According to Reports and Data's latest report, the global market size for plant-based oils was USD 50.43 billion in 2022 and is expected to experience a revenue compound annual growth rate (CAGR) of 6% over the forecast period.
Growing consumer interest in plant-based oils is due to the increasing prevalence of health issues such as obesity, high cholesterol levels, and cardiovascular disease. Plant-based oils are thought to be healthier because they contain less saturated fat than animal-based oils, which promotes heart health and reduces the risk of chronic diseases. Additionally, plant-based oils are versatile in baking and cooking, making them a popular choice for both home cooks and professional chefs.
Furthermore, as more individuals switch to plant-based diets in response to growing awareness of the negative environmental impact of animal agriculture, demand for plant-based oils is increasing. Animal-based oils require more resources and have a greater carbon footprint than plant-based oils. Plant-based oils are perceived to be more environmentally sustainable since they require fewer resources and have a smaller negative impact on the environment. The market for plant-based oils is predicted to expand due to changing consumer preferences for high-quality, all-natural, and organic products, as well as rising disposable income.
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Top Profiled Companies in the Global Plant-Based Oils for Pharmaceuticals Market Report:
- Unilever
- Cargill, Inc.
- Archer Daniels Midland Company
- Bunge Limited
- Wilmar International Limited
- Conagra Brands
- Associated British Foods plc
- Ruchi Soya Industries Ltd.
- J-Oil Mills, Inc.
- Adani Wilmar Limited
- Bio-Oil Limited
- CHS Inc.
- AAK AB
- Sunora Foods Inc.
Drivers of Plant-Based Oils for Pharmaceuticals Market
- Increasing Health Awareness: Growing concerns about health and well-being have led consumers to seek healthier alternatives to traditional cooking oils. Plant-based oils, such as olive oil, coconut oil, avocado oil, and others, are perceived as healthier options due to their lower saturated fat content and potential health benefits.
- Rise in Vegan and Vegetarian Diets: The increasing adoption of vegan and vegetarian lifestyles has fueled the demand for plant-based food products, including plant-based oils. These oils are often preferred by individuals following plant-based diets as they are derived from non-animal sources.
- Food Industry Applications: Plant-based oils are widely used in the food industry for various purposes, including cooking, frying, baking, dressings, and sauces. The expansion of the food industry, both domestically and internationally, has increased the demand for plant-based oils.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Source Type Outlook:
- Olive
- Coconut
- Palm
- Soybean
- Canola
- Others
Application Outlook:
- Food Beverages
- Cosmetics Personal Care
- Pharmaceuticals
- Others
Key Takeaways of the Global Plant-Based Oils for Pharmaceuticals Market Report:
- A comprehensive overview of the global Plant-Based Oils industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Plant-Based Oils for Pharmaceuticals Market.
- Elaborate study of the leading regional markets in the global Plant-Based Oils for Pharmaceuticals Market.
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