Market Overview:
The global soybean oil market size was USD 51.23 billion in 2023 and is projected to grow from USD 52.86 billion in 2024 to USD 68.42 billion by 2032, exhibiting a CAGR of 3.28% during the forecast period.
This information is published by Fortune Business Insights, in its report, titled, “Soybean Oil Market, 2024-2032.”
According to our researchers, the rising utilization of soybean oil by food processors and foodservice outlets for baked as well as fried food products or to trade as cooking oil in packed bottles drives the market growth.
Report Coverage:
Our reports are developed using a comprehensive analysis approach that emphasizes providing precise and specific material. Our scholars utilize a data evaluation method, allowing us to offer reliable assessments and accurately analyze overall market dynamics. Additionally, our experts have access to numerous international and locally sourced records, ensuring we provide up-to-date information. This enables stakeholders and business professionals to invest wisely in key areas.
Segmentation:
On the basis of application, the market is segregated into Cooking & Frying, Margarine & Shortening, Salad Dressings & Mayonnaise, Bakery Products, and Non-Food Applications.
Geographically, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Source: https://www.fortunebusinessinsights.com/soybean-oil-market-106282
Drivers and Restraints:
Extending Food Usage of Soybean Oil to Foster Market Growth
The oils and fats sector is experiencing significant growth globally, driven by their increasing use in food manufacturing and processing. According to the USDA, this type of oil is the second most consumed vegetable oil in the world. It is widely used for frying, cooking, shortenings, and margarines. The use of soybean oil has also increased in the bakery sector, which significantly contributes to the growth of the soybean oil market.
However, the market faces challenges due to the availability of various other oilseeds that can serve as substitutes. Additionally, the rising awareness of nutritional and healthy oils, such as olive oil, among consumers has considerably affected the use of soybean oil in retail channels.
Regional Insights:
Speedily surging markets in Asia Pacific such as China and India have considerably augmented soy oil ingestion over the last few years. The amplified buying power of Chinese and Indian users has contributed to striking rises in usage as they can afford to buy extensive amount of oil. Asia Pacific held the largest soybean oil market shares in 2020.
This market is observing encouraging growth in North America. The U.S. is the principal consumer of soy oil owing to the quickest developing and escalating food processing industry.
South America is undergoing substantial growth in this market as Brazil and Argentina are prominent producers and exporters of soy oil.
Competitive Landscape:
Acquisitions and Mergers to Assist Vital Players Foster in Market
Important players in the market employ effective tactics along with the guidance from their expert advisors to regulate majority shares in the market and institute a brand name for their company. One such approach to commercialize their brand name is to acquire other corporations to receive additional fiscal achievements.
Industry Developments:
- August 2021 – ADM and Marathon Petrolium Corp announced a joint venture to produce soybean oil to fulfill its rising demand to produce renewable diesel fuel.
List of Key Players Mentioned in the Report:
- Archer Daniels Midland Company (Illinois, U.S.)
- Associated British Foods, plc (London, U.K.)
- Bunge (Missouri, U.S.)
- Cargill, Inc. (Minnesota, U.S.)
- Louis Dreyfus Company (Rotterdam, Netherlands)
- Wilmar International Limited (Singapore)
- DuPont (Delaware, U.S.)
- Unilever plc (London, U.K.)
- AMAGGI Group (Cuiaba, Brazil)
- SunOpta, Inc. (Brampton, Canada)
