Global Fortified Edible Oil Market Overview
As per MRFR analysis, the Fortified Edible Oil Market Size was estimated at 16.52 (USD Billion) in 2022.
The Fortified Edible Oil Market is expected to grow from 17.68 (USD Billion) in 2023 to 32.4 (USD Billion) by 2032. The Fortified Edible Oil Market CAGR (growth rate) is expected to be around 6.97% during the forecast period (2024 - 2032).
Key Fortified Edible Oil Market Trends Highlighted
The Fortified Edible Oil Market is experiencing a surge in demand, driven by rising consumer awareness about the importance of nutrient-fortified foods. The increasing prevalence of health issues such as vitamin and mineral deficiencies has propelled the demand for fortified edible oils that provide essential nutrients.
Key market drivers include the growing consumption of convenience foods, the rising adoption of healthier diets, and government initiatives to promote nutritional well-being. Opportunities for market growth lie in the development of innovative fortified oils with unique nutrient combinations and the expansion into emerging markets where fortification is still in its early stages.
Recent trends in the market include the use of sustainable and natural ingredients, such as plant-based oils and non-GMO sources. Additionally, there is a growing focus on the fortification of specific nutrients, such as omega-3 fatty acids and vitamin D, to address specific health concerns. Market players are also exploring the use of advanced technologies to enhance the stability and bioavailability of added nutrients.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Fortified Edible Oil Market Drivers
Growing awareness of health benefits
Consumers are becoming increasingly aware of the health benefits of fortified edible oils. These oils are a rich source of vitamins and minerals, such as vitamin A, vitamin D, and omega-3 fatty acids. These nutrients are essential for maintaining a healthy immune system, strong bones, and a healthy heart. As consumers become more educated about the health benefits of fortified edible oils, they are likely to increase their consumption of these products. This is a major factor that is driving the growth of the Fortified Edible Oil Market.
Rising demand for convenience foods
The demand for convenience foods is on the rise. This is due to the increasing number of working women and the busy lifestyles of consumers. Convenience foods are often fortified with vitamins and minerals, which makes them a convenient way to get the nutrients that the body needs. The growing demand for convenience foods is expected to drive the growth of the Fortified Edible Oil Market.
Government initiatives
Governments around the world are taking initiatives to promote the consumption of fortified edible oils. These initiatives include public awareness campaigns and fortification programs. Fortification programs are designed to increase the levels of vitamins and minerals in edible oils. These programs are helping to improve the nutritional status of populations around the world. Government support is expected to drive the growth of the Fortified Edible Oil Market.
Fortified Edible Oil Market Segment Insights
Fortified Edible Oil Market Oil Type Insights
The Fortified Edible Oil Market is segmented by Oil Type into Soybean Oil, Palm Oil, Sunflower Oil, Canola Oil, and Olive Oil. The Soybean Oil segment held the largest market share in 2023, accounting for over 35% of the global market revenue. The Palm Oil segment is expected to grow at the highest CAGR during the forecast period, owing to its increasing use in food and beverage applications, especially in developing countries. The Sunflower Oil segment is also expected to witness significant growth due to its high nutritional value and wide range of applications in cooking and salad dressings.
The Canola Oil segment is expected to grow steadily, driven by its health benefits, such as its high content of omega-3 fatty acids. The Olive Oil segment is expected to grow at a moderate pace, due to its premium pricing and limited production. Overall, the Fortified Edible Oil Market is expected to grow significantly over the forecast period, driven by the increasing health consciousness of consumers and the rising demand for fortified foods and beverages.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Fortified Edible Oil Market Fortification Type Insights
The Fortified Edible Oil Market is segmented by fortification type into Vitamin A Fortified, Vitamin D Fortified, and Iodine Fortified. Among these, Vitamin A Fortified held the largest market share of 40.2% in 2023. The Fortified Edible Oil Market revenue for Vitamin A Fortified is expected to reach USD 22.6 billion by 2032, exhibiting a CAGR of 7.4% during the forecast period.
