The latest market report published by Credence Research, Inc. “Edible Oils Market, By Type, and Region – Growth, Future Prospects, and Competitive Analysis, 2016 – 2023,” the edible oils market was valued at US$ 82.9 Bn in 2015, and is expected to reach US$ 124.3 Bn by 2023, expanding at a CAGR of 5.4% from 2016 to 2023.
Browse the full Edible Oils Market by Type, and Geography – Growth, Future Prospects, and Competitive Analysis, 2016 – 2023 report at http://www.credenceresearch.com/report/edible-oils-market
Edible oils are food substance that is generally produced for human consumption partially or wholly from a fat. It is utilized in cooking various dishes. Soybean, rapeseed, palm and sunflower are most highly popular vegetable oils available in the market and is significantly consumed by consumers. Increasing popularity of healthy and organic vegetable oils is expected to stimulate the growth of edible oils during the forecast period. Rising health consciousness coupled with increasing acceptance of oils that are low in calories, fat and has low cholesterol content is expected to bolster the growth of edible oils market over the period 2016-2023. Apart from this, variation in composition of vegetable oil, intake of wide varieties of oil, as well as changing preferences of people as per the health necessity are intensifying the market growth and is further likely to stimulate the market growth in terms of revenue over the forecast period.
Escalating research and development initiatives taken by key edible oil manufacturers in order to produce new and innovative products keeping in mind the changing tastes and preferences as well as the economic price range has strengthened the growth of edible oils market for the past few years. Significant production of oil, enhancement in retail network as well as growing economies especially in Asia is anticipated to intensify the growth of edible oils market over the forecast period 2016-2023.
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Considering the competition, this market is characterized by presence of various players some of which are small-scale players and some are the largest in number. In order to enhance their presence in the overall global market, the companies are focusing on research and development as well as new product development. The companies are entering into research and development in order to expand their product portfolio which will help in maintaining their dominance in the global edible oils market.
- New product development
- Demand for specialty blended oils