Oilseeds Market Outlook
According to the report by Expert Market Research (EMR), the Global Oilseeds Market Size reached a value of approximately USD 286.52 billion in 2022. Aided by the mounting demand for vegetable oils and protein-rich food products and the broadening uses of oilseeds in various industries, the market is projected to further grow at a CAGR of 6% between 2023 and 2028 to reach a value of USD 406.41 billion by 2028.
Oilseeds, including soybeans, sunflowers, rapeseeds, and others, are primarily cultivated for the extraction of oil and protein-rich meal. These seeds are known for their high nutritional content, and the extracted oil is commonly used for cooking, while the remaining meal serves as a key source of protein for animal feed.
The escalating consumer inclination towards protein-rich food products is a significant driver of the global oilseeds market growth. Owing to the growing awareness of the health benefits associated with protein intake, there has been a marked shift towards protein-rich diets, leading to a surge in demand for oilseed-based products. The global focus on health and wellness has further fuelled the popularity of oilseeds, as they are extensively used in protein supplements consumed by health enthusiasts and athletes.
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Oilseeds find widespread applications across various industries, contributing significantly to the oilseeds market expansion. In the food industry, oilseeds are used as ingredients in a variety of products, such as spreads, snacks, and bakery products, due to their nutritional benefits and taste-enhancing properties. In the pharmaceutical sector, oilseeds are valued for their beneficial compounds like phytosterols, which are associated with lowering cholesterol levels.
Furthermore, the rising demand for plant-based alternatives in the food and beverage industry has led to an increased emphasis on oilseeds as a potential source of protein for plant-based products. With the rise of veganism and the growing popularity of plant-based diets, oilseeds have surfaced as a crucial element in the formulation of dairy-free alternatives, thereby bolstering the oilseeds market growth.
The biodiesel industry’s expansion also plays a role in propelling the market growth. The increasing environmental concerns and the necessity for renewable energy sources have led to a greater demand for biofuels, including biodiesel. As a result, oilseeds, especially rapeseed and soybean, which are used as primary sources for biodiesel production, have seen increased demand, thus propelling the oilseeds market demand.
Oilseeds Market Segmentation
The market can be divided based on product, type, biotech trait, and region.
Market Breakup by Product
- Animal Feed
- Edible Oil
Market Breakup by Type
- Genetically Modified
- Conventional
Market Breakup by Biotech Trait
- Herbicide Tolerant
- Insecticide Resistant
- Other Stacked Trait
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global oilseeds companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Archer Daniels Midland Company
- Bayer AG
- Cargill, Incorporated
- Bunge Limited
- Others
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