Demand for Cooking Oil to Increase from End-use Industries During COVID-19 Pandemic and Substantially Surge Revenues in the Global Market

XploreMR provides a critical assessment of the performance of emerging and mature markets in a new publication titled “Global Market Study on Cooking Oil (2019-2027) – Preference for ‘Organic’ Prevails”

Cooking Oil Market Witnessing Growth with a Radical Shift towards Sustainability and Longevity

Increasing consumption of cooking oil in households for various food applications is driving the growth of the cooking oil market. The increasing number of hotels and restaurants is propelling the sales of cooking oil. Cooking oil is widely used in bakeries and food processing industries such as confectionery and snacks. The consumption of cooking oil is increasing in food services and retail as well.

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Different types of cooking oils are available such as soy oil, palm oil, olive oil, canola oil, coconut oil, sesame oil, corn oil, and sunflower oil. Consumers can choose cooking oil as per their requirement. Cooking oil is easily available at hypermarkets, discount stores, convenience stores, departmental stores, and supermarkets. Customers don’t need to travel a long distance to buy cooking oil. All types of cooking oils are easily available at all stores.

Increasing internet retailing helping to increase of cooking oil sales. Although the revenue from online retailing is low as compared to traditional retailing channels, in the future, it is forecasted that integrated internet retailing and logistics will grow rapidly. Revenue of cooking oil from online retailing will increase due to integrated internet retailing. However, some improvements need to be made in internet retailing to ensure a superior buying experience for consumers, along with a wider range of online payment systems.

Increasing Health Concerns Spurring the Demand for ‘Organic’ Cooking Oil

Individuals of all age groups are suffering from high cholesterol, blood pressure, and diabetes. Individuals are suffering from these diseases due to their eating habits and lifestyle. The consumption of junk food such as burgers, French fries, and pizza, is increasing. However, individuals are now focusing on their health to avoid these diseases and disorders. They are concentrating on improving their lifestyle by joining the gym, regular walking, and practicing yoga. They are following a particularly healthy diet after consulting doctors and dieticians to remain fit.

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The awareness about a healthy lifestyle and wholesome food is increasing, which is driving the organic market. There is a consumer shift towards healthy home-cooked food, which is driving the demand for cooking oil, and in turn accelerating the demand for organic and natural cooking oils. Due to the additives in cooking oil, multiple consumers suffer from allergies and other side effects. Therefore, consumers prefer organic and natural cooking oil to avoid any side effects.

Increasing Demand and Usage of High Quality Cooking Oil

High quality cooking oil includes a high amount of vitamin E, mono-unsaturated and poly-unsaturated fatty acids (MUFA’s and PUFA’s), and Omega 3. Further, they have a high smoking point, which means they can retain their nutritional content at higher temperatures.

Companies are investing a huge amount in the research and development of cooking oil. Most companies are trying to manufacture innovative and unique cooking oils with high quality. Companies are focusing on adapting latest technologies to maintain the high quality of cooking oil. Consumers choose brands, which are best for them on the basis of quality and fulfilment of their requirements. Consumers are ready to pay a high amount for high-quality cooking oil as cooking oil is beneficial for their health, and provides a sufficient amount of vitamins such as vitamin E.

Increasing demand for cooking oil and a rising number of small-, medium-, and large-scale industries all over the world are the reasons for the extensive competition in the cooking oil market. To nurture their position in the cooking oil market, companies are producing exclusive & uncommon products with enticing benefits.

Manufacturer Focusing on Markets with Low Per Capita Cooking Oil Consumption

Manufacturers in the market are shifting their focus on markets where low per capita consumption of cooking oil is observed. Focusing on these markets would support the growth of products in terms of sales and market share. The number of individuals that know the benefits of cooking oil is increasing in developing countries. Manufacturers emphasizing on the untapped markets to gain significant ground in the cooking oil market. Players could target developing countries in Asia Pacific, Middle East & Africa, and Latin America regions to capitalize on this opportunity by providing different flavors of cooking oil.