The global soybean oil market size was USD 46.72 billion in 2020. The market is projected to grow from USD 48.16 billion in 2021 to USD 60.08 billion by 2028, exhibiting a CAGR of 3.21% during the forecast period of 2021-2028.
This information is published by Fortune Business Insights, in its report, titled, “Soybean Oil Market, 2021-2028.”
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 handled using a thorough analysis methodology that prioritizes providing targeted content. Our researchers have utilized a data assessment methodology, which helps us provide more accurate evaluations and test the general market dynamics. Furthermore, in order to provide stakeholders and business experts with up-to-date information and encourage them to focus their investment only on important areas, our specialists have been granted access to many internationally and locally sponsored records.
Source: https://www.fortunebusinessinsights.com/soybean-oil-market-106282
Market Growth:
A number of factors have contributed to the soybean oil market size and consistent expansion in recent years. Growing knowledge of the health advantages of soybean oil—such as its high quantities of omega-3 fatty acids and low saturated fat content—has increased demand for the oil in the food business, especially for use in margarine, salad dressings, and cooking oils. The growing food processing sector and increased disposable incomes in developing nations have also fueled market expansion. Moreover, soybean oil's market reach has expanded due to its adaptability in non-food applications, such as the manufacturing of biodiesel and industrial usage. Positive changes in the market landscape are also being brought about by technological developments in sustainable production methods and extraction techniques. Nonetheless, issues like price volatility brought on by erratic farming practices and rivalry from substitute vegetable oils still exist. The market for soybean oil is expected to develop despite these obstacles due to changing customer preferences and a widening range of applications.
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.
Drivers and Restraints:
Extending Food Usage of Soybean Oil to Foster Market Growth
The oils and fats sector is perceiving ensuring growth throughout the world accredited to their growing usage in food manufacturing and processing. As per the USDA, this type of oil is the second-biggest ingested vegetable oil in the globe. It is expansively used for frying, cooking, shortenings, and margarines. Soybean oil utilization has also amplified across the bakery sector, which substantially drives the soybean oil market size and growth.
However, the market is hugely impacted by the obtainability of several other oilseeds that can be utilized as a substitute or an alternative for this oil. Moreover, the rising consciousness concerning nutritional and healthy oils such as olive oil among users has substantially impacted the utilization of soy oil across retail passages.
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:
April 2021: Cargill, Inc. delared to capitalize USD 25 million to extend its actions of soybean crush factory based in Fayetteville to augment soybean oil manufacturing.
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)