Cooking Oil Market Size Estimated to Reach $8.1 Billion by 2026 – MENAFN.COM

Cooking Oil Market Size Estimated to Reach $8.1 Billion by 2026 – MENAFN.COM

(MENAFN - GetNews) Increased Demand for Palm Oil in Developed Countries Driving the Growth of Cooking Oil Market. The Cooking Oil Market size is estimated to reach $8. 1Billion by 2026, growing at a CAGR of 5. 7% during the forecast period 2021-2026. Cooking oil is basically derived primarily from plant that is used in baking frying and other type of cooking. It can also be in flavorings that does not involve heating directly such as for dressing etc. On an average, a bottle of cooking oil contains vegetable oil, with no additives, preservatives, or special flavorings. Increase in the consumption of high-quality edible oils/cooking oils, primarily among the health-conscious consumers are some of the factors driving market growth during the forecast period 2021-2026. Based on Type, Cooking Oil Market is segmented into Palm Oil, Soybean Oil, Rapeseed Oil (Canola), Sunflower Oil and, Other Types. The Palm Oil holds the largest share in terms of revenue in 2020. This is owing to the rising demand for palm oil from various end-user sectors across the world, since it costs 20% less than most cooking oils. However, The Soybean Oil is set to be the fastest growing CAGR 6. 34% during the