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Based on source, The natural source segment reached USD 391.8 billion revenue in 2022. Increased consumer awareness of health and wellness, as well as a desire for minimally processed foods, are boosting demand for edible oils and fats sourced from natural sources. Consumers are increasingly preferring natural oils and fats produced from plants and animals over synthetic or highly processed alternatives.
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Based on type, the vegetable oils segment accounted for 83.67% of the edible oils & fats market in 2022. Population growth, changing dietary preferences, health concern, and the rising food processing sector are all driving demand for edible oils and fats, particularly vegetable oils. Vegetable oils, expressed for their flexibility and reduced saturated fat content compared to animal fats, have witnessed a continuous growth in demand, both for household cooking and as components in various food items, as worldwide populations grow, and consumers turn toward healthier cooking choices.
Based on application, the edible oils & fats market from cooking and frying oils segment is anticipated to grow at 7% CAGR through 2032. The need for convenience foods among consumers, as well as the rise of the foodservice industry, contribute to the consistent demand for these oils. Furthermore, the proliferation of fast-food chains and restaurants, as well as the diverse usage of cooking and frying oils in numerous cuisines, fuels the market's expansion
Based on distribution channel, the edible oils & fats market is segmented as modern trade, traditional trade, and online retail. Modern supermarkets and hypermarkets' convenience of one-stop shopping, the availability of a wide variety of cooking oils and fats from different brands and changing consumer preferences for healthier and more varied cooking options are just a few of the factors that are fuelling the demand for edible oils and fats through modern trade channels.
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Asia Pacific edible oils & fats market size dominated around USD 139.9 billion in 2022, driven by many key reasons, including urbanization, population expansion, changing dietary choices, and an expanding food sector. Convenience foods and cooking oils are becoming more necessary, especially in emerging economies, as global population growth and urbanization increase. The need for a variety of edible oils is also being driven by changes in dietary choices, such as a growing preference for healthier oils and fats as well as a rise in the consumption of fried and processed meals.