At 4.5% CAGR, the Europe Edible Oils and Fats Market is Projected to be Worth US$ 20,666.70 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Europe edible oils and fats market was valued at US$ 15,209.53 million in 2023 and is expected to reach US$ 20,666.70 million by 2030, registering a CAGR of 4.5% from 2023 to 2030. Growing demand for plant-based shortenings and low-fat oils and strategic development initiatives by manufacturers are among the critical factors attributed to the Europe edible oils and fats market expansion.

Consumers consider plant-based products healthier than conventional products. Rising health consciousness among consumers propels the demand for plant-based and low-fat products. Thus, manufacturers develop plant-based shortenings and low-fat oils to cater to the rising demand. Plant-based shortenings are non-hydrogenated and do not contain cholesterol and trans-fat. Thus, it is considered a healthier alternative to conventional shortenings. Moreover, the increasing prevalence of cardiovascular diseases, obesity, and diabetes over the years is expected to boost the demand for low-fat products such as low-fat oils among various industries, including bakery & confectioneries, dairy & frozen desserts, and snacking. Rising awareness regarding animal protection and environmental sustainability creates the popularity of plant-based products. As per the data published by “Veganuary” (a nonprofit organization encouraging people to go vegan for the whole month of January) in 2021, ~5.8 million people registered for the “Veganuary Campaign.” Thus, owing to the rising inclination toward veganism, growing demand for plant-based shortening and low-fat oils among various end-use industries is expected to create lucrative opportunities in the Europe edible oils and fats market during the forecast period.

On the contrary, increasing prices of edible oils hampers the growth of Europe edible oils and fats market.

Based on type, the Europe edible oils and fats market is bifurcated into oils and fats. The oils segment held 64.9% share of the Europe edible oils and fats market in 2023, amassing US$ 9,871.63 million. It is projected to garner US$ 13,662.93 million by 2030 to expand at 4.8% CAGR during 2023–2030. The fats segment is further subsegmented into butter, margarine, palm oil based shortening, vegetable oil based shortening, and others. The oils segment is further subsegmented into soybean oil, sunflower oil, palm oil, canola oil/rapeseed oil, and others.

By application, the Europe edible oils and fats market is segmented into food and beverages, animal nutrition, pharmaceuticals and nutraceuticals. The food and beverages segment held 71.5% share of the Europe edible oils and fats market in 2023, amassing US$ 10,881.07 million. It is projected to garner US$ 14,867.79 million by 2030 to expand at 4.6% CAGR during 2023–2030.

Based on country, the Europe edible oils and fats market is segmented into Germany, the UK, France, Italy, Russia, and the Rest of Europe. The Rest of Europe held 36.9% share of Europe edible oils and fats market in 2023, amassing US$ 5,608.88 million. It is projected to garner US$ 7,306.95 million by 2030 to expand at 3.9% CAGR during 2023–2030.

Key players operating in the Europe edible oils and fats market are AAK AB, Archer-Daniels-Midland Co, Bunge Ltd, Cargill Inc, ConnOils LLC, Fuji Oil Co Ltd, Kao Corp, Louis Dreyfus Co BV, and Olam Group Ltd, among others.

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