The global vegetable oil market is expected to grow at a CAGR of nearly 5% from 2015-2019, according to new industry analysis from market research firm Technavio.

"Its low cost, high smoke point and better shelf life makes it the best choice for cooking in both developed and developing countries."

Emphasis is shifting to high quality oils for cooking, as consumers become more health conscious. This can be seen in the increasing popularity of palm kernel oil, which is expected to boost the vegetable oil market globally. Derived from the kernel of the oil palm, palm kernel oil has a high saturated fat content and is increasingly being used as a substitute for trans-fat oil.

"Palm kernel oil is becoming popular as it contains no cholesterol and trans-fatty acids," says Faisal Ghaus, vice president of Technavio. "Its low cost, high smoke point and better shelf life makes it the best choice for cooking in both developed and developing countries."

The latest industry analysis report by Technavio also emphasises the increasing demand for bio-fuel, which is expected to be the main substitute for fossil fuel in the near future. This will be a significant contributor to growth in the vegetable oil market through the projected period.