Global Vegetable Oils Market to Reach 288.2 Million Metric Tons by 2026
Encompassing a wide range of commodities traded actively across the world, oilseeds constitute one of the most dynamic industries in agriculture. The oil produced after crushing the seeds is called vegetable oil, which is mainly used in culinary applications. Westernization of diets which mandates more use of vegetable oils in cuisines, substituting the animal fats, had given a major thrust for the global oilseed industry over the years. Usage of oil for industrial applications is also growing significantly, noteworthy among them being the utilization for biofuel production. South America and the US dominate soybean production globally, while Indonesia and Malaysia are the leading exporters of oil palm. Amid the COVID-19 crisis, the global market for Vegetable Oils estimated at 212.8 Million Metric Tons in the year 2020, is projected to reach a revised size of 288.2 Million Metric Tons by 2026, growing at a CA
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