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Cooking Oil Market Size, Share & Industry Analysis, By Type (Soyoil, Rapeseed/Canola Oil, Palm Oil, Sunflower Oil, Corn Oil, Peanut Oil, Olive Oil, and Others), By Application (Food Service, Household, and Food Processing), and Regional Forecast, 2024 – 2032

Last Updated: June 03, 2024 | Format: PDF | Report ID: FBI106391



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The global cooking oil market size was USD 204.55 billion in 2023 and is projected to grow from USD 218.36 billion in 2024 to USD 369.20 billion in 2032 growing at a CAGR of 6.79% over the forecast period (2024-2032).

Cooking oil is a synthetic fat used in frying, baking, food preparation, and flavoring. These oils are composed of various fractions of fatty acids. The oils of palm, canola, sunflower, soybean, avocado, and others offer many health benefits and are widely used in food applications. The market is driven by strong demand for organic and unsaturated healthier products. The increasing use of avocado oil for its nutritional health benefits, the increased demand for canola oil in snacks due to its affordability and versatility, and an increase in healthy soybean oil product launches by major companies are the factors driving the market growth.

Additionally, the growing inclination toward packaging to maintain environmental sustainability is expected to provide opportunities to this market. People are often using re-usable vegetable oil spray bottle that is environment-friendly than disposable cans. Such factors cumulatively are likely to help in fueling the demand for more sustainable packaging and aiding to the market growth.

The increase in number of people eating at home led to an increase in household cooking/edible oil consumption per capita, owing to the initial stockpiling and panic purchasing there is storage and the shift from foodservice to retail. It is one of the first categories that is limited to each customer in large retail chains. According to Chinese National Bureau of Statistics, in 2020, the food products retail sales of China had grown by 9.7% and the oil section was a part of this surge. In addition, the price of oil has risen sharply amid the pandemic. According to Department of Consumer Affairs of India, the price of groundnut, soya, sunflower, palm, and mustard oils have risen 20% to 56% in 2020. The prices soared in the U.S., Brazil, and other international markets as well due to export duties, labor issues, and poor rapeseed and sunflower seed harvests in Europe and the Black Sea region. Furthermore, COVID-19 and the resulting lockdown of countries in the region led to a shift toward consumer purchases of packaged food products for home consumption, which further drives the sales of cooking for food processing.

Cooking Oil Market Trends

Technologically Advanced Manufacturing Process of Cooking Oil to Augment Growth

The increasing significance of the sustainability aspect of the refining procedure and the quality of the oil are new challenges for manufacturers. Advanced refining method technology must be developed and applied to reach these new goals. Research and development of better oils through conventional farming methods continues to bring successes in the direction of high quality soybean, canola, and sunflower oils. Also, technologists are focusing to increase the shelf life of ingredients without compromising clean label status.

Plant scientists and geneticists continue to find ways to increase production from oilseed crops while addressing issues of land use and sustainability. For instance, in June 2023, a group of researchers from the South Ural State University, developed new vegetable oil blend with enhanced health benefits. According to the scientists, the newly developed oil blend has been developed using balanced polyunsaturated fatty acids according to the medical standards. Thus, advancements such as functional improvements and extraction technology are recent cooking oil market growth trends and are expected to provide further opportunities to the market.

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Cooking Oil Market Growth Factors

Rising Demand for Processed Foods in Developing Countries to Surge Demand for Cooking Oil

Increasing consumption of processed foods worldwide is expected to play an important role in accelerating the market growth. The consumer preference to packaged and processed food will lead to rise in demand for these oils by small food chains, household, and restaurants to prepare food, which is likely to drive the market. In addition, the income growth rate coupled with urbanization and expansion of middle class leads more diverse diets, thereby surging the demand for processed food products. According to the report of Organization for Economic Co-operation Development (OECD) and Food and Agriculture Organization (FAO), for least developed countries, the availability of vegetable oil is expected to increase by 1.3% per annum reaching 9 kg per capita in 2030 compared to 7.96 kg per capita in 2020. Furthermore, according to U.S. Department of Agriculture (USDA), imports of cooking/edible oil into developing countries are expected to increase by 34%, accounting for 79% of global import growth due to factors such as tourism and population growth. Therefore, these factors are expected to drive the market growth in the coming years.

