The oilseed market offers a diverse range of seeds that provide oil for industrial, domestic and food applications. Oilseeds including soybean, sunflower, rapeseed, and corn generate oils and meals post processing. Oilseed oils find use as cooking mediums, shortenings, margarines, as well as in industrial applications like lubricants and biofuels.
Oilseed Market Trends is a high-protein by-product used for animal feed. Over the years, the market has witnessed rising demand for edible oils due to the growing population, increasing disposable incomes and changing dietary preferences. This has prompted increased cultivation of oilseed crops globally.
The Global oilseed market is estimated to be valued at US$ 305.16 Bn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the oilseed market are Archer Daniels Midland Company (ADM), Cargill, Inc., Bunge Limited, Wilmar International Limited, Louis Dreyfus Company, Olam International, CHS Inc., Sime Darby Plantation, Ag Processing Inc. (AGP). These players are focusing on strategic partnerships, new product launches and mergers & acquisitions to gain a competitive edge in the market.
The rising demand for non-GMO and organic oilseeds presents significant opportunities for market players. Additionally, growing applications of oilseed derivatives in industries like biodiesel and lubricants will drive market expansion.
Globally, the market is witnessing increased cultivation of oilseeds like soybean in countries like Brazil and Argentina. Furthermore, sunflower seed production is rising across Eastern Europe and Russia. industry players are investing in international markets to leverage growth opportunities overseas.
Market Drivers
The increasing consumption of edible oils due to the rising global population is a key driver propelling the oilseed market growth. Urbanization and changing lifestyles have boosted the demand for packaged and processed foods that utilize various oilseed derivatives. Furthermore, the shifting focus toward biodiesel production using oilseed crops like soybean, sunflower and canola is anticipated to boost market revenues over the forecast period. Cultivation of second-generation feedstocks is expected to drive the global biodiesel market, thereby favoring oilseed demand.
PEST Analysis
Political: The oilseed market is influenced by government policies and regulations regarding subsidies for oilseed production, import and export restrictions and tariffs. Environmental protection laws pertaining to sustainable cultivation practices also impact the market.
Economic: Factors such as fluctuations in crop yields and commodity prices influence the revenue and profitability of oilseed producers. The demand and price trends of end-use industries like food and animal feed affect overall market revenue.
Social: Dietary preferences and trends influence the consumption patterns of edible oilseed products. Awareness regarding health benefits of specific oilseed varieties drives market growth. Demand for non-GMO and organic oilseeds is on the rise.
Technological: Advances in farming equipment and techniques have boosted oilseed yields. Genetic modifications help develop high-yielding, drought-resistant hybrid varieties. Digitization of the supply chain facilitates supply-demand management.
Geographical regions where market in terms of value is concentrated
The North American and European regions account for a major share of the global oilseed market value. This can be attributed to higher per capita consumption of edible oils and strong demand from food processing and biofuel industries in countries such as the US, Canada, Germany, France and UK.
The market is also witnessing exponential growth in the Asia Pacific region, mainly driven by India and China. Factors such as increasing health-consciousness, rising living standards and expansion of food manufacturing units are fueling market growth in Asia Pacific.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163
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