Cooking Oil Market Size To Reach $253.75 Billion By 2030

Cooking Oil Market Growth & Trends

The global cooking oil market size is anticipated to reach USD 253.75 billion by 2030 and is projected to grow at a CAGR of 5.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. Cooking oil, a type of synthetic fat used in frying, baking, food preparation, and flavoring, comprises various fractions of fatty acids. Oils such as palm, canola, sunflower, soybean, and avocado are popular for their numerous health benefits and widespread use in culinary applications. Key factors include the rising use of avocado oil for its nutritional advantages, increased demand for affordable and versatile canola oil in snacks, and a surge in healthy soybean oil product launches by major companies.

The growing emphasis on environmentally sustainable packaging is creating opportunities in the market. The adoption of reusable vegetable oil spray bottles, which are eco-friendly compared to disposable cans, reflects this trend. Such shifts are expected to boost demand for sustainable packaging solutions and support market expansion.

The rise in home cooking, driven by the COVID-19 pandemic, has increased per capita consumption of cooking oil. Similarly, oil prices surged globally due to factors like export duties, labor issues, and poor harvests in Europe and the Black Sea region. The pandemic's impact led to greater consumer purchases of packaged food for home use, further driving cooking oil sales.

The global increase in processed food consumption is expected to accelerate market growth. The preference for packaged and processed foods is likely to drive demand for cooking oils among small food chains, households, and restaurants. Moreover, rising incomes, urbanization, and a growing middle class are leading to more diverse diets, boosting demand for processed food products.

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Cooking Oil Market Report Highlights

• Based on type, the palm cooking oil segment led the market with the largest revenue share of 28.5% in 2023. Palm oil production is more efficient than other vegetable oils, as palm trees produce a higher yield per hectare. This efficiency makes palm oil a more sustainable option for mass production, contributing to its widespread availability

• Based on processing type, the refined cooking oil segment led the market with the largest revenue share of 80.2% in 2023. Refined oils often have a higher smoke point, which makes them safer for high-temperature cooking methods like frying, reducing the risk of harmful compounds forming during cooking

• Based on packaging, the pouched cooking oil segment is expected to grow at the fastest CAGR of 6.3% from 2024 to 2030. Pouches use less material than rigid containers, which can reduce packaging waste and the overall environmental footprint. This appeals to consumers who are environmentally conscious and prefer sustainable options

• Based on end use, the commercial cooking oil is expected to grow at the fastest CAGR of 5.7% from 2024 to 2030. Commercial kitchens frequently prepare large volumes of food, making cooking oil essential for frying, sautéing, and other high-heat cooking methods. Its capacity to handle substantial quantities makes it crucial for restaurants, hotels, and food service operations

• Based on distribution channel, the food processing segment led the market with the largest revenue share of 51.2% in 2023. Food processing centers offer a wide range of cooking oil products, including various types and blends. This variety meets diverse consumer needs and preferences, making it easier for people to find the type of oil that suits their cooking requirements

• North America market is expected to grow at the fastest CAGR of 5.6% from 2024 to 2030. As global cuisine becomes more popular and diverse, there is a greater demand for various types of cooking oils to accommodate different cooking styles and recipes. This trend is leading to higher consumption of specialty oils and blends.

Cooking Oil Market Segmentation

Grand View Research has segmented the global cooking oil market report based on type, processing type, packaging, end-use, distribution channel, and region:

Cooking Oil Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Soybean Oil

• Sunflower Oil

• Palm Oil

• Olive Oil

• Coconut Oil

• Others

Cooking Oil Processing Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Refined

• Unrefined

Cooking Oil Packaging Outlook (Revenue, USD Billion, 2018 - 2030)

• Bottles

• Pouches

• Cans

• Jars

Cooking Oil End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Residential

• Commercial

Cooking Oil Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)

• Food Processing

• Food Service

• Retail

  • Hypermarkets & Supermarkets

  • Convenience stores

  • Online

  • Others

Cooking Oil Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia & New Zealand

• Central & South America

  • Brazil

• Middle East & Africa

  • South Africa

List of Key Players in the Cooking Oil Market

• Archer Daniels Midland Company

• Cargill, Incorporated

• Bunge Limited

• Wilmar International Limited

• Olam International Limited

• Marico

• Sime Darby Plantation

• Fuji Oil Group

• George Weston Foods Limited

• Nutiva