry has been concentrated in the Mediterranean region. However, the production base has spread to countries that were previously net importers, including the US, Chile, Australia, India, and China. While the production in these countries is less than 4% of the global output, the market share of these countries is anticipated to grow and positively impact the market in the future.
In an encouraging development, Dalmia Continental bought a stake in Nicola Pantaleo to form an Indo-Italian joint venture for producing olive oil in India. This trend impels the spread of specific varieties to new regions, and its continual expansion is expected to drive the overall growth of the market through the forecast period.
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