The global fats and oils market was valued at USD 225.1 billion in 2020 and is projected to reach USD 290.3 billion by 2026, growing at a CAGR of 4.2% during the forecast period (2021-2026). The growth of the market is attributed to factors such as increasing demand for fats and oils in various food applications, such as bakery, confectionery, and convenience foods, rising demand for biofuels, and growing consumer awareness regarding the health benefits of certain types of fats and oils, such as olive oil and coconut oil. The market is also driven by the increasing adoption of plant-based oils and fats by consumers.
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