Global Soybean Oil Market, By Product Type (Organic Soybean Oil, and Conventional Soybean Oil), Application (Margarine, Frozen Foods, Salad Dressings, Shortenings, Baked Food, Cosmetics and Personal Care Products, Animal Agriculture, and Others), Ingredients (Omega-3 Fats, Vitamin E, Low Saturated Fats, and Polyunsaturated Fats), Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Wholesaler/Distributor, and Neighbourhood Stores), End User (Commercial and Household) – Industry Trends and Forecast to 2031.
Soybean Oil Market Analysis and Size
The soybean oil market sees significant advancement with innovative extraction techniques and diversified applications. Its versatile use in food, cosmetics, and biofuels underscores its economic benefits. Enhanced production methods amplify yields, meeting growing demand sustainably. As a result, stakeholders reap the benefits of increased profitability and market expansion, driving continual evolution in the soybean oil industry.
Data Bridge Market Research analyses that the global soybean oil market size was valued at USD 53.16 billion in 2023, is projected to reach USD 75.02 billion by 2031, with a CAGR of 4.40% during the forecast period 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016 - 2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Organic Soybean Oil, and Conventional Soybean Oil), Application (Margarine, Frozen Foods, Salad Dressings, Shortenings, Baked Food, Cosmetics and Personal Care Products, Animal Agriculture, and Others), Ingredients (Omega-3 Fats, Vitamin E, Low Saturated Fats, and Polyunsaturated Fats), Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Wholesaler/Distributor, and Neighbourhood Stores), End User (Commercial and Household)
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Countries Covered
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U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa
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Market Players Covered
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DSM (Netherlands), ADM (U.S.), DuPont (U.S.), Cargill Incorporated. (U.S.), CHS Inc. (U.S.), Kerry Group plc (Ireland), Wilmar International Ltd (Singapore), Devansoy Inc. (U.S.), Blue Diamond Growers (U.S.), Dean Foods (U.S.), Eden Foods Inc. (U.S.), House Foods America Corporation. (U.S.), The Hain Celestial Group (U.S.), Pulmuone Foods USA (U.S.), Vitasoy International Holdings Limited. (Hong Kong), and Tofurky (U.S.)
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Market Opportunities
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Market Definition
Soybean oil, extracted from soybeans, is a versatile cooking oil prized for its neutral flavor and high smoke point. It is widely used in food processing, frying, and salad dressings, and it's also a common ingredient in margarine and shortening. Nutritionally, it is rich in polyunsaturated fats and vitamin E, making it a popular choice for health-conscious consumers.
Soybean Oil Market Dynamics
Drivers
- Growing Global Demand for Edible Oils
Soybean oil usage in the food sector, as a cooking oil, experiences escalating demand due to burgeoning global population and evolving dietary preferences, notably in emerging markets. This surge underscores the pivotal role of soybean oil in meeting the culinary needs of an expanding populace with diverse consumption patterns.
- Rising Prevalence of Obesity
The global demand for soybean oil is propelled by the increasing prevalence of obesity, primarily attributed to the high consumption of junk food. Countries such as India, Germany, China, the U.S., and the U.K. with significant obese populations drive this demand. Soybean oil's capacity to enhance metabolism and combat unhealthy fats resonates with the growing health-conscious trend among consumers worldwide.
Opportunities
- Growing Awareness about the Benefits
Growing awareness of soybean oil benefits is fueling market expansion. Its versatile applications, including paints, sealants, bio-composites, biodiesel, and catalysts, contribute significantly to its growing demand. This diversification beyond traditional uses underscores its importance as a key driver for market growth. For instance, as awareness of health-conscious dietary choices grows, consumers increasingly turn to soybean oil as a versatile and heart-healthy cooking oil alternative. Food manufacturers are also reformulating products to include soybean oil due to its nutritional benefits and versatility.
- Advancement in Technology
Advancements such as genetically modified soybeans, boasting higher yields and enhanced resistance to pests and diseases, revolutionize soybean oil production. These innovations optimize efficiency, impacting market dynamics significantly. Improved crop performance bolsters supply, moderates prices, and reinforces the soybean oil market's resilience amidst evolving agricultural challenges and consumer demands.
Restraints/Challenges
- High Price of the Soybean Oil
Soybean oil prices experience volatility driven by various factors, including weather conditions impacting crop yields, demand fluctuations, geopolitical tensions, and currency exchange rate fluctuations. These factors create uncertainty in the market, influencing price dynamics and posing challenges for stakeholders to manage risks associated with price fluctuations.
- Substitute Products
The soybean oil market faces challenges from substitute products such as alternative vegetable oils or synthetic oils. If these alternatives provide better pricing, performance, or perceived health benefits, they can threaten soybean oil's market share. This competition can impact the stability and profitability of the soybean oil industry.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In August 2021, ADM and Marathon Petroleum Corp announced a joint venture aimed at meeting the increasing demand for soybean oil used in the production of renewable diesel oil. The partnership seeks to capitalize on the growing popularity of renewable fuels and leverage the benefits of soybean oil as a key feedstock for sustainable energy solutions
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Soybean Oil Market Scope
The market is segmented on the basis of product type, application, ingredients, end user, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Organic Soybean Oil
- Conventional Soybean Oil
Application
- Margarine
- Frozen Foods
- Salad Dressings
- Shortenings
- Baked Food
- Cosmetics and Personal Care Products
- Animal Agriculture
- Others
Ingredients
- Omega-3 Fats
- Vitamin E
- Low Saturated Fats
- Polyunsaturated Fats
Distribution Channel
- Supermarket/Hypermarket
- Convenience Stores
- Wholesaler/Distributor
- Neighbourhood Stores
End User
- Commercial
- Household
Soybean Oil Market Regional Analysis/Insights
The market is analyzed and market size insights and trends are provided by country, product type, application, ingredients, end user, and distribution channel as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa.
Asia-Pacific is expected to dominate the soybean oil market due to increasing demand for residential, commercial, and food industry purposes. Its versatile applications in food and confectionery industries further drive growth, establishing the region as a key market player.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Soybean Oil Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to bakery and confectionery food colors market.
Some of the major players operating in the market are:
- DSM (Netherlands)
- ADM (U.S.)
- DuPont (U.S.)
- Cargill Incorporated. (U.S.)
- CHS Inc. (U.S.)
- Kerry Group plc (Ireland)
- Wilmar International Ltd (Singapore)
- Devansoy Inc. (U.S.)
- Blue Diamond Growers (U.S.)
- Dean Foods (U.S.)
- Eden Foods Inc. (U.S.)
- House Foods America Corporation. (U.S.)
- The Hain Celestial Group (U.S.)
- Pulmuone Foods USA (U.S.)
- Vitasoy International Holdings Limited. (Hong Kong)
- Tofurky (U.S.)
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