The global soybean oil market reached a volume of 60.45 MMT in 2023. The market is expected to grow further at a CAGR of 1.40% between 2024 and 2032 to reach a volume of 68.51 MMT by 2032.
Base Year
Historical Year
Forecast Year
Value in MMT
2024-2032
Soybean Oil Market Outlook
*this image is indicative*
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The extensive applications of soybean oil in the food sector is driving the market demand. Excellent functionality, superior resistance to oxidation, and extended shelf-life of soybean oil benefits the food manufacturers as it supports smooth manufacturing of high-quality packaged foods. Hence, the increasing sale of premium packed food products, supported by rising disposable incomes, is contributing to the expansion of soybean oil market size. Soybean oil provides superior aroma, great texture, and delicious appearance to various types of food items such as cakes, chips, burgers, pizzas, cookies, pies, and breads, among others. In this regard, the rapid development of fast-food joints across the emerging economies is expected to improve the soybean oil market outlook over the coming years.
The high oleic soybean oil market share has been witnessing growth over the past few years, which can be attributed to the improved fat profile of the product which improves heart health. According to the soybean oil market analysis, soybean oil possesses a high smoke point, supports bone health, and contains omega-3 fatty acids. Therefore, the increasing demand for soybean oil as a healthy alternative to oils with high saturated fat content, is likely to influence the soybean oil market chart. In addition, the increasing inclination towards health and fitness among the young population is anticipated to be a crucial soybean oil market trend, heightening the adoption of soybean oil.
In geographical terms, the North America soybean oil market is likely to attain a healthy growth in the forecast period. The soybean oil price forecast in this region is likely to be influenced by the growing consumption of fast-food in the United States and Canada. In addition, the soybean oil futures market witnessed steady growth at the start of 2024 which has had a positive impact on the soybean oil price international market. In addition, increased export of soybean oil from the United States is likely to improve the volatility of the soybean oil market price across the globe.
In November 2023, Cargill Inc announced the acquisition of soybean processor and refiner Owensboro Grain Company aimed towards expanding the oilseed crush capacity of the company to cater to the growing demand from food and feed sector, among others. This is a critical soybean oil market news which influenced the soybean oil price forecast 2023.
The soybean oil market is currently being driven by increasing demand of soybean meal for livestock products which has, thus, contributed considerably to the rise in soy oil production and surge in the demand of soybean oil. Other advantages such as easy availability, competitive prices, eco-compatibility and various nutritional benefits of soy oil are the factors that are providing impetus to the soybean oil global market. This report by Expert Market Research entitled “Soybean Oil Market Report and Forecast 2024-2032” provides a comprehensive analysis for anyone who plans to foray into the industry.
Historical market trends for the market have been provided from 2018-2023 and forecasts have been presented till 2032. On a regional level, the Asia Pacific currently represents the largest market. Within Asia Pacific, China and India currently represent significant markets. Additionally, the report has analysed the market on the basis of end-use. Food sector represents the biggest end-use sector followed by Industrial and feed sector.
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Soybean oil is the second most important vegetable oil (after palm oil) consumed globally. A great majority of the world's soybeans are processed or crushed every year to produce soybean meal and oil, while remaining are used directly for human consumption.
On the basis of end use, the market is divided into:
Market breakup by region:
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The value chain analysis of soybean oil has also been covered in this report encompassing all the activities in the value chain such as procurement, manufacturing, sales and distribution. Furthermore, the study assesses the market based on Porter’s five forces model, which evaluates the level of competition in the market by analysing factors such as bargaining power of buyers and suppliers, threat from substitutes and new entrants. A thorough evaluation of the competitive landscape of the industry has also been provided.
This report provides an exhaustive insight for setting-up and running a soybean oil manufacturing plant. Factors such as land requirement, construction requirement, raw material requirement, labour requirement, machinery requirement, manufacturing process, utility requirement, total capital investment, total operating costs, prices, income projections, expenditure projections, profit margins, net present value, return on investment, payback period, etc. have been comprehensively covered in this report.
The report gives a detailed analysis of the following key players in the global soybean oil market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the soybean oil market based on the Porter's five forces model along with giving a SWOT analysis.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market reached a volume of 60.45 MMT in 2023.
The market is estimated to grow at a CAGR of 1.40% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of 68.51 MMT by 2032.
The increasing application of soybean oil in the food and feed sector, growing demand for high-quality packaged foods, rapid development of fast-food joints, increasing demand from households, and increasing awareness about the health benefits offered by soybean oil are the major drivers of the market.
The key trends in the market include the increasing adoption of soybean oil as an alternative to high fat oils, thriving e-commerce sector, and increasing disposable income.
Food, industrial, and feed, among others, are the different end uses in the market.
Soybean oil contains omega-3 fatty acids and heart-healthy fats, making it a healthy cooking ingredient.
Soybean oil is considered as a healthier option as compared to various other oils, including vegetable oil.
The major regions in the market are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Archer Daniels Midland Company (ADM), Bunge Limited, Cargill, Inc., Wilmar International Ltd., AG Processing Inc. (AGP), Olam Agri Holdings Pte Ltd., Louis Dreyfus Company B.V., CHS Inc, Aceitera General Deheza, and IB Group, among others, are the key players in the soybean oil market, according to the report.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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