Soybean Oil Global Market Report 2024

The soybean oil market size has grown strongly in recent years. It will grow from $58.03 billion in 2023 to $62.0 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historical period can be attributed to several factors, including the industrialization of agriculture, increased demand for animal feed, expansion of the food processing industry, advancements in biotechnology and genetic engineering, global trade and market liberalization, and the implementation of biofuel mandates and policies.

The soybean oil market size is expected to see strong growth in the next few years. It will grow to $81.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The projected growth in the forecast period can be attributed to several factors, including population growth and urbanization, increasing demand for protein, shifts in dietary patterns, concerns related to climate change and weather risks, and a growing focus on health and nutrition. Major trends expected in the forecast period encompass the increasing demand for protein, expansion of biofuel production, growth in the livestock industry, shifts in global trade dynamics and emerging markets, and changes in dietary preferences.

The soybean oil market is poised for growth, driven by the increasing demand for healthier food options. Healthier food choices, rich in essential vitamins, minerals, and other nutrients, are sought after due to rising health awareness, shifting lifestyles, and environmental concerns. Soybean oil stands out in this trend due to its lower saturated fat content and rich omega-3 and omega-6 fatty acids, which promote heart health and overall wellness. For example, a survey conducted by the International Food Information Council in May 2022 revealed that 52% of participants followed specific diets or eating patterns, marking a notable increase from 39% in 2021. Hence, the surge in demand for healthier food options is fueling the growth of the soybean oil market.

Leading companies in the soybean oil market are adopting strategic partnership approaches to maintain competitiveness. Such partnerships involve leveraging mutual strengths and resources to achieve shared benefits and success. For instance, in July 2023, the Missouri Soybean Merchandising Council (MSMC) and Seedway LLC, a seed company, entered into a licensing agreement to advance SOYLEIC soybean cultivation. This collaboration aims to enhance the availability of non-GMO high oleic soybean oil across the United States, addressing the increasing demand for high-quality oils and expanding soybean production in regions like New York and Ohio.

In November 2022, Cargill Incorporated, a prominent food company, acquired Owensboro Grain Co., underscoring its commitment to modernize and expand its North American oilseeds network. This strategic move enables Cargill to meet the rising demand in food, feed, and renewable fuel markets while enhancing its customer experience. Owensboro Grain Co., a manufacturer of liquid and hydrogenated soybean oils, aligns with Cargill's objectives to cater to evolving market needs effectively.

Major companies operating in the soybean oil market are Cargill Incorporated, Archer Daniels Midland Company, Wilmar International Limited, Bunge Limited, Unilever plc, Louis Dreyfus Company, Cenex Harvest States Cooperative, Associated British Foods, DuPont de Nemours Inc, Ajinomoto Co. Inc., DSM Integrated, Kerry Group plc, Ruchi Soya Industries Limited, Hain Celestial Group, Blue Diamond Growers, Vitasoy International Holdings Limited, SunOpta Inc., Ag Processing Inc., Parrish and Heimbecker Limited, Nisshin OilliO Group Ltd, Pulmuone Foods, Bulk Apothecary, House Foods America's, Tofurky, Devansoy Inc.

North America was the largest region in the soybean oil market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the soybean oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the soybean oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Soybean oil, a vegetable oil derived from soybeans - a legume species native to East Asia - is widely utilized in cooking and food processing due to its neutral flavor and versatility. Rich in polyunsaturated fats, including omega-3 and omega-6 fatty acids, soybean oil offers benefits for heart health when consumed in moderation.

The primary product types of soybean oil include organic soybean oil and conventional soybean oil. Organic soybean oil is extracted from soybeans cultivated using organic farming practices. It encompasses various ingredient types such as omega-3 fatty acids, vitamin E, low-saturated fats, and polyunsaturated fats. Distribution channels for soybean oil range from supermarkets, hypermarkets, convenience stores, wholesalers, distributors, to neighborhood stores. Its applications span a wide range, including its use in margarine, frozen foods, salad dressings, shortenings, baked goods, cosmetics and personal care products, animal agriculture, among others. End users comprise both commercial establishments and households.

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

The soybean oil market consists of sales of soybean cooking oil, biodiesel, soybean oil blends, and crude soybean oil. 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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