The growing awareness of Vitamin A deficiency and its impact on health is driving the demand for vitamin-fortified edible oils. Additionally, government initiatives and regulations mandating the fortification of edible oils with Vitamin A are further supporting the growth of this segment.
Fortified Edible Oil Market Application Insights
The Fortified Edible Oil Market is segmented by Application into Cooking Oil, Frying Oil, Dressing, and Marinades. The Cooking Oil segment held the largest market share in 2023, accounting for over 45% of the Fortified Edible Oil Market revenue. This is due to the increasing demand for fortified cooking oils as they offer health benefits such as improved heart health and reduced risk of chronic diseases.
The Frying Oil segment is expected to grow at the highest CAGR during the forecast period, owing to the rising consumption of fried foods in developing countries.
The Dressing and Marinades segment is also expected to witness significant growth, driven by the increasing popularity of healthy and flavorful dressings and marinades.
Fortified Edible Oil Market Distribution Channel Insights
The Fortified Edible Oil Market is segmented based on Distribution Channels into Supermarkets/Hypermarkets, Grocery Stores, and Online Retailers. Supermarkets/Hypermarkets dominated the market in 2023 and beyond. Offer a wide variety of fortified edible oils, including national and private labels. Convenient locations and extensive product offerings drive consumer preference.
Grocery Stores: Hold a significant market share, catering to smaller communities and offering a more personalized shopping experience. Focus on providing fresh produce, dairy, and other essential groceries, including fortified edible oils.
Online Retailers: These are growing rapidly; driven by the convenience and wide selection they offer. Offer discounted prices, subscription services, and home delivery options. Expected to gain market share as e-commerce penetration increases. The Fortified Edible Oil Market revenue is expected to reach USD 21.37 billion in 2024, growing at a CAGR of 7.1% from 2023 to 2030. This growth is attributed to increasing health consciousness, rising disposable incomes, and expanding retail channels.
Fortified Edible Oil Market Regional Insights
The Fortified Edible Oil Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, with a market size of USD 6.48 Billion, owing to the rising demand for fortified edible oils in the region. Europe is expected to follow North America, with a market size of USD 3.96 billion measured in 2023 due to increasing health consciousness among consumers.
APAC is expected to witness the highest growth rate over the forecast period, with a CAGR of 7.8%, driven by the growing population and increasing disposable income in the region.
South America and MEA are expected to account for a smaller share of the global market, with market sizes of USD 2.3 Billion and USD 1.9 Billion, respectively, in 2023. However, these regions are expected to witness steady growth over the forecast period, owing to rising urbanization and improving living standards.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Fortified Edible Oil Market Key Players and Competitive Insights
Major players in the Fortified Edible Oil Market are focusing on expanding their global reach and increasing their market share. Leading Fortified Edible Oil Market players are investing in research and development to develop new and innovative products that meet the changing needs of consumers. The Fortified Edible Oil Market is also seeing a trend toward consolidation, with larger players acquiring smaller players to gain a competitive advantage.
One of the major players in the Fortified Edible Oil Market is Cargill. Cargill is a global leader in the production and distribution of food and agricultural products. The company offers a wide range of fortified edible oils, including canola oil, soybean oil, and sunflower oil.
Cargill has a strong presence in both developed and developing markets and is well-positioned to capitalize on the growing demand for fortified edible oils.
Another major player in the Fortified Edible Oil Market is Bunge. Bunge is a leading global agribusiness and food company. The company produces and markets a wide range of edible oils, including fortified edible oils.
Bunge has a strong presence in the Americas, Europe, and Asia and is well-positioned to meet the growing demand for fortified edible oils in these regions.
Key Companies in the Fortified Edible Oil Market Include
- Grupo Bimbo SAB de CV
- Cargill
- Unilever
- Associated British Foods plc
- Nestlé S.A.
