Edible Oils - G20 | Statista Market Forecast

Revenue in the Edible Oils market amounts to US$94.24bn in 2024. The market is expected to grow annually by 5.98% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$35bn in 2024).
In relation to total population figures, per person revenues of US$18.95 are generated in 2024.
In the Edible Oils market, volume is expected to amount to 22.92bn kg by 2029. The Edible Oils market is expected to show a volume growth of 3.3% in 2025.0.
The average volume per person in the Edible Oils market is expected to amount to 4.03kg in 2024.

Definition:

The Edible Oils market covers any type of oil that is extracted from plants and nuts and is used for cooking and food preparation.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Olive oil
Sunflower oil
Other edible oils (e.g. palm, soybean, coconut oil, canola oil, rapeseed oil, sesame oil, soybean oil)
Cooking oil blends

Butter
Margarine
Animal fats (e.g. lard)
Out-of-home consumption

The Edible Oils Market within the Oils & Fats sector in the G20 region is witnessing minimal growth, influenced by factors like fluctuating raw material prices, changing consumer preferences towards healthier options, and increasing competition from alternative cooking mediums.

Customer preferences: Consumers in the G20 region are increasingly prioritizing health-conscious choices in their diets, leading to a notable shift towards plant-based and organic edible oils. This trend is driven by a growing awareness of nutrition and the health impacts of fat consumption, particularly among younger demographics who favor sustainable and ethically sourced products. Additionally, cultural influences are prompting a rise in interest for regional oils like avocado and coconut, while busy lifestyles are driving demand for convenient packaging options, such as single-serve sachets.

Trends in the market: In the G20 region, the Edible Oils Market is experiencing a significant shift towards health-oriented products, with consumers increasingly favoring plant-based and organic options. This transition is largely fueled by heightened awareness of nutritional benefits and the adverse health effects of certain fats, particularly among millennials and Gen Z. Additionally, there is a notable surge in the popularity of regional oils, such as avocado and coconut, driven by cultural influences. Convenience is also a key factor, as busy lifestyles prompt demand for innovative packaging solutions, including single-serve sachets, presenting both opportunities and challenges for industry stakeholders in adapting to these evolving consumer preferences.

Local special circumstances: In Indonesia, the Edible Oils Market is shaped by the country's rich biodiversity and cultural culinary preferences, leading to a strong demand for palm oil and coconut oil. The local preference for traditional cooking methods influences consumption patterns, as consumers prioritize oils that enhance flavor and authenticity. Additionally, government regulations promoting sustainable practices in palm oil production are impacting market dynamics, encouraging eco-friendly sourcing. This unique blend of cultural heritage and regulatory frameworks drives a distinct trajectory for the edible oils sector, differentiating it from global trends.

Underlying macroeconomic factors: The Edible Oils Market in Indonesia is significantly influenced by macroeconomic factors such as global commodity prices, trade policies, and domestic economic stability. Fluctuations in palm oil prices on the international market directly affect local production costs and consumer prices. Additionally, government fiscal policies that support agricultural development and sustainable practices play a crucial role in shaping market dynamics. The rising middle class, with increased disposable income, drives demand for diverse cooking oils, while international trade agreements can enhance export opportunities. Moreover, awareness of health and environmental impacts is shifting consumer preferences, further influencing the market landscape.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.