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Cooking oil, a versatile and indispensable ingredient in the culinary world, has been an essential part of human food preparation for centuries. These synthetic fats, derived from various sources, add flavor, texture, and aroma to a wide range of dishes, making them a fundamental component of our daily meals. From the sizzle of frying to the gentle simmer of baking, oils play a vital role in creating delightful gastronomic experiences.
In the dynamic landscape of the modern food industry, oils have evolved beyond their traditional uses. Today, oils derived from palm, canola, sunflower, soybean, and even avocado are celebrated for their numerous health benefits. The demand for organic and unsaturated healthier products is on the rise as consumers become more health-conscious and prioritize nutritional values in their diets.
In response to the growing focus on health and fitness, the trend toward low-fat diets has emerged, which can sometimes lead to inadequate intake of essential fat-soluble micronutrients. To address this concern, fortifying cooking oils with micronutrients is gaining traction, significantly enhancing their nutritional value. Governments across the globe are recognizing the importance of food fortification in achieving global nutrition goals, and many countries have already taken proactive steps to promote oil fortification through large-scale initiatives.
Powered by these factors, the market for cooking oil is likely to experience a rapid boom over the next several years. Fortune Business Insights™ predicts that this market’s valuation could surpass USD 281.72 billion by 2028. It is also estimated that the market will register a CAGR of 4.67% between 2021 and 2028.
Cargill Inc. is one of the top 10 cooking oil brands in the world, with a strong presence in over 70 countries. The company offers a diverse cooking oil portfolio focused on sourcing, trade, processing, and distribution. Cargill Inc. invested USD 35 million in November 2021 to upgrade an edible oil refinery in Nellore, India, expanding its production capacity.
Daniels Midland Company is a key player in the food and beverage industry. Operating in 200 countries with 62 R&D centers, the company's cooking-oils cater to various sectors. Its focus on innovation, exemplified by investments in joint ventures, is strengthening its product portfolio and market share. Archer–Daniel–Midland's investment in Edible Oils Ltd., in October 2021, increased production by 50% and expanded packaging options.
Japanese-based Fuji Oil Company produces cooking oils & fats, confectionery and bakery items, and soy products and concentrates on technology management and research and development activities. The company’s dedication to globalizing R&D and expanding its innovation ecosystem in oils and fats highlights its commitment to providing cutting-edge products. Fuji Oil Company established its first R&D center in Europe in August 2021 to drive innovation in oils and fats.
Conagra Brands Inc. is involved in manufacturing and distributing packaged foods and takes sustainability seriously. Their disclosure of deforestation risk management practices for various ingredients reflects its responsible supply chain practices. Conagra Brands disclosed deforestation risk management practices in 2020, earning a Leadership A score for palm oil.
Wilmar International Ltd. engages in various business activities related to edible oils, sugar, and more. Its strategic partnerships and acquisitions are geared toward strengthening its product portfolio and enhancing palm oil production in the region. Wilmar International acquired a palm oil refinery in Malaysia in April 2019 to enhance production in the region.