Sesame Oil Market is expected to exhibit significant growth at a CAGR of 5.9% by the end of 2032 – Persistence Market Research
Market Study on Sesame Oil: B2B Sales to Remain Prominent Over Coming Years
New York, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Global consumption of sesame oil is pegged at 1,228,044 tons in 2022 and is expected to increase at a CAGR of 5.6% to reach 2,108,016 tons by 2032. The market has grown significantly in recent years and this trend is likely to continue over the forecast period of 2022-2032 as well.
Sesame oil is mostly used to dress salads and give them a specific flavor and consistency, making them more delicious and increasing their aesthetic appeal. Increasing number of health-conscious consumers who prefer salads with their meals has encouraged hotels and restaurants to serve salads by making them seem more appealing and nutritious at the same time, resulting in huge demand for salad oils in the hospitality industry. Sesame oil is widely used in margarine, which is a cheap substitute for butter and other fat-soluble spreads. Margarine is widely utilized as an ingredient in bakery products such as pastries, cookies, and doughnuts.
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Global increase in the consumption of salad oils is attributed to rising income and population in developing nations, as well as fast expanding food processing companies in Asia and other developing areas. Due to the strong and distinct flavor of sesame oil, it is used as a flavoring agent in the formulation of salad dressings, shortening, and various kinds of margarine.
Key Takeaways from Market Study
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Demand for sesame oil in South Asia & Pacific is expected to increase at a volume CAGR of 5.9% during the forecast period (2022-2032).
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North America and Europe account 9.6% and 18.2% market shares, respectively.
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Utilization of sesame oil in the food processing industry is anticipated to reach US$ 2.57 Bn by 2032.
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Based on distribution channel, sales of sesame oil in the business to business segment are expected to increase at a CAGR of 5.8% and hold 89.9% market share.
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In the East Asian market, China and Japan have high potential growth and will register volume CAGRs of 4.1% and 5.8%, respectively, through 2032.
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“Increasing foodservice industry penetration in developing countries such as India, China, and others is a potential growth factor for the sesame oil market. Sesame oil is estimated to witness high demand in the hospitality and institutional catering sectors,” says a Persistence Market Research Analyst.
Competitive Landscape
Manufacturers of sesame oil are investing in research and development and increasing their footprints across the world. They are also trying to increase the application of the product in various industries and increase its effectiveness with high convenience for customers and survive the cut-throat competition.