Datetime: 2026-02-03 05:26:04 Visit: 6432
Global Edible Oil Market to Grow at 4.1 CAGR Hit $306.92B by 2029
The global edible oil market is projected to reach US$250.78 billion in 2024 and is expected to reach US$306.92 billion by 2029, representing a compound annual growth rate (CAGR) of 4.1% from 2024 to 2029. The global edible oil market is experiencing rapid growth, primarily driven by factors such as population growth, increasing disposable income, and changing global dietary habits. Food processing, industrial applications, and various baking and cooking methods are the main application areas for edible oils. Key players in this market include Wilmar International (Singapore), Cargill (USA), and Bunge (USA). These companies are committed to meeting the growing market demand for edible oils such as soybean oil, palm oil, sunflower oil, and olive oil, and are continuously expanding their influence in developed countries and emerging markets.
According to a World Bank report released in October 2023, this market growth is consistent with the trend of rising global median income. The median daily income in the United States increased by 25% over a decade, from US$53.18 in 2013 to US$66.65 in 2023. Similarly, incomes also increased in Canada, Germany, and the UK, with average incomes of $56.30, $55.68, and $46.87 respectively. The median daily income in emerging markets like China rose to $10.39, indicating a growing middle class and rising living standards.
As income levels rise, consumers tend to increase spending on food, including premium cooking oils. This increase is driven by consumers' pursuit of healthier, higher-quality, and more sustainable products. Furthermore, innovation and expansion by leading global cooking oil producers have also fueled steady growth in the global market.
