Global Vegetable Oil Market 2021-2023
Vegetable oils are extracted from several sources such as palm, sunflower, mustard and many more and is used mainly in culinary purposes. Vegetable oils are further used as a shortening agent to give pastry a crumbly texture, to improve texture and reduce the ingredients from sticking to each other in culinary applications. Vegetable oils are also used as a flavor enhancer such as in the case of olive and sesame oil which impart a distinctive flavor to the cooked product. Vegetable oil acts as a flavor base that carry the flavor of other ingredients. These benefits of vegetable oil in culinary uses are directly influencing consumer preference towards consumption of vegetable oil thereby, driving the global market growth.
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Some of the key players in the global vegetable oil market are The Manischewitz Company (US), Conagra Brands, Inc. (US), Waitrose & Partners (UK), The J.M. Smucker Co. (US), IFFCO (UAE), Unico (Canada), Woolworths Group Limited (Australia), Edible Oils Ltd. (UK), Marico Limited (India), and Adani Wilmar Limited (India).
The global vegetable oil market has been segmented by North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to dominate and continue to grow rapidly during the forecast period. Large rural population involved in agricultural practices and changing eating habits in the region are expected to fuel the vegetable oil market in the region during the forecast period.
The global vegetable oil market has been segmented based on product type, packaging type, distribution channel, and region.
By product type, the global vegetable oil market has been segregated into palm oil, soybean oil, canola oil, sunflower oil, peanut oil, olive oil, and others.
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