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The edible oil market size is forecast to increase by USD 16.2 billion at a CAGR of 3.1% between 2023 and 2028. The market is experiencing significant growth due to the rising demand for non-communicable disease-preventing oils, such as olive, rapeseed, soybean seed, and sunflower oils. Sunflower oil prices have been on the rise due to its popularity as a source of unsaturated fats. Soybean production has also seen an upward trend in response to the health and wellness movement, making soybean oil a key player in the market. Technological advancements, such as microencapsulation, are enabling the production of processed food products with improved flavor and longer shelf life. However, challenges persist in the form of distribution complexities and food safety concerns. Palm oil, another major player in the market, faces scrutiny due to its high saturated fat content and associated health risks.
Furthermore, producers must navigate labeling requirements and ensure transparency to meet consumer demands for information on the origin and production methods of their oils.
Source: Online/OFA
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