Soybean Oil Market Report

Global Soybean Oil Market:

The global soybean oil market size reached 62.3 Million Tons in 2024. Looking forward, IMARC Group expects the market to reach 72.3 Million Tons by 2033, exhibiting a growth rate (CAGR) of 1.7% during 2025-2033. The growing demand for edible oils among individuals, rising utilization in various industrial applications, and increasing health consciousness and awareness among the masses across the globe are some of the major factors propelling the market.

Soybean Oil Market Analysis:

• Major Market Drivers: The rising demand for healthier and more sustainable food choices among individuals is strengthening the growth of the market. In line with this, the increasing adoption of soybean oil in the cosmetic industry due to its moisturizing properties is contributing to the growth of the market.
• Key Market Trends: The growing demand for soybean oil, which is due to the increasing number of restaurants, cafes, hotels, and other fast-food chains around the world, is positively influencing the market. In addition, the rising utilization of soybean oil in several skincare products, such as lotions, creams, and soaps, for providing hydration and promoting skin health, is bolstering the growth of the market.
• Competitive Landscape: Some of the prominent soybean oil market companies include Archer Daniels Midland Company, Bunge Limited, Cargill, Incorporated, Louis Dreyfus Company B.V., and Wilmar International Limited., among many others.
• Geographical Trends: According to the soybean oil market dynamics, China exhibits a clear dominance in the market. As China's middle class expands and urbanization continues, there is an increasing demand for edible oils, including soybean oil, due to higher living standards and dietary changes.
• Challenges and Opportunities: Fluctuations in the price of soybeans and high competition from other oils are hampering the market's growth. However, the increasing health consciousness among consumers presents an opportunity for soybean oil, especially as it is seen as a heart-healthy option with beneficial fats.
   

Soybean Oil Market Trends:

Rising Demand for Edible Oil

The rising demand for edible oils is a significant driver of growth in the soybean oil market. For instance, according to IMARC, the India edible oil market size reached 24.7 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 27.9 Million Tons by 2032, exhibiting a growth rate (CAGR) of 1.35% during 2024-2032. As populations expand and consumer preferences shift towards healthier and more versatile cooking oils, soybean oil's favorable properties and affordability make it a top choice. Additionally, its use in various food products and cooking applications further fuels its growing demand. These factors are expected to propel the soybean oil market in the coming years.

Increasing Health Consciousness

There is a rise in the demand for soybean oil due to the growing health consciousness among consumers across the globe. People are increasingly preferring nutrient-rich food products, which offer a positive market outlook. Soybean oil is considered a healthier choice due to its favorable fatty acid composition. For instance, according to an article published by the National Library of Medicine, soybean oil reduces circulating cholesterol and the risk of coronary heart disease while having no effect on inflammation or oxidation indicators. These factors further positively influence the soybean oil market forecast.

Growing Biofuel Production

The rising biofuel production is significantly driving growth in the soybean oil market. For instance, according to an article published by IEA, biofuel demand is expected to grow by 38 billion liters between 2023 and 2028, an almost 30% rise over the previous five years. In fact, worldwide biofuel consumption climbs 23% to 200 billion liters by 2028. Soybean oil is a key feedstock for biodiesel production. Biodiesel made from soybean oil is widely used as an alternative to petroleum diesel, and its production has been increasing due to environmental policies and mandates, thereby boosting the soybean oil market revenue.

Global Soybean Oil Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global soybean oil market report, along with forecasts at the global, and regional level from 2025-2033. Our report has categorized the market based on end-use.

Breakup by End-Use:

• Food 
• Feed
• Industrial
   

Food represents the largest market segment

The report has provided a detailed breakup and analysis of the market based on the end-use. This includes food, feed, and industrial. According to the report, food represented the largest segment.

According to the soybean oil market outlook, the food industry is one of the largest consumers of soybean oil as it is widely used for various culinary purposes, such as cooking, frying, baking, and as an ingredient in processed foods. In line with this, the rising adoption of ready-to-eat (RTE) food products among the masses is contributing to the growth of the market.

Breakup by Region:

• China
• United States
• Brazil
• Europe
• Argentina
• India
• Others
   

China exhibits a clear dominance, accounting for the largest soybean oil market share

The report has also provided a comprehensive analysis of all the major regional markets, which include China, United States, Brazil, Europe, Argentina, India, and others. According to the report, China accounted for the largest market share.

According to the soybean oil market statistics, China held the biggest market share as it is the major producer of soybeans. Apart from this, the rising demand for soybean oil on account of the thriving food service industry is contributing to the growth of the market in the country. In line with this, the increasing consumption of processed and convenience food products is propelling the growth of the market in China. Furthermore, the rising adoption of soybean oil due to changing consumer eating habits is bolstering the growth of the market in the country. For instance, according to Statista, in 2023, China's population consumed around 17.8 million metric tons of soybean oil.

Competitive Landscape:

Key players in the industry are investing in research and development (R&D) activities to improve production processes, develop new product formulations, and enhance the quality and functionality of soybean oil. They are also exploring new extraction techniques, optimizing refining processes, and developing specialty variants of soybean oil to cater to specific customer needs. In line with this, major manufacturers are offering organic or non-genetically modified organism (GMO) variants of soybean oil, introducing specialty blends, and diversifying into value-added products, such as flavored or infused soybean oils. Apart from this, companies are opening soybean oil production facilities across the globe, which is positively influencing the market.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Archer Daniels Midland Company
• Bunge Limited
• Cargill, Incorporated
• Louis Dreyfus Company B.V.
• Wilmar International Limited
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Soybean Oil Market Recent Developments:

• July 2024: Benson Hill, Inc., announced new achievements in its innovation pipeline aimed at delivering advantageous features to end users in soy markets, such as animal feed, soybean oil, and biofuels.
• March 2024: Nabil Group launched its new soybean oil brand Foodella at a ceremony at Padma Hall of Grand Riverview Hotel in Rajshahi.
• March 2024: The Bursa Malaysia Derivatives Exchange (BMD), a palm oil exchange, planned to establish a soy oil futures contract to enable arbitrage between soy oil and palm oil contracts.

Soybean Oil Market Report Scope:

Key Benefits for Stakeholders:

• IMARC's report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the soybean oil market from 2019-2033.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global soybean oil market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the soybean oil industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.