The Soybean Oil Market is expected to be worth US$ 206.50 billion by 2032, up from US$ 81.04 billion in 2023. This anticipated growth will be a Compound Annual Growth Rate of 10.95 Between 2024 and 2032. Market pushes for edible oil are a result of an upward trend in demand, the use in numerous industries, and general global consciousness on health and anointing.
Soybean oil is used in many ways for the benefit of humanity in industries all over the world. It is used widely in the food industry as an ingredient for processing foods, in the preparation of cooked food through frying and boiling among others, as well as added in preparing baked products, salad dressings, margarine and many others. Soybean oil has immense utility in the industrial field too Light and vehicle industries use soybean oil in a large scale Every industry requires oil and soybean oil fulfills that requirement completely. It is an important ingredient in the synthesis of biodiesel which provides a fuel substitute for petroleum products. Manufacturing application of Soybean oil gives plastics, lubricants, and other chemical products. Because of its emollient nature, soybean oil is incorporated into cosmetic and personnel care products, shampoos and soaps among other products. Also, it is used in the production of medicine where it is used as solvent for oil soluble drugs. Because of its availability, affordability and utility, soybean oil is a vital product in the global market and commerce hence; producing and consumption of the product is on the rise due to the ever-rising global demand for vegetable oil.
Bio fuel segment especially in the Indonesia and Malaysia lift the market growth as the government has set their policies to enhance the utilization of renewable fuels. However, it is facing challenges such as fluctuation in the market prices occasioned by volatility of Soybean production: Competition from other vegetable oils such as palm oil.
Global Soybean Oil Industry Outlook
Soybean oil is an edible oil obtained from the seeds of the soybean plant or Glycine max. It is used in three out of the four main food preparation methods in the world and is lauded for it bland taste and moderate price. The oil is thereby made by treating the soybeans through cracking and heating and then using a solvent or mechanical press to extract the oil. Subsequent to the extraction of the oil, refining, bleaching and deodorizing methods are employed in order to enhance the quality and to increase the stability of the oil.Soybean oil is used in many ways for the benefit of humanity in industries all over the world. It is used widely in the food industry as an ingredient for processing foods, in the preparation of cooked food through frying and boiling among others, as well as added in preparing baked products, salad dressings, margarine and many others. Soybean oil has immense utility in the industrial field too Light and vehicle industries use soybean oil in a large scale Every industry requires oil and soybean oil fulfills that requirement completely. It is an important ingredient in the synthesis of biodiesel which provides a fuel substitute for petroleum products. Manufacturing application of Soybean oil gives plastics, lubricants, and other chemical products. Because of its emollient nature, soybean oil is incorporated into cosmetic and personnel care products, shampoos and soaps among other products. Also, it is used in the production of medicine where it is used as solvent for oil soluble drugs. Because of its availability, affordability and utility, soybean oil is a vital product in the global market and commerce hence; producing and consumption of the product is on the rise due to the ever-rising global demand for vegetable oil.
Driving Forces of the Soybean Oil Market
Growing Demand for Biofuels:
Biofuel is a renewable source of energy that has gained much attention across the world and one major ingredient used in the production of the biofuel is the soybean oil. Nowadays, such states as the USA, Brazil, several states of Europe require blending of biodiesel that increases the demand for the identified product - soybean oil. This trend is expected to remain as more countries desire to cut carbon emission and decrease the use of fossil fuels. Due to the favorable characteristics that include versatility, low cost and access to soybean oil, biofuel producers also integrate the soybean oil feedstock to the market thus an added advantage to the growth of the market. May 2022, Goodyear Tyre & Rubber Company has substituted some of the petroleum-based components which it uses to manufacture some of its most famous Metro Miler city transit tyres using a bio-based soybean oil polymer. The step is a successional to supplant petroleum-derived oils entirely by the year 2040.Expanding Food Processing Industry:
The significant growth of the food processing sector across the globe is one of the biggest catalysts anticipating the soybean oil market. With change in lifestyle, and population density rising through urbanization, more and more processed foods and convenience foods are being consumed and soybean oil is used in most processed foods. It can be used for frying, baking, producing salad dressings and sauces; it does not splatter when heated, is not susceptible to polymerization, and has a relatively long shelf life. Also, expanding fast-food industry in developing nations is driving demand for soybean oil as well as the need for healthier cooking oils is increasing. Due to the compatibility of the oil in various food products and cheaper to other vegetable oils, the food industry will keep on using it and hence steady market growth.Health and Nutritional Trends:
