The Current Status and Development Prospects of the Global Cooking Oil Market in 2020

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Cooking oil has a wide range of uses. They are important raw materials for cooking and producing processed foods, and are also used in personal care products such as soaps, perfumes and cosmetics. In addition, cooking oil is also used as a raw material for the production of biofuels.The major global cooking oil markets include coconut oil, cottonseed oil, olive oil, palm oil, palm kernel oil, peanut oil, rapeseed oil, soybean oil and sunflower oil. The supply of these cooking oils exceeds 200 million tons per year.

Global cooking oil production market
 

Major cooking oil production in the world
 

With the acceleration of economic level and people’s quality of life, people around the world have a strong rigid demand for cooking vegetable oil, so edible oil processing has a broad market space. ABC Machinery will analyze the current status and development prospects of world cooking oil production in recent years , Aims to guide the business plan of investors who want to build cooking oil production processing plants. If you have any questions, please feel free to contact us.

how to start your own production line with best business plan

 

The Growth Rate of Cooking Oil Production Slows Down

According to data from the United States Department of Agriculture (USDA), global cooking oil production in 2018 was 203.38 million tons, a year-on-year increase of 2.3%; in 2019, global cooking oil production was 203.91 million tons, a year-on-year increase of 0.3%. The main reason for the sharp decline in growth was the reduced production of rapeseed oil, palm kernel oil and coconut oil. In addition, the global palm oil production and soybean oil production in 2019 also declined to varying degrees. Global edible vegetable oil production is expected to increase by 2.2% in 2020. The main reason is that China's excellent epidemic prevention and control capabilities and achievements in epidemic prevention and control have promoted China's economic recovery, and China's economic recovery has strengthened the global consumption of cooking oil to a certain extent.

2016-2020 global cooking oil production and growth rate

Years Global cooking oil production capacity Global cooking oil production growth rate(%)
2016 188850000 ton 7%
2017 198720000 ton 5.2%
2018 203380000 ton 2.3%
2019 203910000 ton 0.3%
2020 208340000 ton 2.2%

Global Consumption of Cooking Oil Breaks 200 Million Tons

In 2018, people around the world consumed a total of 20.38 million tons of cooking oil, a year-on-year increase of 3.9%. In 2018, China, the European Union, and India were the top three economies in cooking oil consumption, and their consumption was 37.67 million tons, 26.93 million tons and 23.79 million tons. In 2019, the growth rate of global edible vegetable oil consumption was -0.1%, and the consumption was 20.27 million tons. According to US USDA data, the global consumption of cooking oil in 2020 is expected to be 205.89 million tons.

Global cooking oil consumption

Global cooking oil consumption(Unit:10,000tons)

Palm Oil Production Accounted for The Highest Proportion

In the 2018/2019 market year, global palm oil production exceeded 73 million tons. Indonesia is the largest producer, with an output of 41.5 million tons, accounting for 56.2% of the world's total output. Malaysia ranked second, with 20.8 million tons of output (accounting for 28.2%), followed by Thailand 2.9 million tons (accounting for 3.9%), Colombia 1.6 million tons (accounting for 2.2%), Nigeria 1 million tons (accounting for 1.4%). The output of the remaining producing countries is 6 million tons, accounting for 8.2%.

2024-2018 palm oil production

2024-2018 palm oil production (Unit:million tons)

The Development Trend of The Global Cooking Oil Production Industry

Build a cooking oil production process business plan

Build a cooking oil production process business plan

  • For a long period of time in the future, palm oil, soybean oil, and rapeseed oil will still be the protagonists in the world food oil market, and the global edible oil supply structure will not change much.
  • In terms of edible oil processing technology, more attention will be paid to the development and application of energy-saving and comprehensive utilization technologies.
  • From a global perspective, nutrition, safety, and green have become the mainstream and direction of cooking oil production and processing.

Through the above report, it can be found that there is a bright market prospect in the cooking oil production and processing industry. Before opening a cooking oil processing plant, it is necessary to conduct a market survey to have a comprehensive and in-depth understanding of the cooking oil production industry. The issues that need to be investigated and studied include the following aspects: the source of the oil used to process the edible oil, the target market’s requirements for refined oil, the government’s requirements for plant construction, etc., and establish a business investment plan based on these issues to address these issues. In-depth understanding can lay a good foundation for the construction and operation of the cooking oil production plant in the future. If you have any questions during this process, do not hesitate to contact us, we will provide you with professional answers and help!

 

 


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