Fortification of Cooking Oil with Vitamins & Other Nutrients to Drive Market Growth

The process of adding micronutrients to oil increases its nutritional value. According to the Food Safety and Standards Authority of India (FSSAI), fortified oil can help an individual meet 25-30% of the recommended dietary intake for vitamin A and D. Fortification with both the vitamins is a good strategy for combating micronutrient malnutrition since vitamins A and D are fat-soluble vitamins.

The low-fat and fitness trend leads to inadequate intake of fat-soluble micronutrients among people, so oil fortification ensures that they get sufficient amount of fat-soluble vitamins through food. With increasing awareness among consumers, several countries have launched large-scale projects to promote the fortification of staple foods, including oils and within the framework of the Food Fortification Initiative, 27 countries have already ordered oil fortification. Governments are also recognizing food fortification as priority and its potential to help achieve global nutrition goals. For instance, in 2021, Food Safety and Standards Authority of India (FSSAI) issued draft for mandatory fortification of cooking/edible oil with vitamins A and D, which help in boosting immunity and also to overcome malnutrition, including micronutrient deficiencies. Furthermore, government organizations are taking initiatives to reduce the countries dependency on imported edible oil in future. For instance, in June 2021, National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED), a Government of India supported organization, introduced rice bran oil with additional nutrients and vitamins. According to the FSSAI, this fortified oil will assists to fulfil users 25-30% of the recommended dietary intake for vitamins A and D.


Counterfeiting of Cooking Oil to Impede Market Growth

The purity of edible oils from nutritional point of view is a concern since years. The adulteration of popular and expensive oil with cheaper oil is high and it is a potential threat to human health. For instance, in March 2021, eight 15-liter tins of counterfeit Fortune soybean oil, a Wilmar International Ltd brand, were seized by the Indian police. In addition, a total of 119 labels and 481 round stickers were also seized from the shop worth USD 4,910. Additionally, in Nigeria, palm oil counterfeiting rose in major open markets in 2020. The research showed that more than 90% of marketed oil is contaminated and improperly stored, despite palm oil’s widespread use. While the codex standards for oils are gradually changing to improve their usefulness in addressing authenticity issues, increased oil counterfeiting is expected to hamper the market growth.

Cooking Oil Market Segmentation Analysis

By Type Analysis

Soyoil to Hold Major Share due to its Extensive Use in Household Cooking and Large Production

Soyoil accounted for majority share in the market as it is versatile and can be used in a range of cooking, including, baking, frying, and roasting due to its high smoke point. It is highly refined oil rich in omega-3 fats. The emulsifying ability, low-calorie content, negligible saturated fat, and no trans-fat make it a preferred choice for household and restaurant. With rising demand and soy crop yields, the production of soyoil is also increasing. According to the U.S. Department of Agriculture, China produced nearly 17.56 million tons of soy bean oil, holds 28% of global production in the year 2023/2024, making it one of the most widely used products.

Palm oil segment is expected to see strong growth owing to its wide use in Asian and African countries in almost 50% of their packaged food. The properties such as resistant to oxidation, semi-solid at room temperature, and stability at high temperature make it widely used. It is also colorless and odorless, and doesn’t alter the smell or look of food products. Furthermore, its ability to produce high quantity of oil over small areas of land makes this product type very efficient and attractive for manufacturers, thereby boosting the growth of this segment.

Canola oil is expected to witness substantial growth, owing to properties such as smooth texture, light flavor, and high smoke point. The product is also affordable which makes it ideal for preparing an extensive range of healthy foods both on a commercial scale and at home. The health benefits associated with its use such as rich in good fats and help to reduce LDL cholesterol in the blood aid the market growth of this segment.

