The ‘Global Soybean Oil Market Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global soybean oil market, assessing the market on the basis of its segments like end use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Soybean Oil Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 1.5%
The increasing use of soybean oil in household cooking is driving the demand for the product. It is versatile and can be applied in various cooking methods such as frying, baking, and roasting. In addition, it provides remarkable health benefits such as promotion of bone health, improved skin health, and reduction of cholesterol. Hence, the increasing inclination towards health and fitness is propelling the soybean oil market. Moreover, soybean oil has a high smoke point and low cost making it suitable for deep-frying in cooking.
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Soybean oil can be recommended for the heart patients due to the presence of polyunsaturated fatty acids in the oil which reduces the risk of heart diseases. Meanwhile, soybean oil also contains omega-3 fatty acids aid in treating depression. Therefore, the increasing awareness about the health benefits offered by the product is further bolstering the demand for soybean oil.
The rising applications of soybean oil in caulks and mastics is another crucial driving factor of the soybean oil market. Over the forecast period, the anticipated increase in demand for caulks and mastics as adhesives and sealants in the construction sector, fuelled by rapid urbanisation across developing countries, is likely to accelerate the production of soybean oil.
Moreover, soybean oil is also utilised in the agriculture sector to formulate insecticides. In this regard, the thriving agricultural sector is offering lucrative opportunities to the market.
Soybean Oil Industry Definition and Major Segments
Soybean oil is defined as a type of oil which is procured from the seeds of soybean plants. Soybean oil contains polyunsaturated, monosaturated, and unsaturated fats. It is used extensively in the food and beverage industry as a cooking oil because it is a high source of energy.
On the basis of end use, the market can be segmented into:
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Soybean Oil Market Trends
The key trends in the global soybean oil market include the increasing use of the product in the animal feed industry to fulfil the requirements of energy for young animals such as piglets and chicks. In addition, the increasing incorporation of added fat in feeds to increase the dietary energy and to bolster the growth of farm and poultry animals is further enhancing the application of soybean oil in this industry.
Geographically, the Asia Pacific accounts for a significant share in the soybean oil market due to the thriving food and beverage industry which is boosting the sale of premium packaged soybean oil. The increasing expansion of online sales channels across developing economies, such as India and China, is providing impetus to the market, by improving access to the product.
Key Market Players
The major players in the Global Soybean Oil Market are :
- Bunge North America, Inc.
- Cargill, Incorporated
- CHS Inc.
- Ag Processing Inc.
- Louis Dreyfus Company
- Wilmar International Ltd.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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