According to Renub Research’s latest report titled “Global Soybean Oil Market Report Forecast 2024-2032”, the Global Soybean Oil Market is projected to grow at a CAGR of 10.95%, reaching US$ 206.50 billion by 2032, up from US$ 81.04 billion in 2023. Soybean oil, a rich source of Omega-6 and Omega-3 fatty acids, plays a significant role in regulating cholesterol metabolism, improving digestion, and preventing artery narrowing. These health benefits have made soybean oil a widely used cooking ingredient globally.
Market Drivers
The growth of the soybean oil market is driven by several factors, including:
- Affordability: Soybean oil is more cost-effective compared to other edible oils like olive oil, canola oil, and coconut oil, making it popular in price-sensitive markets, particularly in developing regions.
- Health Benefits: Increasing awareness about heart health, obesity, and high cholesterol is leading to a growing number of consumers incorporating soybean oil into their diets.
- Diverse Applications: Beyond its culinary uses, soybean oil is employed in various industries. In the food industry, it is used in products like mayonnaise, margarine, and potato chips. In the non-food industry, soybean oil is essential for the production of biodiesel, plastics, resins, and animal feed.
Key Consuming and Producing Countries
Countries such as China, Brazil, the United States, and India are major producers and consumers of soybean oil. China stands out as the world’s largest soybean oil producer and consumer. As China’s population and economy grow, so does the demand for vegetable oils, particularly soybean oil, driven by the country’s evolving cultural and economic landscape.
In the United States, the rise in biodiesel production has fueled soybean oil consumption, making it the most widely produced and consumed edible oil. The versatility of soybean oil in high-heat cooking processes like frying and roasting makes it a preferred choice in American households and restaurants.
Globally, Argentina leads as a major exporter of soybean oil, with key destinations for its exports including India, Morocco, Bangladesh, Peru, and China. India, a significant importer of soybean oil, relies heavily on imports from countries like Brazil, Ukraine, Argentina, and Russia to meet its edible oil demands.
Impact of COVID-19
The COVID-19 pandemic temporarily reduced the demand for biofuels, affecting the soybean oil market. However, its competitive price against sunflower and palm oil, coupled with the increasing focus on environmental standards, positions soybean oil for growth as demand for biofuels rebounds. Despite supply chain disruptions during the pandemic, the soybean oil market is expected to see significant growth post-lockdown as consumers return to eating out and consuming processed foods.
Competitive Landscape
Key players in the global soybean oil market include:
- Kerry Group
- Fuji Oil Company
- Archer Daniels Midland
- Cargill Foods
- CHS Inc.
- Adam Group
- SunOpta Inc.
- Pulmuone Co. Ltd.
- House Foods Group Inc.
- Bunge Limited
For instance, Archer Daniels Midland launched a new soybean crushing and refinery plant in North Dakota in 2021 to meet the growing demand for food, biofuel, and industrial applications.
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Market Segmentation
The soybean oil market is segmented as follows:
- Consumption: Major consuming countries include China, United States, Brazil, India, European Union, and Argentina.
- Production: Major producing countries include China, United States, Brazil, Argentina, and India.
- Imports: Key importing countries include India, China, Algeria, Bangladesh, and Morocco.
- Exports: Leading exporting countries are Argentina, Brazil, United States, and the European Union.
About Renub Research
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