- The Kraft Heinz Company
- Kellogg Company
- Louis Dreyfus Company
- Wilmar International
- Bunge
- The CocaCola Company
- Archer Daniels Midland Company
- Mondelez International Inc.
- PepsiCo, Inc.
- General Mills, Inc.
Fortified Edible Oil Market Developments
Rising health consciousness and increasing disposable income are driving the market growth. Fortified edible oils are enriched with essential vitamins and minerals, such as vitamin A, vitamin D, and iron, which are vital for maintaining good health.
Recent developments in the market include the launch of new fortified edible oil products by major players. For instance, in 2023, Adani Wilmar, one of the leading edible oil companies in India, introduced a new range of fortified edible oils under the brand name "Fortune." The new products are enriched with vitamin A, vitamin D, and iron.
Moreover, government initiatives to promote the consumption of fortified foods are also supporting market growth. In many countries, fortified edible oils are included in government-sponsored feeding programs to address nutrient deficiencies.
Fortified Edible Oil Market Segmentation Insights
- Fortified Edible Oil Market Oil Type Outlook
- Soybean Oil
- Palm Oil
- Sunflower Oil
- Canola Oil
- Olive Oil
- Fortified Edible Oil Market Fortification Type Outlook
- Vitamin A Fortified
- Vitamin D Fortified
- Iodine Fortified
- Fortified Edible Oil Market Application Outlook
- Cooking Oil
- Frying Oil
- Dressing and Marinades
- Fortified Edible Oil Market Distribution Channel Outlook
- Supermarkets/Hypermarkets
- Grocery Stores
- Online Retailers
| Report Attribute/Metric |
Details |
| Market Size 2022 |
16.52(USD Billion) |
| Market Size 2023 |
17.68(USD Billion) |
| Market Size 2032 |
32.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.97% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Grupo Bimbo SAB de CV, Cargill, Unilever, Associated British Foods plc, Nestlé S.A., The Kraft Heinz Company, Kellogg Company, Louis Dreyfus Company, Wilmar International, Bunge, The CocaCola Company, Archer Daniels Midland Company, Mondelez International Inc., PepsiCo, Inc., General Mills, Inc. |
| Segments Covered |
Oil Type, Fortification Type, Application, Distribution Channel, Regional |
| Key Market Opportunities |
Growing consumer awareness about health benefits Government initiatives supporting food fortification Increasing demand in developing countries Product innovation in flavor and packaging Rising disposable income |
| Key Market Dynamics |
Increasing health consciousness Rising prevalence of nutrient deficiencies Technological advancements Growing consumer demand for fortified foods Government regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Fortified Edible Oil Market reached a valuation of USD 17.68 billion in 2023.
The Fortified Edible Oil Market is projected to Register a CAGR of 6.97% from 2024 to 2032.
Asia-Pacific is the dominant region in the Fortified Edible Oil Market, followed by North America and Europe. Emerging markets in Asia-Pacific, such as China and India, are expected to drive growth in the coming years.
Some of the key players in the Fortified Edible Oil Market include Archer Daniels Midland Company, Bunge Limited, Cargill, Incorporated, and Wilmar International Limited.
Fortified edible oil is primarily used in cooking and salad dressings. It is also used in the production of margarine, mayonnaise, and other food products.
The growing awareness of the health benefits of fortified edible oil, rising disposable income, and increasing urbanization are some of the key factors driving the growth of the Fortified Edible Oil Market.
Fluctuating raw material prices, intense competition, and stringent regulations are some of the challenges faced by the Fortified Edible Oil Market.
The growing popularity of organic and non-GMO fortified edible oils, as well as the increasing demand for fortified edible oils in the food service industry, are some of the emerging trends in the Fortified Edible Oil Market.
The Fortified Edible Oil Market is expected to continue to grow in the coming years, driven by the increasing demand for healthy and convenient food products.
In recent years, there have been several key mergers and acquisitions in the Fortified Edible Oil Market. For example, in 2021, Bunge Limited acquired the edible oil business of Grupo AFA.
