The soybean oil global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Soybean Oil Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The soybean oil market size has grown strongly in recent years. It will grow from $58.03 billion in 2023 to $62.00 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to the industrialization of agriculture, demand for animal feed, food processing industry, biotechnology, and genetic engineering, global trade and market liberalization, and biofuel mandates and policies.
The soybean oil market size is expected to see strong growth in the next few years. It will grow to $81.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to population growth and urbanization, rising demand for protein, shifts in dietary patterns, climate change and weather risks, and health and nutrition. Major trends in the forecast period include increasing demand for protein, expansion of biofuel production, growing livestock industry, shifts in global trade dynamics and emerging markets, and dietary shifts.
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Scope Of Soybean Oil Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Soybean Oil Market Overview
Market Drivers –
The growing demand for healthier food options is expected to propel the growth of the soybean oil market going forward. Healthier food refers to nutrient-dense food items that provide essential vitamins, minerals, and other beneficial nutrients. The demand for healthier food is due to increasing health awareness, changing lifestyles, and social and environmental concerns. Soybean oil is integral to healthier food choices owing to its reduced saturated fat content and abundant omega-3 and omega-6 fatty acids promote better heart health and overall wellness. For instance, in May 2022, according to an online survey among 1,005 Americans ages 18 to 80. conducted by the International Food Information Council, a US-based non-profit organization, around 52% of participants followed a specific diet or eating pattern, up from 39% in 2021. Therefore, the growing demand for healthier food options is driving the growth of the soybean oil market.
Market Trends –
Major companies operating in the soybean oil market are focusing on a strategic partnership approach to be competitive in the market. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in July 2023, the Missouri Soybean Merchandising Council (MSMC), a US-based organization that directs the investment of Missouri soy checkoff, and Seedway LLC, a US-based seed company, made a new licensing agreement to mark a significant advancement for SOYLEIC soybean cultivation, making non-GMO high oleic soybean oil more readily available throughout the United States. This expansion will address the growing need for superior-quality oils in response to rising demand by expanding soybean production in New York and Ohio to boost the supply and accessibility of heart-healthy, high-oleic soybean oil.
The soybean oil market covered in this report is segmented –
1) By Product Type: Organic Soybean Oil, Conventional Soybean Oil
2) By Ingredients: Omega-3 Fats, Vitamin E, Low Saturated Fats, Polyunsaturated Fats
3) By Distribution Channel: Supermarket Or Hypermarket, Convenience Stores, Wholesaler Or Distributor, Neighborhood Stores
4) By Application: Margarine, Frozen Foods, Salad Dressings, Shortenings, Baked Food, Cosmetics And Personal Care Products, Animal Agriculture, Other Applications
5) By End User: Commercial, Household
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Regional Insights –
North America was the largest region in the soybean oil market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the soybean oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the soybean oil market report are Cargill Incorporated; Archer Daniels Midland Company; Wilmar International Limited; Bunge Limited; Unilever plc; Louis Dreyfus Company; Cenex Harvest States Cooperative; Associated British Foods; DuPont de Nemours Inc; Ajinomoto Co. Inc.; DSM Integrated; Kerry Group plc; Ruchi Soya Industries Limited ; Hain Celestial Group; Blue Diamond Growers ; Vitasoy International Holdings Limited ; SunOpta Inc.; Ag Processing Inc.; Parrish and Heimbecker Limited; Nisshin OilliO Group Ltd; Pulmuone Foods; Bulk Apothecary; House Foods America’s ; Tofurky; Devansoy Inc.
Table of Contents
1. Executive Summary
2. Soybean Oil Market Characteristics
3. Soybean Oil Market Trends And Strategies
4. Soybean Oil Market – Macro Economic Scenario
5. Global Soybean Oil Market Size and Growth
…..
32. Global Soybean Oil Market Competitive Benchmarking
33. Global Soybean Oil Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Soybean Oil Market
35. Soybean Oil Market Future Outlook and Potential Analysis
36. Appendix
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