The global soybean oil has the potential to grow by USD 10.07 billion during 2019-2023. The growth momentum will accelerate throughout the forecast period, and the market will grow at a CAGR of around 4%.
Increasing consumer preference for healthy food and the rising popularity of high oleic soybean oil are some of the major factors driving the market growth. China, the US, and Brazil are currently the major markets for soybean oil.
Soybean Oil Market - Key Insights
Scope of this report
The report provides a detailed analysis of the market by product and geography. Also, the report analyzes the market’s competitive landscape and offers information on several market vendors.
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Market Segmentation
Soybean Oil Market by Product
- Conventional soybean oil
- Organic soybean oil
Soybean Oil Market by Region
- APAC
- Europe
- MEA
- North America
- South America
Market Competitive Analysis
The soybean oil market is fragmented, and the degree of fragmentation will remain the same during the forecast period. Because of the various health benefits, the demand for soybean oil has increased across the world. This has compelled vendors in the market to expand their production capacities. Archer Daniels Midland Co., Bunge Ltd., and Cargill Inc. are some of the major market participants.
Though the accelerating growth momentum will offer immense growth opportunities, the increasing taxes on soybean oil will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The report provides information on the production, sustainability, and prospects of several companies, including:
- Archer Daniels Midland Co.
- Bunge Ltd.
- Cargill Inc.
- DowDuPont Inc.
- Louis Dreyfus Co. BV
Soybean Oil Market: Key Drivers and Trends
Soybean oil comprises of a variety of essential fatty acids such as alpha-linolenic acid, linolenic acid, and monounsaturated oleic acid. Omega-fatty acids constitute about 7% of the total acid content in soybean oil. This helps in protecting the cell membranes of skins and eyes. Also, the high concentration of vitamin E in soybean oil protects the skin from damage caused by free radicals and sunburns. Because of such benefits, there is growing popularity of soybean oil among consumers. This coupled with the increasing preference for healthy food ingredients is driving the growth of the global soybean oil market size.
- Upcoming soybean oil market trends such as the rising popularity of high oleic soybean oil will also influence market growth.
- High oleic soybean oil has more nutritional properties than organic soybean oil.
- The oil offers high resistance to oxidation and reduces equipment maintenance operating costs in high-heat applications.
- The use of high oleic soybean oil improves the shelf-life of fried food products.
- The awareness about the benefits will increase the preference of several end-users to high oleic soybean oil.
- During 2019-2023, the market will register a CAGR of around 4%.
Soybean Oil Market: Segmentation by Region
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Countries such as China, India, Japan, and Vietnam are some of the leading consumers of soybean oil in APAC. Over recent years, soybean oil exports from the US to China and South Korea has increased considerably. Several vendors operating in APAC are expanding their capacities by opening new soybean processing plants.
During the forecast period, more than 50% of the overall market growth will originate from APAC. However, the market growth in this region will be slower than the growth of the market in North America.
Soybean Oil Market: Segmentation by Product
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Organic farming requires farmers to rotate crops to control pests and remove unwanted weeds regularly. The challenges associated with large-scale production of organic soybean is driving many farmers to stick to conventional soybean production.
As a result, the conventional soybean oil market size will steadily increase during the forecast period. However, the market’s growth in this segment will be slower than the growth of the market in organic soybean oil market segment.
Soybean Oil Market: Key Highlights of the Report
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the market during the next five years
- Precise estimation of the global soybean oil market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the soybean oil industry across the APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of soybean oil market companies
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