By Application Analysis

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Household to be the Leading Application Segment Owing to Surge in Use of Branded Cooking Oil

Household to witness significant growth due to increase in use of branded oils for cooking, especially in urban household to maintain good health. The changes in living standards have led people to choose high-quality products for their diet. According to the BV Mehta, Managing Director of Solvent Extractors Association of India (SEA), the per-capita consumption of edible oil has increased to 17.5 kg in 2023. Thus, increased household penetration and relevance of healthy cooking are expected to lend impetus to the growth of the segment.

Food service sector is the fastest growing segment owing to the rising number of restaurants and fast food chains that have led the manufacturers to embrace the blending concept of two or more oils. This helps in achieving high cooking oil smoke points and balanced fatty acid levels. Furthermore, the rise in working population has led to shift consumers toward such outlets for immediate food consumption, which is aiding the growth of this segment. Furthermore, increasing use of vegetable oil filter by these outlets ensures the high food quality of fried food, which attracts more customers and contributes to the segment’s sales growth.


Asia Pacific Cooking Oil Market Size, 2023 (USD Billion)

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Asia Pacific dominates the global market and stood at USD 117.11 billion in 2023. The significant growth in the region is primarily driven by the urbanization, dietary changes, increased prevalence of processed foods, and improved living standards. Increasing consumer interest in foods that are not only tasty but also have health and nutritional benefits is expected to be a major driver of market growth. The rising urbanization in China, India, and Indonesia has led consumers shift toward processed foods. The rapidly expanding distribution network in the region is likely to significantly contribute in the sales. For instance, in May 2021, Adani Wilmar, a joint venture between Adani Group and Singapore-based Wilmar International that offers an extensive array of edible oil products, launched the Fortune online mobile application, which is a one-stop shop for all Fortune products. The app was launched due to customers’ inclination to shop for groceries online, especially since the outbreak of COVID-19. The expansion of e-commerce platforms for online retailing is projected to boost sales growth in the forthcoming years.

Europe is the second largest market and has grown rapidly in recent years, owing to rising health consciousness in consumers and their demand for cooking oils which are organic and label claimed. The U.K., France, and Germany are among the others import premium oils of sunflower, rapeseed, olive, and others, which contain an appropriate amount of unsaturated fats that help manufacturers market these oils based on these attributes, thus helping them achieve strong brand positioning and subsequent sales growth. The opportunity for peanut oil in the Europe market is shifting from the popular segment to the niche market. France offers opportunity for cold pressed oils, virgin oils, and baking oils in the region due to their health-benefiting and textural attributes. The presence of regulations associated with the sales of edible oil across the European Union to ensure high-quality products is accessible to consumers, further contributing in escalating the market across the region.

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North America is likely to exhibit significant growth opportunities for the cooking oil market due to rise in demand for various processed ready-to-serve foods coupled with rising per capita consumption of edible oils. The market is driven by technologically advanced processes used by leading players in production and high per capita income. For instance, Cargill Inc. has reduced the use of 930,000 pounds of plastic in packaging annually due to investment in new technology for vegetable oil container to modernize existing equipment and improve the processes of its crushing and refining facilities. Public health authorities have made significant efforts to promote the consumption of low-calorie, cholesterol-free oils, as their naturally low saturated fatty acids that help in reducing cardiovascular disease, improve digestion, and metabolism. Well-educated customers use products which are healthy, natural, and nutritious, which is expected to drive the market.

South America is expected to see substantial growth owing to increasing health awareness due to growing health related problems such as high blood pressure, obesity, and diabetes, which propelled the market for oils rich in antioxidants, minerals and vitamins. Furthermore, the growing palm oil cultivation in the region and its application in various end-user industries are predicted to drive the market.

