Soybean Oil Market Drivers, Size And Growth Insights 2024-2033

Overview and Scope

Soybean oil is a vegetable oil extracted from soybeans, a species of legume native to East Asia, used in cooking and food processing due to its neutral flavor and versatility. Soybean oil is rich in polyunsaturated fats, including omega-3 and omega-6 fatty acids, making it beneficial for heart health when consumed in moderation.

 

Sizing and Forecast

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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Segmentation & Regional Insights

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

 

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.

 

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Major Driver Impacting Market Growth

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.

 

Key Industry Players

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.

 

The soybean oil market report table of contents includes:

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
6. Soybean Oil Market Segmentation
7. Soybean Oil Market Regional And Country Analysis

…………….

34. Key Mergers And Acquisitions In The Soybean Oil Market
35. Soybean Oil Market Future Outlook and Potential Analysis
36. Appendix

 

List Of Tables:

Table 1: Global Historic Market Growth, 2018-2023, $ Billion

Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion

Table 3: Global Soybean Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 4: Global Soybean Oil Market, Segmentation By Ingredients, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 5: Global Soybean Oil Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

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Table 76: Cargill Incorporated Financial Performance

Table 77: Archer Daniels Midland Company Financial Performance

Table 78: Wilmar International Limited Financial Performance

Table 79: Bunge Limited Financial Performance

Table 80: Unilever plc Financial Performance

 

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