LONDON–Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Edible Oils Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the agro commodities and raw materials industry. This report breaks down the data and analysis behind the procurement of edible oils and acts as an all-inclusive guide for making smart purchasing decisions.
“The supply of edible oils is predicted to increase over the forecast period owing to the favorable weather conditions and rebound of palm oilseeds production in countries such as Indonesia and Malaysia,” says SpendEdge procurement analyst A Kowshik. “Also, factors such as the regional economic conditions and the industrial demand for by-products including biodiesel and cosmetics among others attribute to the global demand for edible oils,” says SpendEdge procurement analyst A Kowshik.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Edible Oils Market:
- The rise in health awareness and the shift in consumer preference from taste to health.
- Increase in the shift from unpackaged oils to packaged oils by the producers of edible oils.
- Rise in the number of suppliers adopting shorter supply chains.
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The rise in health awareness and the shift in consumer preference from taste to health:
The increase in health problems such as high cholesterol, diabetes, and high blood pressure has influenced the consumer's preference for healthy and nutritious oils. There is a high demand for oils with antioxidants, vitamin fortification, and low absorption properties among the consumers. Also, suppliers in the edible oils market focus on the value-added oils due to changing preferences of health-conscious consumers; this has led to an increase in the supply of healthier oil variants in the market.
Increase in the shift from unpackaged oils to packaged oils by the producers of edible oils:
The increasing disposable incomes along with the rise in health awareness among the growing population has caused suppliers to focus more on the packaged oil segment rather than loose oil. Moreover, people are now aware of the health risks associated with the usage of unpackaged oils, which have a higher risk of contamination. Also, the producers have increased the share of packaged oils which help in reducing the chances of adulteration.
The rise in the number of suppliers adopting shorter supply chains:
Importers and large multinational companies prefer adopting vertical integration techniques that help them take control over the value chain. A shortened supply chain offers suppliers the benefits of supply chain traceability and security of supplies. This has led to an increase in the industry players owning most plantations where the oilseeds crops are grown. Adopting this procurement practice helps in reducing prices due to lower cost of production.
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