Oilseeds Global Market Report 2024

Oilseed is a term used to describe a crop or seed specifically cultivated for the extraction of edible oil. Oil, a fundamental component of our diet and a significant source of fatty acids, is predominantly derived from oilseed crops. In a broader context, soybeans and peanuts can be considered as oilseeds.

The primary types of oilseeds include copra, cottonseed, palm kernel, peanut, rapeseed, soybean, sunflower seed, and others. Copra oilseeds pertain to the dehydrated, fleshy part of the coconut, utilized for oil extraction. The residual material after extraction is transformed into coconut-oil cake, serving as animal feed. Various biotech traits encompass herbicide tolerance, insecticide resistance, and other combined traits categorized into genetically modified and conventional types. Diverse applications involve oilseed meal, vegetable oil, and other applications utilized across various industries such as food, personal care and cosmetics, pharmaceuticals, and other end-user sectors.

The oilseeds market research report is one of a series of new reports that provides oilseeds market statistics, including global oilseeds industry size, regional shares, competitors with an oilseeds market share, detailed oilseeds market segments, market trends, and opportunities, and any further data you may need to thrive in the oilseeds industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The oilseeds market size has grown strongly in recent years. It will grow from $299.83 billion in 2023 to $328.61 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth observed in the historic period can be attributed to the demand for edible oils, population growth, evolving dietary patterns, trade policies, and consumer preferences.

The oilseeds market size is expected to see strong growth in the next few years. It will grow to $469.14 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be linked to biofuel production, trends in health and wellness, global economic trends, the impact of climate change, increasing health consciousness, and the expansion of biofuels. Prominent trends expected in the forecast period involve advancements in technology and farming practices, the plant-based movement, and the integration of technology.

The anticipated growth of the oilseed market is expected to be driven by the increasing utilization of oilseeds in animal feed. Oilseeds are a valuable source of oil, fatty acids, vitamins, minerals, protein, and fiber, commonly utilized in oil extraction processes. Following oil extraction, the nutrient-rich residue is converted into oilcake or meals, serving as feed for dairy farm animals. This enhances milk product quality and reduces overall feed requirements. According to a report from the United States Department of Agriculture (USDA) in 2021, the global production of oil meal reached approximately 18.5 metric tons. In India, 70-80% of the total oilseed supply is crushed to produce meal, primarily used as animal feed on farms. Thus, the increasing incorporation of oilseeds in animal feed is a key driver for the oilseed market.

The growth of the oilseeds market is also expected to be propelled by the rising demand in the personal care sector. Personal care encompasses practices and products individuals use for personal hygiene, grooming, appearance, and overall well-being. Integrating oilseeds into personal care products capitalizes on their natural benefits, providing consumers with healthier and more natural alternatives to synthetic or chemical ingredients for skin and hair care. For example, the Bureau of Labor Statistics reported a 12.3% increase in the average consumer expenditure on personal care products in September 2023, reaching $866 in 2022, up from $771 in 2021. Hence, the growing demand in personal care is contributing to the expansion of the oilseeds market.

A prominent trend in the oilseeds market is the emergence of government initiatives aimed at boosting oilseed production and reducing costly vegetable oil imports. An illustration of this is the National Mission on Oilseeds and Oil Palm launched by the government of India in August 2021. This strategic initiative aims to enhance local oilseed output and achieve self-sufficiency in edible oil production. The government is investing over 110 billion rupees ($1.48 billion) through this mission to provide farmers with essential resources, including improved seeds and technology.

Major companies in the oilseeds market are increasing their investments to drive revenue growth. In October 2023, Gemini Edibles and Fats India Ltd, an Indian company specializing in oilseed manufacturing, announced a Rs 600 crore investment to establish an oil refinery and an oilseed crushing plant. The project, once operational, will crush sunflower seeds and refine oils such as rice bran, cottonseed, and sunflower, generating employment for approximately 1,000 people. This investment aims to meet the rising demand for edible oils and fats in India.

In December 2021, Crystal Crop Protection Limited, an Indian agrochemical company, acquired Bayer AG's seeds business for an undisclosed amount. The acquisition included seeds of cotton, mustard, pearl millet, and grain sorghum hybrids. Crystal Crop aims to become a leading player in the seed business through this acquisition, strengthening its field crop seed business and establishing itself as a robust integrated Agri-Input player. Bayer AG, a German company, produces superior oilseeds, aligning with consumer preferences for healthy and flavorful foods.

Major companies operating in the in the oilseeds market report are The Archer Daniels Midland Company, BASF SE, Burrus Seed Farm LLC, Cargill Incorporated, Corteva Agriscience, Mahyco Seeds Limited, Syngenta Group Co. Ltd., Gansu Dunhuang Seed Group Co. Ltd., Bunge Limited, E. I. du Pont de Nemours and Company, Land O'Lakes Inc., Nuziveedu Seeds Limited, Ostro Organics Inc., Wilmar International Limited, Cootamundra Oilseeds Pty Ltd., Soni Soya Products Limited, Monsanto Company (now Bayer CropScience), Groupe Limagrain Holding SA, La Tourangelle Inc., BIO PLANÈTE Ölmühle Moog GmbH, Seed Co Limited, Roland Foods LLC, OPW Ingredients GmbH, Groupe Limagrain SA, Bayer AG, KWS SAAT SE & Co. KGaA, Syngenta Crop Protection AG, Provital Group, Chenguang Biotech Group Co Ltd., United Genetics Seeds Co., Pioneer Hi-Bred International Inc., Delta and Pine Land Company

North America was the largest region in the oilseeds market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the oilseeds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the oilseeds market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The oilseed market consists of sales of groundnut, rapeseed & mustard, soybean, sunflower, sesame, safflower and castor and linseed. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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