Plant-Based Fats Market: By Type (Saturated, Unsaturated, and Trans), By Products Type (Soybean, Canola, Palm Oil, Palm Kernel, Groundnut, Sunflower, Coconut), By Application (Food, Industrial, and Others), and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) and Forecast to 2029

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.