Soybean oil is one of the most preferred vegetable oils extracted from the seeds of soybean. It is a rich source of phytosterols, vitamin E, omega-3 and omega-6 fatty acids, isoflavones, and antioxidants with low saturated and high polyunsaturated fats. Soybean oil is relatively less expensive than other edible oils including canola oil, olive oil, coconut oil, and groundnut oil. Owing to this, it is more popular in price-sensitive markets, particularly in the developing regions. According to IMARC Group, the global soybean oil market reached a volume of US$ 48.8 Million Tons in 2017, exhibiting a CAGR of nearly 1.9% during 2010-2017.
Nutritional and health benefits of soybean oil are providing thrust to the market
Soybean oil helps in regulating cholesterol level, promoting healthy skin and eyes, protecting skin cell membranes from damage and infections, boosting the immune system, treating Alzheimer’s, and preventing atherosclerosis and other heart diseases. Apart from this, in the personal care and cosmetics industry, haircare oils, gels and body lotions consist of soybean oil derivatives which protect the skin from UVB rays and free radical-induced inflammation as well as reduce trans-epidermal water loss (TEWL). Moreover, the development of high oleic soybean oil has helped various snack food and fast food companies to increase the shelf life of their products. As a result of this, the global soybean oil market is expected to grow at a CAGR of nearly 1.8% during 2017-2023, reaching a volume of 55.6 Million Tons by 2023.
Diverse food applications stimulating the soybean oil market
Soybean oil market trends show that it is majorly consumed in the food industry, accounting for around 83% of the total market. Soybean oil acts as an emulsifying agent and is nearly tasteless and odorless which enhances the natural flavor of the prepared food. It is commonly used in preparing margarine; salad dressings; sauces like barbeque and mayonnaise; non-dairy creamers; whipped toppings; potato chips and baked goods. Moreover, it is used in deep frying processes to make crispier crusts, wafers, crackers and bread.
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The industrial sector is the second largest end-user of soybean oil as it represents a feasible and sustainable replacement for petrochemicals and known carcinogens in many industrial applications. It is a renewable raw material used in a wide variety of industrial products, including inks, plasticizers, paints, insecticides, adhesives, coatings, waxes, candles, printing inks, pharmaceutical products, bio-diesel, lubricants, and hydraulic fluids.
Soybean oil is also used in the animal feed industry which accounts for the remaining share of its total consumption. It is a good source of fat which can be easily digested by animals. The large amount of polyunsaturated fatty acids present in soybean oil increases the energy density of the feed and improves feed utilization efficiency. Moreover, the linoleic acid present in soybean oil improves the reproduction in dairy cattle.
China enjoys the leading position in the soybean oil market
China currently represents the largest producer and consumer of soybean oil, according to the global soybean oil market report. It accounts for around one-fourth of the total global production. China is followed by the United States, Brazil, Argentina, the European Union and India.
There is a presence of both global and national soybean oil manufacturers who compete in terms of price and quality. Some of the players operating in the market include Bunge, ADM, Cargill, Louis Dreyfus and Wilmar.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the soybean oil industry, which has enabled the clients to successfully set up and expand their businesses. Some of the company’s offerings include:
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