According to a new study by Transparency Market Research (TMR), the continued mushrooming of restaurants, eateries, and fast food joints across the world is the key factor behind the substantial growth of the global market for edible oil. The report, titled “Edible Oil Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2016–2024,” further states that the ongoing expansion in various finished food product industries is also reflecting positively on the demand for edible oil.
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In addition to this, the rise in research and development activities to produce low fat oil with added nutrients, such as rice bran oil, is projected to boost this market substantially, over the forthcoming years. Besides, the growing preference for refined oil, on account of the increasing awareness level among consumers pertaining to health and fitness, is also anticipated to impact this market positively in the long run, states the research report.
In this research study, the global market for edible oil has been analyzed on two fronts: The product, and the geography. On the basis of the product, the market has been segmented into sunflower, soybean, and rapeseed palm oil. Among these, rapeseed palm oil has been registering the most prominent demand and is expected to remain so during the forecast period. In 2015, this segment accounted for a share of around 30% in the overall market, states the research report.
On the geographical front, the report segments the global edible oil market into Asia Pacific, North America, Europe, and the Rest of the World. Thanks to the growing consumption of edible oil, Asia Pacific is likely to acquire the leading position in this market over the forecast period. The rising population base in China and India is likely to present new growth opportunities for edible oil producers in Asia Pacific. The edible oil markets in Europe and North America are also expected to register a steady progression in the near future, notes the market study.
Further, the research report provides a competitive analysis of the business landscape of the global edible market by profiling the key companies operating in this market. According to the study, the market is highly fragmented and the leading companies are focusing aggressively on product innovation and upgradation in their current offerings. Archer Daniels Midland Co., Ruchi soya, Ach Food Companies Inc., Beidahuang Group, The Adani Group, and Bunge Alimentos SA are some of the leading producers of edible oil across the world, reports the research study.
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