The global organic edible oil market is poised for substantial growth, projecting a valuation of US$ 7.43 billion by 2033, with a CAGR of 9% from 2023. In 2023, the market is anticipated to reach US$ 3.14 billion, driven by factors like health and wellness trends, environmental concerns, government regulations, and rising disposable incomes.
Overview of the Market
The organic edible oil market is experiencing robust growth due to increased consumer awareness of the health benefits and environmental sustainability associated with organic products. Factors such as government regulations, rising disposable incomes, and a growing demand for plant-based products contribute to this upward trajectory. The market is forecasted to grow at a CAGR of 9%, reaching US$ 7.43 billion by 2033.
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Demand Dynamics
Consumers’ preference for organic edible oils is fueled by their desire for natural, healthier, sustainable, and environmentally friendly options. Organic edible oils, free from harmful chemicals and pesticides, are gaining traction. Olive oil, known for its essential properties and low cholesterol benefits, is a preferred choice for cooking.
Growth Factors
Key growth factors include a shift towards plant-based diets, increased availability and accessibility, and a rising demand for natural foods. The market is further stimulated by the food industry’s incorporation of organic edible oils and the adoption of organic farming practices.
Key Takeaways:
- The organic edible oil market is estimated to secure a CAGR of 9% with a valuation of US$ 7.43 billion by 2033.
- Historically, the market captured a valuation of US$ 2.04 billion in 2018.
- India is leading the global market by producing a maximum share during the forecast period.
Which Strategies are Implemented by Key Players in the Global Market?
Key players are implementing various strategies in the global market to maintain their market position and growth. A few common strategies are:
- Product Diversification: Key Players in the market offer a wide range of products to cater to different customer needs. It helps them capture a huge market share and build customer loyalty.
- Branding and Marketing:Strong branding and marketing strategies are important for key players to build brand recognition and consumer awareness. They invest in marketing and advertising campaigns to reach a wider audience and differentiate their products from competitors.
- Sustainable and Ethical Practices: Sustainable and ethical practices are increasingly important to consumers, and key organic edible oil market players often highlight their values. They may use environmentally-friendly production methods, source ingredients from local and sustainable sources, and use eco-friendly packaging.
- Innovation: Key players in the market may invest in research and development to create new and innovative products that meet consumers’ changing needs and preferences. They may also adopt new technologies to improve production efficiency and reduce costs.
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Recent Development in the Organic Edible Oil Market are:
- Wilmar International:Wilmar International is an agribusiness company that produces and sells organic edible oils under its brand, Fortune. In July 2021, Wilmar International announced that it had agreed to acquire a 50% stake in FFM Berhad.
- Adams Group:Adams Group is a family-owned company that produces and sells organic edible oils, including organic soybean oil and sunflower oil. In July 2021, Adams Group announced that it had acquired J.M. Smucker Co.’s Natural Oils business assets, including the brand name Crisco.
Organic Edible Oil Market by Category
By Type:
- Palm Oil
- Rapeseed Oil
- Coconut Oil
- Soybean Oil
- Olive Oil
- Sunflower Oil
By Distribution Channel:
- Specialty Stores
- Convenient Stores
- Supermarkets/Hypermarkets
- Online Retail Stores
By Region:
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East Africa
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