The latest market forecast report published by XploreMR, on the cooking oil market includes global industry analysis, size, share, growth, trends and forecast, 2019 – 2027. The revenue generated from the global cooking oil market has been estimated to be valued nearly US$ 264,058.3 Mn in 2019, which is projected to increase at a CAGR of 8.8% to surpass US$ 407,643.2 Mn in 2027.
Omega-3 fats constitute an important part of human cell membranes. Omega-3 in cooking oil has numerous functions such as improving heart functioning and brain health, enhancing vitamin A content, and regulating the cholesterol level and blood pressure. Omega-3 in cooking oil helps to reduce triglycerides and formation of arterial plaques. The number of health-conscious consumers is increasing which is a reason to increase the demand for omega-3 added cooking oil. A large number of health conscious people are shifting towards consuming non-GMO and organic cooking oils.
Captivating Packaging Formats Gaining Ground in Cooking Oil Landscape
Cooking oil is made available in attractive and convenient packaging. Different sizes of bottles are made from plastic as well as glass. Even small and big pouches and are available, which are easy to carry while traveling. Cooking oil is also available in jerry cans and metal barrels. As such consumers can buy the cooking oil as per their requirement. The attractive and convenient packaging driving significant growth in the cooking oil market. Companies are replacing their packaging way into a recyclable material in order to put a limit on environmental waste. Adani Wilmar Ltd. has taken an initiative to replace the Fortune brands packaging with recyclable material.
Competition Analysis: Cooking Oil Market
Increasing Demand for Innovative Cooking Oil Types
Companies have huge opportunities in introducing new product categories in terms of added health benefits, added nutrients, and added the type of products. Companies introducing various new types of cooking oil such as Grape seed oil, Avocado oil, Pistachio oil, Flaxseed oil, and others. Increasing R & D of market participants in finding better solutions in the reuse and non-food applications of cooking oil may provide numerous opportunities to the players in the market. Consumers are always excited about new and unique products, and this will boost the demand for cooking oil.
The Emergence of Non-food Use of Cooking Oil
Emerging non-food use of cooking oils is increasing. The trend is opening up new opportunities for the manufacturers in the cooking oil. For example, the use of coconut and avocado oil in skin care, hair care, and body care provide a number of benefits. Some types of cooking oil are used for massages as well in aromatherapy. The use of cosmetics is increasing rapidly across the world which will beneficial to increase the growth rate of the cooking oil market.
Enhancing Production Capacity and Expanding the Distribution Network
Major players in the cooking oil market are focusing on enhancing their production capacity by building new plants or acquiring the existing plants of the other players. These players are also tending to expand their distribution network in order to establish a strong hold in cooking oil the market.
Product Positioning around Health Benefits
There is a continuous change in the consumer preference in selection of cooking oil which has compelled the market participants to opt for better strategies to attract consumers towards their brand. This is having an impact on financial planning and increasing the cost of branding and advertising. Manufacturers can do marketing of new types of cooking oil using multiple channels such as e-commerce, social media marketing, commercials, and video marketing, etc. which will help to increase the customer base.