According to the latest report by IMARC Group, titled “Soybean Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global soybean oil market reached a volume of 58.5 Million Tons in 2021. Soybean oil refers to the edible oil extracted from the seeds of soybean in the presence of food-grade hexene. The oil is characterized by a neutral taste and high smoke point, due to which it is widely used as a preferred choice for cooking and baking across households and commercial restaurants. It is extremely economical and contains lesser amounts of saturated fats when compared to other edible oils. A rich source of essential nutrients, such as proteins, plant sterols, vitamins and fatty acids, its consumption is often associated with lowering cholesterol levels, boosting immunity, reducing the threat of cognitive disorders, maintain heart and promoting skin health.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Soybean Oil Market Trends:
The rising health consciousness among the masses represents one of the key factors driving the market growth. In line with this, the growing prevalence of several chronic lifestyle diseases on the global level has impelled individuals to maintain a healthy lifestyle by replacing conventional edible oils with soybean oil. Along with this, several manufacturers are continually engaging in the development of fortified product variants with the help of advanced technologies, which is significantly increasing the demand for soybean oil. For instance, they are utilizing biotechnology to modify soybean oil, which can increase the level of omega-3 eicosapentaenoic acid (EPA) in the red blood cells. Leading market players, such as Cargill, Incorporated, a privately held global corporation based in Minnesota, are also using identity-preserved (IdP), conventionally-bred (non-GM) soybeans to obtain the oil. Apart from this, soybean oil is extensively utilized across numerous non-food applications, including in the production of resins, plastics, animal feed, caulks, mastics, biodiesel and insecticides, which is contributing to its rising demand. Rapid industrialization and easy product availability through online retail portals at an affordable price point, along with the growing application of soybean oil in the petrochemical sector, are some of the other factors that are anticipated to provide a thrust to the market growth. On account of the aforementioned factors, the market is expected to grow at a CAGR of 2.17% during 2022-2027.
- On the basis of the end-uses, the market has been divided into food, feed and industrial. Among these, the food industry represents the largest end use segment.
- On the geographical front, China holds the leading position in the market.
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players operating in the market. Some of these players include Archer Daniels Midland Company, Bunge Limited, Cargill, Incorporated, Louis Dreyfus Company B.V. and Wilmar International Limited.
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