Vegetable Oil Market Size, Share, Trends & Growth | 2034

Vegetable Oil Market Outlook

According to the report by Expert Market Research (EMR), the global vegetable oil market size attained a value of 226.70 MMT in 2024. Driven by the growing demand for edible oils in food production, increasing applications in non-food sectors such as cosmetics, pharmaceuticals, and biofuels, the market is projected to further grow at a compound annual growth rate (CAGR) of 3.10% between 2025 and 2034, reaching a value of 307.64 MMT by 2034.

Vegetable oils, derived from seeds, nuts, fruits, and other plant-based sources, are indispensable in both culinary and industrial applications. These oils are crucial ingredients in the food and beverage sector, where they are used for cooking, frying, baking, and as key components in processed foods. Beyond food production, vegetable oils also find increasing use in industries such as cosmetics, pharmaceuticals, and biodiesel manufacturing, thereby driving market expansion.

The rising awareness regarding the health benefits of certain vegetable oils, the growing preference for natural and organic food products, and the increasing utilization of vegetable oils in sustainable energy solutions have significantly contributed to the market's growth. Moreover, innovations in extraction technologies, such as cold-press and solvent extraction methods, along with the emergence of new oil sources, are expected to fuel the global demand for vegetable oils across a variety of sectors.

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Key Drivers of Market Growth

Increasing Demand for Edible Oils in Food Production: The food industry continues to be the dominant sector for Vegetable Oil Market. As the global population continues to rise, the demand for edible oils is experiencing steady growth. Vegetable oils, such as soybean, palm, sunflower, canola, and olive oils, are widely used in cooking, baking, and frying due to their affordability, versatility, and nutritional properties.

The shift towards healthier oil options has also boosted the demand for oils like olive oil, avocado oil, and canola oil, which are perceived as healthier alternatives to trans fats and other oils high in saturated fats. This growing preference for healthier cooking oils is driving market trends, with consumers increasingly seeking oils rich in unsaturated fats, omega-3 fatty acids, and antioxidants.

Furthermore, the rise of veganism and plant-based diets has further contributed to the demand for vegetable oils as a key ingredient in plant-based products such as dairy alternatives, meat substitutes, and processed foods. This trend is expected to continue as more consumers seek plant-based options for ethical, health, and environmental reasons.

Expansion of Vegetable Oil Applications in Non-Food Industries: While the food sector remains the primary driver of Vegetable Oil Market consumption, the increasing application of vegetable oils in non-food industries is significantly contributing to market growth. The cosmetics industry, for example, uses a variety of vegetable oils for their moisturizing, anti-inflammatory, and skin-nourishing properties. Oils such as coconut oil, argan oil, and jojoba oil are commonly used in skincare products, haircare formulations, and beauty treatments.

In the pharmaceutical industry, vegetable oils are used as carriers for active ingredients in various drugs, supplements, and ointments. The versatility of vegetable oils in creating stable formulations has led to their increased adoption in pharmaceutical applications, which further supports the expansion of the market.

Moreover, vegetable oils are also being increasingly utilized in biodiesel production, contributing to the growing global interest in renewable energy sources. The shift towards green energy and sustainability has heightened the demand for vegetable oil-based biofuels, particularly in regions like Europe and North America. As governments and industries prioritize environmental sustainability, the adoption of biofuels is expected to be a key growth driver for the Vegetable Oil Market in the coming years.

Growing Awareness of Health Benefits of Vegetable Oils: As health-conscious consumers become more knowledgeable about the nutritional content of the products they consume, vegetable oils with health-promoting properties are gaining popularity. For example, olive oil is renowned for its heart-healthy monounsaturated fats and its association with the Mediterranean diet, which has been linked to reduced risks of cardiovascular disease and other chronic conditions.

Similarly, oils such as canola oil, soybean oil, and sunflower oil are rich in essential fatty acids and have been promoted for their role in lowering cholesterol levels and supporting overall health. The increasing preference for healthy oils, especially in emerging markets, is anticipated to drive further growth in the Vegetable Oil Market.

The growing trend of organic and non-GMO (genetically modified organisms) products has also encouraged the adoption of vegetable oils derived from non-GMO crops. As consumers seek transparency in food labeling and increasingly demand sustainably sourced products, there is a noticeable shift towards organic vegetable oils in retail and food service sectors.

Technological Advancements in Extraction Processes: Technological advancements in vegetable oil extraction processes have contributed significantly to the market’s growth. Methods such as cold-press extraction and solvent extraction are becoming more efficient, allowing for higher yields of oil from a variety of plant sources. Cold-press extraction, in particular, is becoming increasingly popular due to its ability to retain the natural flavors, nutrients, and antioxidants in oils, making it highly desirable in the food and cosmetic industries.

Additionally, innovations in refining and processing techniques have allowed manufacturers to improve the quality, stability, and shelf life of vegetable oils, enhancing their appeal in both the food and non-food sectors. These advancements have helped increase the overall supply of vegetable oils, making them more accessible to a wider range of consumers and industries.

Sustainability and Ethical Sourcing: Sustainability has become a central focus in the Vegetable Oil Market, particularly in regard to the production of palm oil, one of the most widely consumed vegetable oils globally. Palm oil has been associated with deforestation, habitat destruction, and human rights issues, prompting calls for more sustainable sourcing practices. In response to these concerns, organizations such as the Roundtable on Sustainable Palm Oil (RSPO) have been working to promote environmentally and socially responsible palm oil production.

As consumers increasingly prioritize ethically sourced and sustainable products, manufacturers are being encouraged to adopt responsible practices and transparent sourcing models. This growing emphasis on sustainability has also prompted the development of alternative oils, such as algae oil and camelina oil, which are considered more environmentally friendly and have the potential to reduce the impact of traditional Vegetable Oil Market production on the environment.

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Vegetable Oil Market Segmentation

The Vegetable Oil Market can be divided based on the oil type, application, and region.

Some of the major players explored in the report by Expert Market Research are as follows:

• Cargill, Incorporated
• Archer Daniel Midland Company
• IOI Corporation Berhad (IOI)
• Fuji Oil Co., Ltd.
• Sime Darby Plantation Berhad
• Bunge Limited
• Wilmar International Limited
• Louis Dreyfus Company B.V.
• Conagra Brands, Inc
• Olam Group Limited
• Golden Agri-Resources (GAR)
• PT Astra Agro Lestari Tbk
• Others

Challenges in the Vegetable Oil Market

Despite the promising growth prospects, the Vegetable Oil Market faces several challenges. The most pressing issue remains the environmental impact of large-scale vegetable oil production, particularly in the case of palm oil. Deforestation, loss of biodiversity, and greenhouse gas emissions from palm oil plantations are significant concerns, leading to calls for more sustainable practices.

Another challenge is the volatility in raw material prices. The prices of vegetable oils, particularly palm oil and soybean oil, are influenced by factors such as climate change, crop diseases, and geopolitical tensions, which can lead to market fluctuations and supply chain disruptions.

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