NEW YORK, Oct. 22, 2020 /PRNewswire/ -- Within the edible oil space, technological changes and innovation have led to the reinvention of fatty acid profiles, and consequently, have altered oil attributes and characteristics. The resulting oil products have improved applicability across different industries. Constant innovation and commercialization of high oleic oil is expected to increase its relevance as an edible oil, and drive sales in the global high oleic oil market over the coming years.
DuPont Pioneer and Monsanto have developed high oleic soybeans using biotechnology. To assist these companies in widely commercializing high-oleic varieties, the United Soybean Board made a US$ 20 Mn funding commitment to both companies. Such technological developments are expected to flourish the global high oleic oil market.
Higher availability of products aiding specific health needs and increased ease of access are some of the considerable factors for market growth. The health and wellness trend among customers is expected to be beneficial for the growth of the high oleic oil market, and this trend is anticipated to continue over the forecast period of 2020-2030, expanding the market at a significant value CAGR of over 6%
Key Takeaways from High Oleic Oil Market Study
- The market value for food industry applications is expected to witness 1.8X growth during the forecast period, and reach a market value of US$ 12.3 Bn by the end of 2030, owing to increased application of high oleic oil as being heart health beneficial in different food products.
- North America exhibits the highest incremental opportunity, globally, owing to increased awareness of preventive healthcare among consumers, along with high inclination toward organic, natural, and healthy ingredients.
- The online retail volume distribution channel is expected to witness 2.1X growth during the forecast period, attributable to growing Internet penetration across the world, and quick seek out deals for choosing price, type, and quality-specific high oleic oil.
- Ukraine is the largest producer and exporter of high oleic sunflower oil, and a majority of its exports of sunflower oil are to Western European countries. Sunflower will hold the largest high oleic oil type value share in the year 2020 at 49.5%, which equals the total share of canola, soybean, palm, and others, put together.
- The coronavirus pandemic has shifted the focus of customers suffering from heart disease to a preventive and overall health protection mindset. Hence, demand for high oleic oil is expected to surge, owing to its health beneficial properties.
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"High oleic oil is emerging as an important ingredient in personal care products, owing to its high vitamin and other cosmetic properties. It is enriched with vitamin E, which is great for both, hair and skin applications. Thus, manufacturers operating in high oleic oil landscape can target the personal care and cosmetic industry with segment-specific high oleic oil that offers increased benefits," says a PMR analyst.
Global High Oleic Oil Market: Competitive Landscape
Leading manufacturers in the global high oleic oil market space are entering into various partnerships and collaboration to gain synergy benefits and increase production capacity for a high market share.
- In 2020, CHS Inc. collaborated with DuPont Pioneer for increasing its production capacity of high oleic soybeans.
In addition, key players in the global high oleic oil landscape are focusing on launching new products through partnerships and collaborations for increased benefits of high oleic oil, to attract more customers.
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- In 2018, Cargill, Incorporated collaborated with Precision BioSciences to further reduce saturated fats of high oleic canola oil. The company has made use of Precision's ARCUS genome-editing technology to achieve 4.5% less saturated fats in new products.
- In 2018, Bunge Limited collaborated with DuPoint Pioneer for the development and commercialization of its Plenish brand of high oleic soybeans.
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Explore More Valuable Insights on High Oleic Oil Market
Persistence Market Research, in its new report, offers an impartial analysis of the global high oleic oil market, presenting historical data (2015-2019) and estimation statistics for the period of 2020-2030. The study offers compelling insights on the high oleic oil market based on type (canola, sunflower, soybean, palm, and others), nature (organic and conventional), application (food, personal care products, nutraceuticals, and others), and distribution channel (business to business and business to consumer), across seven regions.
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