According to the latest report by IMARC Group, titled, “ Fats and Oils Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 ″, The global fats and oils market size reached US$ 214.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$273.2 Billion by 2027, exhibiting a growth rate (CAGR) of 4.1% during 2022-2027.
Fats and oils involve a wide variety of glycerol-based esters with triacylglycerols that are naturally found in plants and animals. They constitute a crucial part of a healthy diet based on the high amount of essential fatty acids (EFAs). These EFAs aid in insulating organs, providing energy, and transporting A, D, E, and K vitamins through the blood. Fats and oils are extensively utilized in the food and beverages sector for flavoring, sauteing, frying and improving the texture of several food items. Moreover, they are also utilized in the production of animal feed, biodiesel, pharmaceuticals, biodiesel, and oleochemicals.
The increasing trend of on-the-go food consumption, along with the rising inclination towards ready-to-eat and processed food variants, has augmented the demand for fats and oils as preservatives and taste enhancers. Furthermore, the escalating utilization of fats and oils in the preparation of numerous condiments, such as sauces, butter, mayonnaise, margarine, etc., is also propelling the market growth. Besides this, the growing environmental concerns towards the high levels of carbon emissions from traditional fuels have led to the increased adoption of fats and oils in biofuel production. Additionally, the rising shift from petrochemicals towards safer and efficient oleochemicals in the manufacturing of detergents, lubricants, soaps, varnishes, etc., will continue to catalyze the market growth in the coming years.
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Global Fats and Oils Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
The report has segmented the market on the basis of region, type, material and end use industry.
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