List of Key Companies in Cooking Oil Market

Mergers and Acquisitions by Market Players to Aid Market Growth

The market is dominated by some of the key players due to their key strategic decisions, dominance of market share, and strong product portfolio. Cargill Inc., Bunge Limited, and Archer Daniels Midland Company are some of the leading players in the market. The companies in the industry are investing in opening new oilseed crushing facility to meet the growing requirement from the end-use sectors. The major players in this field mainly focus on R&D and product innovation to meet the growing demand form different countries and regions. For instance, in August 2021, Fuji Oil Holdings announced the establishment of its fourth R&D center, and the first to be based in Europe. This is a further step in the plan to globalize the group's R&D structure and expand the innovation ecosystem in oil & fat and other business segments.


  • Cargill Inc. (Minnesota, U.S.)

  • Archer Daniels Midland Company (Minnesota, U.S.)

  • Bunge Limited (U.S.)

  • Wilmar International Ltd. (Singapore)

  • Fuji Oil Company, Ltd. (Japan)

  • ConAgra Brands, Inc. (U.S.)

  • IFFCO Group (UAE)

  • Ottogi Co. Ltd. (South Korea)

  • Associated British Foods Plc (U.K.)

  • CJ Cheiljedang Corporation (South Korea)


  • August 2021 - To increase agricultural income, the Government of India has announced a new national plan to produce palm oil. The plan called the National Edible Oil Mission Oil Palm (NMEOOP) aims to achieve self-sufficiency in cooking oil with an investment of over USD 1,470.6 million. The plan is designed to encourage palm oil production, reduce reliance on imports, and help farmers profit from large markets.

  • June 2021 - Cargill Inc. announced its plans to build a new palm oil refinery worth USD 200 million in Lampung, Indonesia to meet the growing demand for sustainable and traceable edible palm oil. The company is eyeing South-East Asian countries for business expansion as they offer opportunities due to their favorable weather conditions, growing economy, and rising population.

Report Coverage

An Infographic Representation of Cooking Oil Market

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The market research report provides qualitative and quantitative insights into the market. It also offers a detailed analysis of its types, application, their market size, and growth rate for all possible segments in the market.

Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of related markets, research methodology, recent industry developments, such as mergers & acquisitions, the regulatory scenario in critical countries, and key market trends.

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Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion)

Growth Rate

CAGR of 6.79% for 2024 to 2032



















By Type

  • Soyoil

  • Rapeseed/Canola Oil

  • Palm Oil

  • Sunflower Oil

  • Corn Oil

  • Peanut Oil

  • Olive Oil

  • Others

By Application

  • Food Service Outlets

  • Household

  • Food Processing

By Geography

  • North America (By Type, Application, and By Country)

    • U.S.

    • Canada

    • Mexico

  • Europe (By Type, Application, and By Country)

    • Germany

    • France

    • U.K.

    • Netherlands

    • Spain

    • Rest of Europe

  • Asia Pacific (By Type, Application, and By Country)

    • China

    • India

    • Japan

    • Rest of Asia Pacific

  • South America (By Type, Application, and By Country)

    • Brazil

    • Argentina

    • Rest of South America

  • Middle East & Africa (By Type, Application, and By Country)

    • UAE

    • South Africa

    • Rest of ME&A

Frequently Asked Questions

Fortune Business Insights says that the value of the market was at USD 204.55 billion in 2023 and is projected to reach USD 369.20 billion by 2032.

Growing at a CAGR of 6.79% the market will exhibit significant growth during the forecast period (2024-2032).

Soyoil segment is expected to be the leading segment among type in the global market during the forecast period.

Rising demand for processed foods, especially in developing countries is driving the growth of the market.

Cargill Inc., Bunge Ltd., Wilmar International Ltd., and Archer-Daniels-Midland Company are a few of the key players in the market.

Asia Pacific is expected to hold the highest market share.

The global market forecast suggests that the household segment will grow at the fastest pace.

Technological advancements in manufacturing process of oil is becoming increasingly popular across the globe.

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