The ‘Global Soybean Oil Market Price, 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 analyses 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)
• Historical Market Size (2022): 59.62 MMT
• Forecast CAGR (2023-2028): 1.4%
• Forecast Market Size (2028): 64.80 MMT
The growing prevalence of obesity and significant overweight population base is significantly contributing to the growth of the soybean oil market. The rapid development of fast-food joints and the increasing demand for soybean oil from households are the key drivers leading to the rapid growth of the market. Furthermore, soybean oil is used in the manufacturing of plant-oil based food items and salad dressings like mayonnaise and margarine, which is likely to expand the usage of soybean oil in the packaged food items market and as an edible oil.
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The food end use segment of the soybean oil market is likely to bolster in the forecast timeline, due to the global rise in hotel-chains, restaurants, and food joints. The increasing adoption of dining-out culture, the high-smoke point of soy oil, and its cost-effectiveness have substantially aided the growth of this market. Besides, the increased industrial usage of soybean oil in the paint sector for the production of dyes and putties as a quick-dying oil has further bolstered the growth of this market.
Soybean Oil Industry Definition and Major Segments
Soybean oil is the oil extracted from soybean plant, which is majorly used as a cooking oil and often used by mixing with other oils like safflower, canola and sunflower oils. It is widely used for various cooking purposes like baking, frying and as condiments for salads as it is loaded with vitamin E and polyunsaturated fatty acids, which help in improving the overall heart health. Soybean oil also has industrial applications such as lubricants, coatings, adhesives, and solvents.
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On the basis of end use, the market is segmented into:
• Food
• Feed
• Industrial
• Other
Based on region, the market is classified into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Soybean Oil Market Trends
The rising health awareness among the growing population is surging the demand for soybean oil as an alternative to high-in-fat oils, thus bolstering the soybean oil market. The thriving e-commerce sector and the growing usage of soybean oil in biodiesel are the key trends propelling the growth of this market. The development of low-linolenic soybean oil is reducing the intake of fatty acids, thus improving its functionality in processed foods and leading to the expansion of this market.
Soybean oil is also widely used as a high energy feed additive in order to provide essential proteins to farm animals, which is likely to boost the demand for soybean oil for feed end uses.
The increasing geriatric population and the prevalence of Alzheimer’s disease has led to the shifting preference of a sizeable population towards soybean oil, in line with its ability to boost cognitive health and treat neurogenerative and cerebrovascular disorders. Besides, soybean oil is a rich source of vitamin K and calcium, which promotes recovery, lowers risks of bone diseases, and stimulates bone reforming, which is increasing its demand and leading to the overall growth of the soybean oil market. The growing expenditure in the research and development of soybean oil is projected to lead to the robust growth of this market.
Key Market Players
The major players in the global soybean oil market report are Archer Daniels Midland Company (ADM), Bunge Limited, Cargill, Inc., Wilmar International Ltd., AG Processing Inc. (AGP), Olam Agri Holdings Pte Ltd., Louis Dreyfus Company B.V., CHS Inc., Aceitera General Deheza, and IB Group, among others.
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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