The global vegetable oil market is witnessing slow growth due to increasing awareness about the natural trans-fat-free oils, cost effectiveness offered by palm oil, and more importantly the enhanced ecological advantages provided by the biodiesels (vegetable oil fuel) in comparison to the fossil fuels. Asian countries, especially China and India, have emerged as leading destinations, facilitating the market shift from developed economies to developing economies. In relatively saturated markets such as the U.S. and Europe, the market is driven primarily by the focus on biodiesel generation from soybean and rapeseed oils respectively.
Increasing demand for natural non-trans-fat oil, increasing needs for biofuel and the biodiesel demands, favorable Asian subcontinent market scenario, the booming food sector, and the substitution opportunities presented by palm oil are the major market drivers which will influence the market size to grow by CAGR of 2.5% from 2012 to 2017.
In terms of volume the vegetable oil market is estimated to grow at a CAGR of 1.9% to reach consumptions of 171 million metric tons by 2017. The market will be led by palm oil segment at the global level, essentially driven by the Indian and Chinese markets. The European biodiesel policy is expected to drive the rapeseed oil market, while the American continent dominates the soybean oil market potential. Being one of the most consumed edible oils for a long time; the soybean oil was usurped by the palm oil segment in the 2010.
Global demand & Supply situation
The food applications is the largest application for vegetable oil and while the non-food (industrial) applications market will continue to be the fastest growing market mainly due to the biodiesel sector. The biodiesel feedstock market is the second largest revenue generator for vegetable oil, contributing approximately 13% of the total vegetable oils market revenues. Asia-Pacific is the largest market and Europe stands second. However, China, India, and the U.S. are the countries registering the highest individual market sizes
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