Global Soybean Oil Market Report and Forecast 2024-2032

Global Soybean Oil Market Size

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 1.4% between 2024 and 2032 to reach a volume of 68.51 MMT by 2032.

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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.

Soybean Oil Market Share

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.

Properties and Applications

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.

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On the basis of end use, the market is divided into:

• Food

• Industrial

• Feed

The report also covers the regional soybean oil markets in North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Soybean Oil Market Analysis

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.

Competitive Landscape

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:

• 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

• IB Group

• Others

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.

Key Highlights of the Report

Soybean Oil Market Report Snapshots

Soybean Oil Market Size

Soybean Oil Market Analysis

Soybean Oil Companies