WORLD – While the edible oils market is projected to continue witnessing significant growth in the coming years, a recent study by Persistence Market Research (PMR) indicates that more consumers are willing to pay a premium for extra-healthy edible oils.
The research by PMR links the trend to a continued inclination by consumers towards healthy food products arising from increasing food-based health issues such as increase in blood cholesterol as well as obesity.
Edible oil products with extra-added health benefits are hence expected to benefit from this trend even as the global edible oils market is set to cross approximately US$160 billion by the end of 2019.
The global edible oils market is also estimated to showcase stable market growth of approximately 4% over the next decade-old period of projection.
“The increasing attractiveness about edible oils with added health benefits in many economies is influencing to buy edible oils, which are high in omega 3, vitamins, oryzanol, natural anti-oxidants, and others,” the report highlights.
Additionally, the report notes that the increasing awareness of health is driving consumers to experiment with various edible oils to find the best and healthiest choice for cooking in their kitchens.
This inclination is prompting edible oil manufacturers to offer various types of oils targeting consumers specifically looking for edible oils, which are good for healthier heart, makes immune system strong among other health benefits.
“Offering of these types of edible oils is anticipated to support the growth of the edible oils market during the forecast period,” the report says.
Key takeaways with a dash of health
The increasing rate of urbanization in developing as well as developed economies and changing lifestyles of the customers has increased the demand for edible oils.
According to the report, the increasing popularity of edible oils with added health benefits among customers are providing profitable opportunities to edible oil manufacturers and for market growth.
This has prompted leading edible oil manufacturers to implement various strategies such as cold-pressed and refining among other technologies to showcase their products on various platforms.
Moreover, the strategy of having products and brands endorsed by celebrities and chefs is seen to be facilitating manufacturers in the edible oils to ensure that their product is positioned firmly in the minds of their target audience.
“Increasing inclination of consumers towards specialty restaurants will remain one of the strongest factors driving the growth of edible oils market.
“Our analysis reveals that such factors will particularly boost profits of domestic market players, driving expansion of local edible oils market in the long run,” the PMR report says.
Manufacturers of edible oils are evolving their marketing approaches to blend with ongoing market trends, now targeting the nutritional enhancement of the edible oils offered by them.
The study indicates that manufacturers are also in the race to increase their production capacity while keeping the quality of the edible oils a high priority.