Oilseed Farming Global Market Report 2024

The oilseed farming market size has grown rapidly in recent years. It will grow from $559.77 billion in 2023 to $631.85 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth observed during the historical period can be attributed to various factors, including the rising demand for edible oils, the use of oilseeds for animal feed, their utilization in biofuel production, applications in various industrial sectors, and the overall increase in global population. These factors have collectively driven the expansion of oilseed farming and the production of oilseed crops to meet the diverse needs of consumers and industries.

The oilseed farming market size is expected to see rapid growth in the next few years. It will grow to $991.44 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The projected growth in the forecast period can be attributed to several factors, including the increasing focus on health and wellness, the expansion of biofuel production, the growing demand for plant-based protein sources, the rise of emerging markets with increasing incomes and evolving dietary habits, and the adoption of sustainable agriculture practices within oilseed farming. Notable trends in the forecast period include the cultivation of organic oilseeds, the implementation of precision agriculture techniques, the production of non-genetically modified (non-GMO) oilseeds, a shift toward local and small-scale production, and continued research and development efforts to enhance the oilseed farming industry.

The oilseed market is expected to experience growth driven by the increasing global population. Population refers to the total number of individuals residing in a specific geographical area or region at a given point in time, and it serves as a key demographic factor for quantifying the size of a community, city, country, or other defined regions. Oilseeds are crucial for producing edible oils, protein, and potential biofuels to sustain and nourish the growing population, ensuring food security and an ample food supply to meet people's dietary requirements. For example, as of January 2022, the United States Department of Commerce reported that the U.S. population reached 332,403,650 in 2022, reflecting a 0.21% population growth from the previous year. Therefore, the increasing global population is a driving force behind the growth of the oilseed market.

The primary categories within oilseed farming include soybean farming and other types of oilseeds. Soybean farming is the cultivation of a leguminous plant native to Asia, valued for its oil-rich and proteinaceous seeds, as well as its use in forage and soil improvement. The farming processes can be categorized as organic oilseed farming and traditional farming. Oilseeds find applications in the production of food products, animal feed, and industrial products, making them a valuable agricultural commodity.

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

The oilseed market is also poised for expansion due to the rising demand for animal feed. Animal feed is a specially formulated blend of ingredients provided to domesticated animals, including livestock, poultry, and pets, to fulfill their nutritional requirements for growth, maintenance, reproduction, and overall well-being. Oilseeds are incorporated into animal feed production because of their high protein content and their role as a source of energy in the form of fats and oils. As of January 2022, according to Alltech, an American company specializing in agricultural products for both livestock and crop farming, global animal feed production increased by 2.3% to reach 1.235 billion metric tons of feed in 2021. This surge in demand for animal feed is contributing to the growth of the oilseed market.

Precision agriculture, known as big data farming, is gaining widespread adoption in numerous developed countries to enhance the efficiency of oilseed production. Precision agriculture involves the real-time collection of data related to weather, soil and air quality, crop maturity, equipment, labor costs, and resource availability to optimize agricultural activities. Farmers leverage these techniques to determine the precise amounts of nutrients, water, seeds, and other inputs required for cultivating various oilseed crops in diverse soil conditions, ultimately leading to increased farm productivity and crop yields.

Major companies in the oilseed market are prioritizing the development of innovative technologies, such as pelleting technology, to gain a competitive edge. Pelleting technology is employed for oilseeds to transform finely ground mash feed into compact, free-flowing pellets or capsules. For instance, in May 2022, Syngenta Canada Inc., a subsidiary of Switzerland-based Syngenta AG, a provider of agricultural science and technology, introduced pelleting technology tailored for canola. This technology is designed to optimize seed size and uniformity, leading to improved performance in single-planter applications. It enables precise seed delivery and accurate spacing, reducing uncertainties in canola cultivation.

Major companies operating in the oilseed farming market include Bunge Limited, Bayer AG, Corteva Inc., UPL Limited, Grupo Amaggi, Seaboard Corporation, Batu Kawan Berhad, Nutrien Ltd., Jardine Matheson Holdings Limited, KWS Saat SE, Archer Daniels Midland Company, Cargill Incorporated, Monsanto Company, DuPont Pioneer, Syngenta AG, Dow AgroSciences LLC, Wilmar International Limited, Sime Darby Plantation, Agrium Inc., The Mosaic Company, United Oilseeds, TerraVia Holdings, PGG Wrightson Seeds Limited, Croda International PLC, Pacific Seeds, GrainCorp Limited, Advanta Seeds, Euralis Semences S.A.S., Golden Agri-Resources, Neem Biotech, DLF Seeds A/S, DSV A/S, Sakata Seed Corporation, Rallis India Limited, Mahyco Private Limited, Rijk Zwaan Zaadteelt en Zaadhandel B.V., East-West Seed.

The Asia-Pacific was the largest region in the oilseed farming market in 2023. Western Europe was the second-largest region in the oilseed farming market. The regions covered in the oilseed farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the oilseed farming market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The oilseed farming market consists of revenues earned by entities that produce oilseed crops including soybeans, sunflower seeds, rapeseeds, sesame seeds and other oilseeds. These crops are typically grown in open fields and have an annual growth cycle. This market excludes processed oilseed products such as refined and unrefined vegetable oils and oilseed extracts. This market also excludes the proceeds from the captive (internal) consumption of the seeds for further processing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included .

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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