Soybean Oil Market size will be a US$ 122.67 Billion by 2028, according to the report. Due to its high smoke point and affordable price, it is the second-largest source of vegetable oil worldwide. Soap, candles, inks, paints, and varnishes are all made with this light-yellow oil that is extracted from soybeans using a solvent. Soybean oil is favored as a cost-effective cooking oil option because it has a neutral flavor that blends well with food. The demand for soybean oil is rising globally because of its widespread use in the production of margarine, mayonnaise, salad dressings, sauces, and snack foods.Global Soybean Oil Market was valued at US$ 97.83 Billion in 2022
Soybean oil is in high demand and supply worldwide due to people's growing awareness of how to improve their health and the functionality of essential bodily organs. A number of health advantages of soybean oil include maintaining a healthy body weight, lowering the ratio of cholesterol to overweight, and enhancing immune system performance. A significant source of vitamins, proteins, fatty acids, and plant sterols, among other essential nutrients, can be found in soybean oil.
It is anticipated that between 2022 and 2028, the Global Soybean Oil Market will grow at a CAGR of 3.84%.
Soybean oil helps to improve immunity, lower the risk of cognitive impairment, prevent osteoporosis, boost skin and eye health, and manage cholesterol levels. Degumming, refining, bleaching, and deodorizing additional stages of crude soybean oil processing yield refined soybean oil. Soybean oil is the most traded vegetable oil in international markets, second only to palm oil. The National Commodity and Derivatives Exchange Limited (NCDEX) estimate that 24% of all vegetable oil consumption is made up of soybean oil. In 2023, Argentina soybean oil holds a wholesale price span of about $2.45 to $3.15 consistent with kilogram, equal to $1.11 to $1.43 according to pound (lb), according to Selina Wamucii. Asia-Pacific location, the price of Soybean Oil was envisioned to be USD 1377/MT at the give up of Q4 for FOB Shanghai (China) in March 2023, according to ChemAnalyst.com.
The numerous uses of soybean oil in the food industry are boosting demand. Soybean oil's superior functionality, resistance to oxidation, and long shelf life are advantageous to food producers because they facilitate the efficient production of packaged foods of the highest quality. As a result, the market for soybean oil is growing as a result of rising disposable incomes and an increase in the sale of premium-packaged food items. Cakes, chips, burgers, pizzas, cookies, pies, and breads, among added food items, gain from the loftier aroma, great texture, and mouthwatering looks of soy oil. In this regard, it is anticipated that the outlook for the soybean oil market will improve over the ensuing years due to the rapid development of fast-food outlets across emerging economies. As a result, Soybean oil market was valued at US$ 97.83 Billion in 2022.
Consumption of soybean oil is rising because of the desire for processed foods and the American economy.
China, the United States, Brazil, India, Argentina, the European Union, Mexico, Bangladesh, Egypt, Algeria, Iran, South Korea, Peru, Morocco, Japan, and Others are the consuming nations in the global soybean oil market. Soybean oil drives the massive and expanding United States market for processed foods, as it is used in baked goods, salad dressings, and fried foods. Health-conscious people are substituting soybean oil for other cooking oils due to greater awareness of the benefits of this oil as a rich source of heart-healthy polyunsaturated fats. The United States soybean industry is growing due to government initiatives like tariffs on imported vegetable oils and subsidies for soybean farmers. The favorable weather conditions have also helped increase soybean production across the nation.
