Increasing
vegetable oils application in fuel production, culinary, soaps and perfume
formulations is expected to drive the Global
Vegetable Oil Market over the forecast period. Growing processed foods
industry, particularly in emerging markets, is expected to drive vegetable oils
consumption in the long run.
On the basis of applications the vegetable oil market has been segmented into industrial, biofuel or biodiesel and the food segment. Currently, the use of vegetable oil in food segment occupies a major share in FMCG market globally. Biofuels is expected to generate maximum vegetable oil demand over the forecast period owing to increasing regulatory favorability towards unconventional fuel sources and subsequent vegetable oil sourcing as feedstock. Vegetable oils extracted from seeds and fruits are used for edible purposes. This significant characteristic of processed vegetable oil has increased its demand in animal feed additive industry, thus providing growth opportunities in terms of expanding application scope. In comparison to mineral oils, vegetable oils produce bio based lubricants of a high viscosity index, vegetable oils have also been found out to have better lubricity than mineral oils, hence many companies are focusing on replacing mineral oils with vegetable oils in order to provide oils with lower volatility, less smoke, better pressure performance and high viscosity. Vegetable oils as mineral oil substitutes are anticipated to foster global vegetable oil market growth over the next seven years.
Vegetable
oils are major feedstock in bio lubricants production. Tightening regulatory
framework regarding disposability and recyclability of petrochemical derived
lubricants has been driving bio lubricants demand, thus providing growth
opportunities for global vegetable oil market. As a result of their recyclable
property, vegetable oils have diverse applications as automotive oil, demolding
oil, hydraulic oil, chainsaw oils and industrial oils. On basis of the above
applications, several vegetable oil manufacturing companies are converging on
producing modified renewable oil and mineral oil based products. This
initiative by major companies will help in escalating vegetable oil market
additionally favoring its consumption in mature markets that are governed by
regulatory policies favoring eco-friendly products. Vegetable oils are used as
source to produce bio ethanol which is further used for biofuels production.
Growing demand for biodiesel in automotive, aerospace and aviation industries
is expected to have a positive impact on the global market. in line with
aforementioned, use of vegetable oils as an alternative energy source is
projected to witness a rapid growth in the long run.
Major
vegetable oils that find commercial applications include palm oil, castor oil,
soybean oil, and sunflower oil. Sunflower oil emerged as a major product
segment in the vegetable oil market on account of its health benefits such
cardiovascular benefits, helps in preventing arthritis, asthma and colon
cancer. Vegetable oil market has thus been gaining importance as a major health
care product as it helps in cell structure repair apart from aforementioned
benefits. Stringent biofuel policies in Europe and U.S. over accessibility of
soybean oil have diverted the vegetable oil market towards other vegetable oils
such as palm, palm kernel and sunflower oils.
On the basis of applications the vegetable oil market has been segmented into industrial, biofuel or biodiesel and the food segment. Currently, the use of vegetable oil in food segment occupies a major share in FMCG market globally. Biofuels is expected to generate maximum vegetable oil demand over the forecast period owing to increasing regulatory favorability towards unconventional fuel sources and subsequent vegetable oil sourcing as feedstock. Vegetable oils extracted from seeds and fruits are used for edible purposes. This significant characteristic of processed vegetable oil has increased its demand in animal feed additive industry, thus providing growth opportunities in terms of expanding application scope. In comparison to mineral oils, vegetable oils produce bio based lubricants of a high viscosity index, vegetable oils have also been found out to have better lubricity than mineral oils, hence many companies are focusing on replacing mineral oils with vegetable oils in order to provide oils with lower volatility, less smoke, better pressure performance and high viscosity. Vegetable oils as mineral oil substitutes are anticipated to foster global vegetable oil market growth over the next seven years.
Very high
consumption of oxidized polyunsaturated fatty acids (PUFAS), found in majority
of vegetable oils such as soybean, sunflower and corn oil has increased the
outcome of breast cancer in postmenopausal women. Furthermore corn oil
possesses high polyunsaturated fatty acids that causes inflammation of the
cells leading to many digestive diseases. Such health issues associated with
vegetable oils might impede their consumption in edible applications such as
food processing.
North
America is a major regional market and is characterized by high vegetable oils
consumption in biofuels production and bio-based products manufacturing. High
consumer awareness regarding environmental effects of petrochemical derived
products has led to high demand for bio-based products. This trend is expected
to strengthen North America vegetable oils market. Europe is expected to
register moderate to high demand over the forecast period owing to increasing
EU initiatives promoting bio-based products production and consequent ECHA
regulations towards petrochemical products. Asia Pacific is projected to
witness immense growth on account of growing end-use markets such as biofuels,
food processing and bioplastics. Abundant raw material availability in
Southeast Asian markets is anticipated to have a positive impact on Asia
Pacific vegetable oils production landscape.
Major
companies operating in the global vegetable oils market include Total S.A., BP,
Shell, Archer Daniels Midland Co., Bunge North America Inc., Cargill Agricola
S.A., Fuji Oil, Dow Agrosciences LLC, United Plantations Berhad, and Savola
Group.
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