BLOG

Top Trends in the Global Oil Market

Jan 20, 2018

Oil is an essential commodity which can be broadly categorized into edible oils and non-edible oils. Non-edible oils are used in energy production, especially for biodiesel production. Oils that are not used for energy production is either meant for human consumption or benefits us in other ways. For instance, castor oil is widely used to relieve muscle soreness and joint pain. The edible oil category in itself is quite significant with a reported global production capacity of 177 million metric tons in the year 2016. (SpendEdge Procurement Market Intelligence Report – Global Edible Oils Market) Economic growth in developing nations and changing dietary habits along with increasing per capita income are expected to drive the growth of the oil market. Here are some of the latest trends gaining traction in following oil markets:

Olive oil market

  • The importance of olive oil quality and certification has become important in recent times. Additionally, scrutiny of certification and classification, labeling and packaging have also become essential parameters for consideration.
  • Fluctuations in demand and supply in olive oil are destabilizing the global prices. The analysis of more historic pricing data shows that the price has increased by more than 60% over the last five years.
  • The rising awareness of health benefits of olive oil and easy availability is driving the consumption of olive oil in the global oil market. Change in dietary habits of end-consumers, especially towards reducing the use of oils and fats have driven the overall consumption.
    Request Free SampleCTA view full report

Mentha oil market

  • The increasing use of oral care products such as mouthwash and mouth sprays are urging the manufacturers to introduce new and different flavors. The use of menthol in various oral care products will result in higher demands for mentha oil.
  • Over the last few years, it has been evident that consumers are trying to avoid chemical based products in favor of natural and organic products. This trend is positively influencing the natural oil market such as mentha oil.
  • Tobacco consumers are shifting gradually towards flavored cigarettes, menthol being the most preferred one. In the US alone, the share of menthol cigarettes out of total cigarettes has increased from around 25% in 2001 to approximately 32% in 2013.
    Request Free SampleCTA view full report

Sunflower oil market

  • Sunflower oil suppliers are entering into contracts with farmers to provide them with agronomic services and crop inputs, and that will help in increasing farmer’s yields and maximize profitability. Such agreements ensure adequate and constant supply of sunflower oil without compromise on quality and grade.
  • In a bid to expand their product portfolio, suppliers are focusing on launching new sunflower oil offerings including non-GMO product and sunflower oil spray.
  • The increasing availability of non-GMO sunflower oil has helped food manufacturers and service operators to meet requirements of end-consumers for non-GMO-based products efficiently.
    Request Free SampleCTA view full report

Coconut oil market

  • Coconut oil buyers are focusing their efforts on shortening the copra supply chain by eliminating intermediaries and sourcing directly from farmers. Such strategic moves give them control over value chain, better traceability, and enhanced supply security.
  • Consumers increasingly prefer branded coconut oil instead of unbranded and unpackaged products. To paint a picture for such shift, the share of Indian branded edible oil segment, including coconut oil, jumped to 60%-70% in 2016 from 30%-40% in 2011.
  • Consumers preference for virgin coconut oil over other types of oil is on the rise as a result of growing awareness regarding the health benefits along with the growth of the middle-class population (end-consumers) that can afford costly products, including virgin coconut oil.
    Request Free SampleCTA view full report

Soybean oil market

  • Strict regulations regarding environmental protection in the soybean oil market is forcing the manufacturers to switch to eco-friendly hydraulic fluids for machinery and equipment. Buyers are feeling the heat of this as they may need to allocate specific costs for system flushing and maintenance of equipment.
  • In the recent time, China has emerged as a dominating force in this market threatening the leading position of the US. According to industry estimates, in 2016, Chinese increased its soybean imports to about 85 MMT from close to 10 MMT in 2010.
    Request Free SampleCTA view full report

Castor oil market

  • Castor oil exports have experienced variation over the last few years due to various reasons such as supply shortage, unfavorable weather conditions, and lower acreage of castor seed in significant supply markets such as India.
  • Castor oil is considered as one of the best vegetable oils to produce bio-diesel as it is soluble in alcohol and does not require a substantial amount of heat and energy needed to transform them into fuel. This makes them a suitable candidate to be used in biodiesel as an alternative
    Request Free SampleCTA view full report


    [ess_grid alias=”Blog-studio” settings='{“max-entries”:”6″}’ special=’related’][/ess_grid]

Recent Blogs

5 Pro Tips for an Impactful Procurement Process

5 Pro Tips for an Impactful Procurement Process

What is a procurement process cycle? Over the years, procurement process cycle has received a lot of attention as organizations across the globe have changed their focus from tactical functions to strategic business units. As a driver of major purchasing decisions,...

read more

Industries

Services

Getting Down To Business

We are offering Free Trials to all our customers or prospects who have been impacted positively or negatively by Covid-19 and are looking to connect with prospect buyers immediately.

Contact us

COVID-19

Featured

Overview

Buyers

Diagnostic Test Kit

Additional Resources
Contact

A LOOK INTO THE FUTURE OF THE FOOD AND BEVERAGE INDUSTRY AFTER THE COVID-19 PANDEMIC

Identifying the Top 100 Coronavirus (COVID-19) Test Kit Manufacturers Across Regions

Sourcing and Procurement Market Intelligence Services

Products and Tools

Featured

Services Overview

Category Market Intelligence

Supply Market Analysis

Low-Cost/Best-Cost Country Sourcing

Benchmarking

Spend Analysis

Cost Modeling and Should-Cost Analysis

Total Cost of Ownership (TCO) Analysis

Supplier Risk Analysis

Supply Chain Risk Assessment

Supplier Sustainability Assessment

Commodity Price Forecasting

Category Management

Supplier Negotiations

Contract Management

Procurement Store

Purchase Ready-to-use Reports

SEinsightsTM

Our Robust Procurement Platform

BizVibeTM

Suppliers and Buyers Marketplace

SUPPLY MARKET ANALYSIS FOR A METAL MANUFACTURING COMPANY HELPS ACHIEVE ANNUAL SAVINGS OF $15 MILLION

Industries

Industries Overview

Automotive and Tire

Banking, Financial Services and Insurance

Biotechnology, Pharmaceutical and Life Sciences

Chemicals

Energy

Food and Beverage

Industrial and Manufacturing

ICT, Media and Entertainment

Mining, Metals and Minerals

Retail and CPG

Transportation

INCREASING LOCAL PROCUREMENT BY 28% FOR A COMPANY IN THE METALS AND MINING INDUSTRY – A CASE STUDY BY SPENDEDGE

Resources

Featured

Resources Overview

COVID-19 Resources

Blogs

Case Studies

Whitepapers

Webinars

Press Releases and Media Mentions

5 KEY CORONAVIRUS RISK ASSESSMENT STRATEGIES TO OVERCOME HEALTHCARE SUPPLY CHAIN CHALLENGES

IDENTIFYING STRATEGIC PURCHASING PRACTICES FOR A COMPANY IN THE US FOOD SERVICE INDUSTRY | SPENDEDGE’S LATEST SUCCESS STORY

Clients

Featured

Clients Overview

Who We Serve

Case Studies

SUPPLY CHAIN MANAGEMENT HELPS AN IMPORT AND EXPORT INDUSTRY CLIENT ENHANCE SUPPLY CHAIN VISIBILITY

REALIZING SAVINGS OF $15 MILLION IN PACKAGING SPEND FOR AN FMCG CLIENT – PACKAGING SOURCING STRATEGY

About Us

News

About SpendEdge
Why SpendEdge?
Vision, Mission and Values
Clients
Social Impact
Global Offices

Press Releases and Media Mentions

Upcoming Events & Webinars