Plant-based Fats market was valued at USD 60.3 billion in 2022 and expected to grow USD 92.6 billion growing at an 18.3% CAGR from 2023 to 2029. Plant based fats are vegetable product contains monosaturated and unsaturated fat such vegetables are avocado, nuts, chia seeds, soybean, canola, palm oil and others. Vegetable fats are used for manufacturing of different edible oils like palm oil, olive oil, sunflower oil and others, edible oils market increasing as increase in the food industry. The manufacturing of edible oils increased in the past years due to increase in food industry lifestyle which leads to high demand of plant-based fat oil in the market. Demand for rich and healthy edible oil and fats, changing in lifestyle and consumption habitat, increasing health awareness among the people are the major factor drive the market. The daily consumptions of plant based fats from different plant and increase in the demand of edible oils in the market creates different opportunity to the key players to expand their business in the area. Higher prices for the raw material of plant-based fats leads to increase prices in manufacturing of edible oils creates new challenges in the plant-based fat market. Geographically, Europe and Middle East region held the major market share in 2022 and is expected to dominate the Plant based fat market in the forecasted years.
Recent Market Developments:
In February 2022. Givaudan has launched primelock+Tm, a patent-pending, vegan- friendly integrated solutions that mimic animal fat cells, enabling food companies to take plant-based development and consumer satisfaction into new level.
Fastest Growing Market
The increasing demand of vegetable fat and edible oil across the world is the major market driver in the Plant-based Fats Market during the forecast period. Increase in the demand for rich quality edible oil in the market leads to increased demand, vegetable oils and fats eradicates the animal-based oil which contains saturated fats results various health problems like high cholesterol, high blood pressure, replacing saturated fat with monosaturated and polysaturated alternatives improves health and reduces chronic diseases like cardiovascular diseases and obesity these factors drive plant-based fat market.
The Plant-based Fats market size was USD 60.3 billion in 2022 and expected to grow USD 92.6 billion growing at an 18.3% CAGR from 2023 to 2029.
The Plant-based Fats product are; Soybean, Canola, Palm Oil, Palm Kernel, Groundnut, Sunflower, Coconut, and others
The leading players in the Plant-based Fats Market are; Archer Daniels Midland Company, Unilever PLC, Kite Hill, Cubiq Foods, Carapelli Firenze S.P.A., Richardson Oilseed Ltd., J-Oil Mills Inc., CHS Inc., United Plantation Berhad and Ajinomoto.co among others.