China has a monopoly on the production of soybean oil on a global scale
According to the nations that produce the product, the world's market for soybean oil is split between China, the United States, Brazil, Argentina, the European Union, India, Mexico, and others. China's cropland area and soybean production increased to record levels as a result of Beijing's ongoing efforts to increase domestic food security in the face of escalating geopolitical tensions. Higher yields of soybean oil can be produced, processed, and distributed thanks to modern agricultural techniques and China's sophisticated industrial infrastructure. China, a significant exporter, has quick access to important Asian markets as a result of its advantageous location. Chinese soybean oil is very competitive internationally due to its extensive and economical production.India supplies the vast majority of the world's imports of soybean oil
India, China, Bangladesh, Peru, Morocco, Algeria, the European Union, South Korea, Colombia, Egypt, and Others make up the pinnacle ten importers of soybean oil. Due to its increasing economy and rising well-known of dwelling, India, the second one-largest customer of safe to eat oils, is experiencing an boom in Demand for soybean oil and different oils. Furthermore, because factors like drought and pests have decreased home soybean production, there is a more want for imports of cost-effective soybean oil. Import quotas and subsidies for importers of soybean oil are just two of the guidelines the Indian authorities has in region to inspire and facilitate imports.Brazil and the United States are most important export in the Soybean Oil Market
By Export Countries, the global soybean oil market consists of Argentina, Brazil, the European Union, Russia, Paraguay, Bolivia, Turkey, and others. The aggressive soybean oil exports of Brazil improved dramatically because of low fees, shipping 168,654 heaps among January and May 2023. The Brazilian authorities supports this competitiveness via imparting tax breaks for soy exporters and farmer subsidies, and favorable climate situations, such as above-average rainfall in 2020, increase soybean yields. Brazil is in a very good function to fulfill this developing demand for soybean oil given its significant manufacturing ability and favorable climate conditions. This is due to the fact soybean oil is widely utilized in lots of products, consisting of cooking oil, margarine, and salad dressings, which is using up demand for the oil globally.Key Players
Archer- Daniels, Wilmar, AAK (Aarhuskarlshamn), Bunge, Cargill, Sime Darby, Unilever, Associated British Foods are the foremost corporations in the global soybean oil market.This latest report “Global Soybean Oil Market, Consumption (China, United states, Brazil, India, Argentina, European Union, Mexico, Bangladesh, Egypt, Algeria, Iran, South Korea, Peru, Morocco, Japan, and Others), Production (China, United States, Brazil, Argentina, European Union, India, Mexico, and Others), Import (India, China, Bangladesh, Peru, Morrocco, Algeria, European Union, South Korea, Colombia, Egypt, and Others), Export (Argentina, Brazil, European Union, Russia, Paraguay, Bolivia, Turkey, and Others), Companies (Archer- Daniels, Wilmar, AAK (Aarhuskarlshamn), Bunge, Cargill, Sime Darby, Unilever, Associated British Foods)” provides a detailed analysis of Global Soybean Oil Market.
Market & Volume - Global Soybean Oil Consumption has been covered from sixteen viewpoints.
1. China2. United states
3. Brazil
4. India
5. Argentina
6. European Union
7. Mexico
8. Bangladesh
9. Egypt
10. Algeria
11. Iran
12. South Korea
13. Peru
14. Morocco
15. Japan
16. Others
Production - Global Soybean Oil Market has been covered from eight viewpoints.
1. China2. United States
3. Brazil
4. Argentina
5. European Union
6. India
7. Mexico
8. Others
Import - Global Soybean Oil Market has been covered from eleven viewpoints.
1. India2. China
3. Bangladesh
4. Peru
5. Morrocco
6. Algeria
7. European Union
8. South Korea
9. Colombia
10. Egypt
11. Others
Export - Global Soybean Oil Market has been covered from eight viewpoints.
1. Argentina2. Brazil
3. European Union
4. Russia
5. Paraguay
6. Bolivia
7. Turkey
8. Others
Company Insights has been covered from three viewpoints.
- Overview
- Recent Development
- Sales Analysis
Company Analysis
1. Archer- Daniels2. Wilmar
3. AAK (Aarhuskarlshamn)
4. Bunge
5. Cargill
6. Sime Darby
7. Unilever
8. Associated British Foods
Table of Contents
1. Introduction2. Research & Methodology3. Executive Summary5. Soyabean Oil Market
4. Market Dynamics
6. Soyabean Oil Volume
7. Market Share - Soyabean Oil Analysis
8. Volume Share - Soyabean Oil Analysis
9. Countries - Soyabean Oil Market & Volume Analysis
10. Producing Countries - Volume Analysis
11. Exporting Countries - Volume Analysis
12. Importing Countries - Volume Analysis
13. Porter’s Five Forces
14. SWOT Analysis
15. Key Player Analysis
List of Figures
List of Tables
Companies Mentioned
- Archer- Daniels
- Wilmar
- AAK (Aarhuskarlshamn)
- Bunge
- Cargill
- Sime Darby
- Unilever
- Associated British Foods
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 300 |
| Published | August 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 97.83 Billion |
| Forecasted Market Value ( USD | $ 122.67 Billion |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
