Soybean Oil Market
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. Moreover, the soybean oil market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 14.81 billion by 2032, driven by the fastest-growing and expanding food processing industry. Asia Pacific dominated the soybean oil market with a market share of 46.52% in 2023.
This information is published by Fortune Business Insights in its report, titled “Soybean Oil Market, 2024-2032.”
Our researchers found that the increasing use of soybean oil by food manufacturers and restaurants for making baked and fried foods, as well as for selling in bottles as cooking oil, is boosting the market and fueling soybean oil market Growth. In the worldwide market for goods, soybean oil is unique because of its many uses, health benefits, and value. This oil, made from soybeans, has caught the attention of buyers, investors, and scientists because of its wide range of uses and potential.
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)
Report Coverage:
Our reports are made carefully, focusing on being detailed and accurate. Our researchers check data carefully, helping us give trustworthy reviews and understand market changes well. We have many international and local records, making sure our information is up-to-date. This helps people in business and investors make smart choices.
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.
The Rise of Soybean Oil
Soybean oil is a popular choice for cooking because it doesn't change the taste, can withstand high heat, and is good for the heart. Lately, more people are choosing it because they want healthier options and more plant-based foods. This has led to more soybean oil being made, used, and traded, making it an important part of the worldwide oils and fats market.
Source: https://www.fortunebusinessinsights.com/soybean-oil-market-106282
Market Dynamics and Trends
The soybean oil market is characterized by significant dynamism, influenced by established variables such as climate, regulation, and trade. A key transformation is underway, catalyzed by evolving consumer sentiment towards health and sustainability, which has spurred a notable demand for non-GMO and organic products. Concurrently, market expansion and diversification are being fueled by the growth of the plant-based food sector and the increasing use of soybean oil in industrial applications like biofuels and cosmetics.
Drivers and Restraints:
Extending Food Usage of Soybean Oil to Foster Market Growth
The demand for soybean oil is being shaped by competing market forces. On one hand, its status as the second most popular vegetable oil is bolstered by its versatile uses in cooking, frying, and margarine production, with the baking sector emerging as a significant new growth area. On the other hand, its market position is threatened by the availability of substitute oils and a clear consumer trend toward healthier alternatives like olive oil, which is putting downward pressure on sales.
Regional Insights:
The soy oil market in Asia Pacific, especially in China and India, has grown rapidly due to increased buying power and affordability. Asia Pacific dominated the market in 2020. North America is also seeing growth, with the U.S. being the top consumer due to its fast-growing food processing industry. South America is growing as well, with Brazil and Argentina leading in production and export.
Competitive Landscape:
Acquisitions and Mergers to Assist Vital Players in the Market
Market leaders use smart plans with help from experts to dominate the market and build a strong brand. They often buy other companies to make more money.
Industry Developments:
- August 2021 – ADM and Marathon Petroleum Corp announced a joint venture to produce soybean oil to fulfill their rising demand to produce renewable diesel fuel.
