Fats & Oils Market by Type [Fat (Butter, Lard, Tallow, and Others) and Oil (Vegetable Oil, Palm Oil, Soybean Oil, Sunflower Oil, Rapeseed Oil and Others)] and Application (Food, Animal Feed, Biodiesel, Pharmaceutical, Personal Care, and Others): Global Market Size Estimates and Forecast (2022-2030)

The market crossed US$ 245 billion mark in 2022 and is expected to hit US$ 334 billion by 2030, recording a CAGR of 4% during the forecast period.

Fats & oils market has been significantly growing with the increasing their use in different industries

Fats & oils find application in food, animal feed, biodiesel, pharmaceutical, personal care, etc.  Animal fats are highly used in pet food, animal feed, and other industrial purposes. Oils derived from plants are highly used for food-based applications.  The food segment is expected to pace up with the growing use of fats & oils in food related applications.  Further, other segments such as animal feed, biodiesel, pharmaceutical, and personal care are also expected to gain traction during the forecasted year.

Within the report, the market is segmented into type, application, and geography. By type, the market is further segmented into fat and oil. The fat segment is further categorized into butter, lard, tallow, and others. The oil segment is categorized into vegetable oil, palm oil, soybean oil, sunflower oil, rapeseed oil and others. On the basis of application, the market is segmented into food, animal feed, biodiesel, pharmaceutical, personal care, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Strong growth of the market in Asia Pacific

The major factor driving the growth of the fats & oils market in Asia Pacific is growing their demand from various industries. Asia pacific region is home to two major palm and palm kernel oil-producing countries namely Malaysia and Indonesia. In addition, the region consists of two major fats & oils consuming countries i.e., China and India. Further, the growing demand for food is boosting the consumption of vegetable oil in the region.

Growing demand for vegetable oil and palm oil

In recent years, palm oil has experienced strong demand. Palm oil is a high-yielding, very versatile oil which is used as a cooking oil and to create flavor and texture in many foods. Palm oil also works as a stabilizing, binding, and foaming agent in different everyday household products. Further, there is a high demand for vegetable oil for the production of biofuels and also in the manufacturing of bio-based products.  Increasing consumer awareness about the environmental impact of petrochemicals-derived products is strengthening the demand for vegetable oils.

Recent strategic developments in fats & oils market

The fats & oils market has undergone several significant developments, and a few of these have been mentioned below:

• In 2021, Cargill begun construction of state-of-the-art palm oil refinery in Lampung, Indonesia. Palm oil from the Lampung refinery will be produced according to the principles set out in Cargill’s Policy on Sustainable Palm Oil and will help provide greater transparency through increased traceability-to-plantation.
• In 2021, Archer Daniels Midland announced that they will build North Dakota’s first-ever dedicated soybean crushing plant and refinery to meet fast-growing demand from food, feed, industrial and biofuel customers, including producers of renewable diesel.

The fats & oils market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Archer Daniels Midland Company; Bunge Limited; Wilmar International Limited; Plantations Berhad; and Ajinomoto Co., Inc. are among the prominent players operating in the market.

Target audience for the report:

• Raw material providers
• Fats & oils related associations, organizations, forums, and alliances
• Government bodies, such as regulating authorities and policy makers
• Venture capitalists, private equity firms, and start-up companies
• Application industries of fats & oils
• Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

• Type

• Fat

• Butter
• Lard
• Tallow
• Others

• Oil

• Vegetable Oil
• Palm Oil
• Soybean Oil
• Sunflower Oil
• Rapeseed Oil
• Others

• Application

• Food
• Animal Feed
• Biodiesel
• Pharmaceutical
• Personal Care
• Others

• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies profiled

• Archer Daniels Midland Company
• Bunge Limited
• Wilmar International Limited
• Plantations Berhad
• Ajinomoto Co., Inc. 

The List of Companies
- Archer Daniels Midland Company
- Bunge Limited
- Wilmar International Limited
- Plantations Berhad
- Ajinomoto Co., Inc.