Pure Plant Oil Market to Develop at CAGR of 5.8% During Forecast Period, Observes TMR Study
- The cooking oil application category is expected to lead the global pure plant oil market in terms of value during the forecast period
- With some adjustments, straight vegetable oil, also known as pure plant oil (PPO), can be utilized in most of the diesel car engines. As such, the automotive industry is expected to grow consistently, which is likely to drive the global market.
ALBANY, N.Y., April 20, 2022 /PRNewswire/ -- The value of the global pure plant oil market stood at US$ 383.5 Bn in 2020. The global market is likely to rise at a CAGR of 5.8% during the forecast period, from 2021 to 2031. The global pure plant oil market is anticipated to attain the valuation of US$ 716.2 Bn by 2031. Pure plant oil is widely utilized in the form of cooking oil. This oil is also utilized as a source of energy, particularly in the making of biodiesel. Furthermore, in the chemical industry, pure plant oil is finds use as a raw ingredient. In addition to R&D and ML tools, producers of pure plant oils are also building focus groups and obtaining input from many value-chain stakeholders, as they face strong competition within the automotive industry. This is likely to aid players in the global pure plant oil market in strategically scaling their biofuels business in the automotive industry.
Companies in the global pure plant oil market are concentrating on long-term revenue potential in hybrid electric vehicles, electric cars, as well as autonomous vehicles. Before making headway into untapped areas for commercial development purposes, firms are using contingency planning and predictive analytic techniques.
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The personal care and cosmetic products business has exploded as a result of the rapid rise of social media and eCommerce platforms. Producers of pure plant oils are taking advantage of this chance to increase their sales channels utilizing online shopping applications. Market participants are likely to benefit considerably from the ongoing demand for food essentials such as cooking oil.
Key Findings of Market Report
- As people become more aware of the benefits of pure plant oil, companies are likely to have more opportunities to profit. Cooking oil production capacity is being increased by market players to meet the needs of clients in the domestic segment as well as the HoReCa (Hotel, Restaurant, and Café) business. Growth of the global pure plant oil market is being aided by food-making activities such as baking and frying. The global market is being fueled by flavoring and food preparation applications that do not use heat, such as salad dressings and bread dips.
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- Companies are ramping up production of pure plant oil that can be converted into biodiesel and utilized in piston steam engines, turbines, Stirling engines, and internal combustion engines (diesel)
- In the culinary and automobile industries, cold pressing pure plant oil is gaining popularity. This technology eliminates the requirement for external heat, which is necessary to carry out all the internal friction-based oil extraction process.
- In 2020, the category of vegetable glycerides led the global pure plant oil market by type. Rise in use for vegetable glycerides in pure plant oil in many end-use industries, such as food and automotive, can be attributed to this.
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Global Pure Plant Oil Market: Growth Drivers
- Health advantages of pure plant oil offer decreased risk of cardiovascular problems, low cholesterol levels, and improved digestion & metabolism. Pure plant oil is commonly used in the production of a variety of foods products all over the world.
- Nuts, seeds, and fruits of various plants are used to obtain pure plant oil. It contains important nutrients such vitamins A, E, and B1, as well as omega-6 & omega-3 fatty acids. In both culinary and non-food applications, it is frequently utilized as a substitute for petrochemicals and animal-based fats.
Global Pure Plant Oil Market: Key Competitors
- Maschinenfabrik Reinartz GmbH & Co. KG
- Bunge North America, Inc.
- Oryza Oil & Fat Chemical Co., Ltd.
- Ohta Oil Mill Co. Ltd.
- Wilmar International Ltd
- Fuji Oil Co., Ltd
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Global Pure Plant Oil Market: Segmentation
Type
- Vegetable Glycerides
- Edible or Inedible Fruits
- Edible or Inedible Seeds
- Oleaginous Crops
- Others
Process
- Cold Pressing
- Solvent Extraction
- Others
Application
- Piston Steam Engines
- Internal Combustion Engines
- Steam and Fuel-powered Turbines
- Soap
- Skincare
- Haircare
- Cooking Oil
- Others
End User
- Automotive
- Personal Care & Cosmetics
- Food
- Others
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