Cooking Oil Companies in Worldwide: Get Top Company Profiling and Competitive Analysis By 2024
RELEASE DATE: Jul 2024 Author: Spherical Insights Request Free Sample
Overview
Edible oil or cooking oil is a liquid fat derived from plants or animals that is used for baking, frying, and other cooking processes. These oils are made up of different fatty acid fractions. The global cooking oil market size is expected to grow from USD 220.97 billion in 2023 to USD 372.17 billion by 2033, at a CAGR of 5.35% during the forecast period 2023-2033. Cooking oil consumption has surged in recent years due to an increase in the number of individuals eating at home, and this trend is anticipated to have a significant impact on market development moving forward.
Advancements in Cooking Oil
The global market comprises some of the leading companies in the cargo drone industry, such as Cargill, Incorporated, Archer Daniels Midland Company, Bunge Limited, Louis Dreyfus Company, Wilmar International Limited, and Adani Wilmar Limited. Companies are concentrating on introducing innovative products that will enable them to outperform rival providers of cooking oil and optimize their sales potential. For instance, in December 2022, Reliance Industries, a multinational company located in India, launched the development of its own FMCG brand, "Independence." Under this new brand, the company plans to enter the cooking oil sector.
Government Initiatives and Regional Market Expansion
The government is considering lowering the import levy on edible oil to temper a price surge that resulted from Indonesia's recent restriction on exports of crude palm oil, which makes up about half of India's imports of the product. According to a government official, the Ministry of Consumer Affairs, food, and Public Distribution is expected to suggest reducing the 5% Agriculture Infrastructure Development Cess (AIDC) as India looks at alternate sources for palm oil supplies. North America has enormous potential as a market for edible oils because of the region's shifting eating habits and busy lifestyles, which are driving up demand for processed foods. In the North American market, the number of food processing businesses is expanding quickly. Modern customers' tastes are moving more and more in the direction of fast food, which has extremely high fat and oil content.
Insights and Projections: Global Cooking oil Market Analysis
The report provides a summary of the global top trends and future prospects for the global cooking oil market based on historical data sets (current trends, industry statistics, and emerging trends shaping the cooking oil industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global cooking oil trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
Growth Factors and Emerging Trends in the Cooking Oil Industry
- Improvement in oilseed production
In the previous three decades, the area under oilseed cultivation has expanded by 82%, and the production has increased by about, according to an article published in the newsletter of the National Research Center, Egypt. This growth in interest in edible oils is attributed to higher yields. Also, the food industry is expected to consume the majority of the projected 249 million metric tons of vegetable oils consumed in 2022, according to the Organization for Economic Co-operation and Development (OECD). Increased per capita consumption of edible oils in low- and middle-income Asia Pacific nations is the cause of the aforementioned spike in oil demand.
- The rise in processed and fast food and the need for organic cooking oil
Food consumption patterns are drastically shifting in developing countries as living conditions rise. Studies show that as people's disposable money has increased, so too has their use of processed goods. This is so that those with hectic schedules can benefit from processed foods' shorter preparation times. A contributing cause to the increased need for cooking oil in developing nations is the growth in quick-service restaurants, fast-casual dining establishments, and cloud kitchens. Several examples of fast-food chains are Wendy's, McDonald's, Burger King, KFC, and Taco Bell. The expansion of these fast-food chains in developing countries is driving up the demand for processed food on a worldwide scale. Consequently, the rising consumption of processed and fast food in emerging nations has led to a growing demand for cooking oil.
Opportunities and Future Prospects in the Cooking Oil Industry
- Enhancing the nutritional value of cooking oil by adding micronutrients
Cooking oil can now have its nutritional value increased by adding micronutrients through a novel process known as fortification. The FSSAI states that enriching cooking oil can help an individual consume 25–30% more vitamin D and A than they need. Another reason this fortification started in India was the critical deficiency of vitamins A and D in children. As a result, there is a global demand for fortified cooking. International agencies like as UNICEF, WHO, and the Melinda Gates Foundation have also recognized the importance of fortifying food and cooking oils to supply essential nutrients. Approximately 27 countries have already adopted oil fortification, according to the Food Fortification Initiative.
List of Key Companies in the Cooking Oil Industry
- Cargill Incorporated
- Archer Daniels Midland Company
- Fuji Oil Company, Ltd.
- Conagra Brands Inc.
- Wilmar International Ltd.
- CJ Cheiljedang Corporation
- Associated British Foods PLC
- Bunge Ltd.
- Olam Group Limited
- ConAgra Brands, Inc.
Top 5 Players in the Cooking Oil Industry
1. Cargill Incorporated
Headquarters: Wilmington, Delaware.
Cargill, Inc. is an American worldwide food conglomerate headquartered in Minnetonka, Minnesota, and founded in Wilmington, Delaware. Established in 1865, it is the biggest privately owned firm in the United States by revenue. Cargill's major businesses include trading, purchasing, and distributing grain and other agricultural commodities such as palm oil; trading energy, steel, and transportation; raising livestock and producing feed; and manufacturing food ingredients such as starch and glucose syrup, vegetable oils, and fats for use in ultra-processed foods and industrial applications. Cargill has a strong financial services department that manages the company's financial risks in the commodity markets. The company grows grains and oilseeds, provides farmer services and risk management solutions, and sells animal nutrition, biofuels, meat and poultry, food, and industrial products. Cargill services customers all throughout the world.