Soybean oil market is affected by trends in consumer awareness about health and nutrition and the shift to healthier products. Soybean oil is partially hydrogenated and it has been on the controversy of its health effects and those of the industrialized healthier versions. An example is the high-oleic soybean oil with better stability and improved fatty-acid balance which is highly desirable in today’s society as far as food healthiness is concerned, and more to that, it has no trans-fat. First of all, the extremely rich content of polyunsaturated fats that include omega three fatty acids is compliant to trade recommendations. Moreover, the shifting trend of enhanced consumption of the plant-based diets also enhances the market for soybean oil indirectly because with more demand for soybean for protein the oil will be produced more. These food safety and health improvement-oriented factors redesign products sold and stimulate product development in soybean oil market.Asia Pacific Soybean Oil Market
Currently, the Asia Pacific Soybean Oil Market is on an upward gradient due to the following factors, higher population growth rates and an increasing level of disposable income affects the increased demand for processed foods and cooking-oils in the region. Soybean oil is consumed and imported enormously by china and to some extent by India. Market rises over the steady growth of the food processing in the countries like Indonesia, Vietnam and Thailand etc. At the same time, there is an increasing demand for vegetable oils due to their improving health profile for soybean oil in some markets. Ongoing discussions include integration of BMD’s soy option with CLS and plans by BMD, the world’s largest palm oil exchange, to launch a soy oil futures contract in March 2024 in order to arbitrage between soy and palm oil.Bio fuel segment especially in the Indonesia and Malaysia lift the market growth as the government has set their policies to enhance the utilization of renewable fuels. However, it is facing challenges such as fluctuation in the market prices occasioned by volatility of Soybean production: Competition from other vegetable oils such as palm oil.
Global Soybean Oil Company Analysis
The key players in the soybean oil industry are Archer Daniels Midland Company, Wilmar International Limited, AAK AB, Bunge Global SA, Cargill, Incorporated, DuPont, Unilever PLC, and Associated British Foods.Global Soybean Oil Company News
- March 2023 - According to Bunge Limited and Corteva Agriscience, significant progress has been made in producing more nutrient-dense soybean meals for the animal feed market, specifically for aqua, swine, and poultry feed.
- May 2022 - In order to address the growing demand for oilseeds in the feed, fuel, and food industries both locally and worldwide, Cargill announced plans to build a new soybean processing factory in Pemiscot County, Missouri, near Hayti and Caruthersville.
- May 2021 - In order to meet the rapidly increasing demand from customers in the food, feed, industrial, and biofuel sectors - including those who manufacture renewable diesel - Archer Daniels Midland Company announced plans to construct North Dakota's first-ever specialized soybean crushing plant and refinery.
- April 2021 - The announcement of a joint venture between ADM and Marathon Petrolium Corp to generate soybean oil was made in response to the growing demand for sustainable diesel fuel.
Consuming Countries - Market breakup in 8 viewpoints:
- United States
- China
- India
- European Union
- Argentina
- Mexico
- Bangladesh
- Others
Producing Countries - Volume breakup in 8 viewpoints:
- China
- United States
- Brazil
- Argentina
- European Union
- India
- Mexico
- Others
Importing Countries - Volume breakup in 10 viewpoints:
- India
- Bangladesh
- Peru
- Morocco
- European Union
- Algeria
- China
- Iran
- South Korea
- Colombia
Exporting Countries - Volume breakup in 7 viewpoints:
- Argentina
- Brazil
- European Union
- Russia
- Paraguay
- Bolivia
- Turkey
Application - Market breakup in 2 viewpoints:
- Food
- Non-Food
The key players have been covered from 4 viewpoints:
- Business Overview
- Key Persons
- Recent Development & Strategies
- Financial Insights
Key Players Analysis:
- Archer Daniels Midland Company
- Wilmar International Limited
- AAK AB
- Bunge Global SA
- Cargill, Incorporated
- DuPont
- Unilever PLC
- Associated British Foods
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Global Soybean Oil Market
4. Market Dynamics
6. Market Share Analysis
7. Volume Share Analysis
8. Consuming Countries
9. Producing Countries Volume
10. Importing Countries Volume
11. Exporting Countries Volume
12. Application
13. Porter’s Five Forces Analysis
14. SWOT Analysis
15. Key Players Analysis
Companies Mentioned
- Archer Daniels Midland Company
- Wilmar International Limited
- AAK AB
- Bunge Global SA
- Cargill, Incorporated
- DuPont
- Unilever PLC
- Associated British Foods
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 240 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 81.04 Billion |
| Forecasted Market Value ( USD | $ 206.5 Billion |
| Compound Annual Growth Rate | 10.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
