Expanded Cooking Oil Market Forecast to Surpass USD 354.2 Billion by 2034, Propelled by a 6.0% Annual Growth Rate
In the realm of fine dining and eco-conscious markets, sustainable oils such as microalgae-based and synthetic oils are gaining traction. This shift is reflected in the global cooking oil market, which is experiencing significant growth.
The driving forces behind this expansion include rising health awareness, increased demand for natural and nutrient-rich oils, growth in the foodservice and processed food industries, and the expansion of sales through organized retail channels. In North America, this growth is particularly fueled by factors such as rising per capita edible oil consumption, a shift towards premium, organic, and healthy oils like olive oil, and strong demand from food service outlets and supermarkets.
Health and nutrition awareness is a key factor driving this market growth. Consumers are increasingly preferring oils with health benefits such as antioxidants, unsaturated fats, and clean-label attributes, which promote cardiovascular health and anti-inflammatory properties.
Food service demand also plays a significant role, with food service outlets like restaurants, hotels, and institutional kitchens accounting for a significant consumption share due to their bulk, continuous use of oils with good frying life, and consistent taste.
The processed/ready-to-eat food sector is another significant contributor to cooking oil demand, especially in North America. The growth in this sector is driving cooking oil demand in households and commercial cooking.
Organized retail channels, such as hypermarkets and supermarkets, dominate sales channels, offering convenience, variety, promotional pricing, and information to consumers, thereby broadening access.
Regulatory and quality standards also play a crucial role in supporting the growth of the premium and organic oil market. Food safety, labeling, and quality regulations, like the FDA in the U.S. and EU PDO certifications, enhance consumer trust and product authenticity.
The cooking oil market is segmented by type, nature, category, application, and sales/distribution channel. By type, the market includes palm oil, canola oil, sunflower oil, olive oil, sesame oil, soybean oil, avocado oil, and others. By nature, the market is divided into natural/cold-pressed oils and refined/synthetic oils, with natural oils gaining popularity due to their health benefits.
By category, the market includes edible oils, specialty oils, and organic/clean label oils, driven by health-conscious consumers. By application, the market is divided into food service outlets, food & beverage, and personal care, pharmaceuticals, and dietary supplements. By sales/distribution channel, the market is dominated by hypermarkets and supermarkets, offering a wide variety and accessibility.
In North America, premium and organic olive oil is a major growth segment, projected to reach USD 6.04 billion by 2033 with an 8.14% CAGR, driven by the popularity of the Mediterranean diet and health trends.
Overall, the cooking oil market is expanding with a CAGR around 6–7% worldwide, and North America shows strong growth through increased health-conscious consumption patterns, urbanized food service expansion, and broad retail penetration.
In Latin America and the Middle East & Africa, increasing urbanization and income levels are gradually boosting consumption, signaling long-term market opportunities in these emerging regions. Asia Pacific offers strong growth potential due to its large population and changing dietary habits.
In 2024, North America held the largest share of the global cooking oil market at 37.3%, with a market value of USD 73.7 billion. Refined oils made up 86.3% of the market in 2024. The global cooking oil market is projected to reach USD 354.2 billion by 2034.
The food processing, restaurant, and hotel sectors drive cooking oil use, particularly conventional oils and palm oil. The used cooking oil market is increasingly used for biodiesel production, animal feed, and oleochemical applications.
In conclusion, the cooking oil market is experiencing significant growth, driven by factors such as health awareness, food service demand, and the expansion of organized retail channels. The market is segmented by type, nature, category, application, and sales/distribution channel, with North America and Asia Pacific being key regions of focus. The trend towards sustainable and healthy cooking oils is expected to continue, with opportunities for growth in emerging markets.
- The increasing preference for healthier food choices has led to a growing demand for oils that offer health benefits, such as antioxidants and unsaturated fats, making it crucial for the cooking oil market to focus on providing clean-label attributes and promoting cardiovascular health and anti-inflammatory properties.
- In the dynamic landscape of the global food industry, sports and fitness enthusiasts can expect to find cooking oils that not only cater to their health-conscious diet but also align with the popular Mediterranean diet and other nutrient-rich options, contributing to the overall growth of the cooking oil market.