2. Wilmar International Limited
Headquarters: Singapore
Wilmar International Limited, established in 1991 with its headquarters in Singapore, is now Asia's premier agribusiness conglomerate. Wilmar is one of the largest listed businesses by market capitalization on the Singapore Exchange. Wilmar's strategy is based on a comprehensive agribusiness model that includes the complete value chain of agricultural commodities, from origination to processing, branding, retailing, and distribution of a diverse range of edible food and industrial products. The Group's commercial activities encompass oil palm cultivation, oilseed crushing, edible oil refining, flour and rice milling, sugar milling and refining, consumer product manufacturing, ready-to-eat meals, central kitchen products, specialty fats, oleochemicals, biodiesel and fertilizers, and food park operations.It has about 1,000 manufacturing sites and a vast distribution network that includes China, India, Indonesia, and approximately 50 additional nations and territories.
3. Bunge International SA
Headquarters: Headquarters St. Louis, MO.
Bunge International SA Agribusiness and food corporation, formerly known as Bunge Ltd, operates along the farm-to-consumer food chain. Based in St. Louis, Missouri, USA, and founded in Geneva, Switzerland, Bunge Global SA is a multinational agriculture and food company. It engages in food processing, grain trade, fertilizer production, and international soybean exports. Archer Daniels Midland, Louis Dreyfus, and Cargill are its rivals. Roughly 32,000 people work for the organization across 40 nations. Agribusiness, Refined and Specialty Oils, Milling, Sugar and Bioenergy, and Corporate and Other are some of the company's segments. It brings in the most money from the agribusiness sector. In North and South America, the company processes oilseeds, produces vegetable oils and protein meals based on processing capacity, processes grains, sells packaged plant-based oils, and produces and distributes wheat flour, bread mixes, and corn-based products.
4. Archer-Daniels-Midland
Headquarters: Chicago, Illinois, United States
Archer-Daniels-Midland is a leading manufacturer of oilseeds, corn, wheat, and various other agricultural products. The company's vast network of logistical resources for global crop storage and transportation makes it one of the biggest grain merchandisers as well. ADM is a major manufacturer of starches, ethanol, and sweeteners derived from corn. It also has a nutrition company that specializes in nutrients for both humans and animals. The company manages and processes the agricultural supply chain. Ag Services & Oilseeds, Carbohydrate Solutions, and Nutrition are its three business segments. Ag Services and Oilseeds comprises international operations about agricultural raw material procurement, merchandising, shipping, and storage; additionally, it involves the crushing and additional processing of oilseeds, such as soybeans and soft seeds, into vegetable oils and protein meals. Among other things, the Carbohydrate Solutions business mills wheat and corn both wet and dry.
5. Fuji Oil Company
Headquarters: Tokyo, Japan.
Fuji Oil Company, Ltd., along with its subsidiaries, refines, produces, processes, stores, and sells petroleum-based goods and petrochemical feedstock. The company produces a variety of petroleum products from crude oil, such as gasoline, kerosene, and LPG, and imports crude oil, gasoline, and diesel fuel. It exports its petroleum products and sells them to customers in Japan by pipeline, road, rail, and sea. In October 2013, the business, formerly known as AOC Holdings, Inc., changed its name to Fuji Oil Company, Ltd. Tokyo, Japan serves as the corporate headquarters of Fuji Oil Company, Ltd., which was founded in 2003.
Recent Development
- In April 2024, Cargill announced a new commercial partnership with Voyage Foods to scale up and deliver delicious, healthy, and particularly more sustainable alternatives to cocoa-based products along with nut spreads without their traditional ingredient’s peanuts and hazelnuts
- In March 2024, according to the deal, Idemitsu purchased all of Sumitomo Chemical’s 6.46% stock in Fuji Oil on March 26, raising its ownership in the refiner to 13.04% along with its 6.58% stake, making it the largest stakeholder
- In June 2023, Bunge Limited announced that it had signed into a binding agreement to merge with Viterra Limited, a private corporation limited by shares established under the laws of Jersey, as well as certain subsidiaries of Glencore PLC, Canada Pension Plan Investment Board, and British Columbia Investment Management Corporation, in a stock and cash transaction.
- In February 2023, the recently acquired factory in Nellore, Andhra Pradesh, which started operations last year, will help the brand's expansion into South India. Cargill's edible oil footprint in southern India has grown dramatically as a result of the US$35 million investment to acquire and develop the Nellore facility. Additionally, the company has tightened its current supply chain to satisfy the increasing demand from customers.
- In December 2023, Wilmar International Limited reports that, for a total cash consideration of SAR 242,800,000 (roughly USD 64.7 million), its subsidiary Wilmar Sugar Pte. Ltd. has successfully acquired Cosumar S.A.'s entire 43.275% equity interest in Durrah Advanced Development Company ("Durrah"), a Saudi Arabian company.
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