Categories: Food & Beverages

Global Oilseed Farming Market Thrives

The Oilseeds Global Market Report 2023 by The Business Research Company, provides oilseeds market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Oilseeds Global Market Report 2023, the market size will grow from $268.13 billion in 2022 to $290.01 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oilseeds market size is expected to grow to $378.56 billion in 2027 at a CAGR of 6.9%.

The growing usage of oilseeds in animal feed is expected to propel the growth of the oilseed market going forward. Oilseeds are a rich source of oil, fatty acids, vitamins, minerals, protein, and fiber, all of which are often employed in the extraction of oil. Following the extraction of oil from oilseeds, the nutrient-dense pulp is transformed into oilcake or meals and fed to dairy farm animals to improve the product and quality of milk while also reducing feed requirements.

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The oilseeds market is segmented:

1) By Oilseed Type: Copra, Cottonseed, Palm Kernel, Peanut, Rapeseed, Soybean, Sunflower Seed, Other Oilseed Types

2) By Biotech Trait: Herbicide Tolerant, Insecticide Resistant, Other Stacked Trait

3) By Category: Genetically Modified, Conventional

4) By Application: Oilseed Meal, Vegetable Oil, Other Applications

5) By End-Use Industry: Food Industry, Personal Care and Cosmetic, Pharmaceutical, Other End Users

Rising government initiatives are a key trend gaining popularity in the oilseeds market. Governments across the world are taking an indicative to improve the production of oilseeds and cut costly vegetable oil imports. For instance, in August 2021, the government of India launched a National Mission on Oilseeds and Oil Palm, a strategy to increase local oilseed output and become self-sufficient in edible oil. Through the National Mission on Oilseeds and Palm Oil, the government will invest more than 110 billion rupees ($1.48 billion) to provide farmers with everything they need, including better seeds and technology.

The oilseeds market report table of contents includes: