The Soybean Oil Market is expected to reach US$ 229.06 billion 2033 from US$ 89.91 billion in 2024, with a CAGR of 10.95% from 2025 to 2033. Increased demand for plant-based oils, increased health consciousness, its use in industrial and food applications, its growing popularity in the manufacture of biodiesel, and the world's growing population are all factors driving the soybean oil market's growth.
Growing demand for plant-based oils, which are renowned for their health benefits like high quantities of omega-3 fatty acids and unsaturated fats, is propelling the expansion of the soybean oil market. The market is growing as a result of its extensive use in food processing, cooking, and the production of different goods, such as biodiesel. Consumption of soybean oil is also increased by the growing emphasis on heart-healthy oils, the world's growing population, and rising income levels. Demand in a variety of industries is also fueled by growing knowledge of its cost and adaptability.
AG Processing Inc. (APG) unveiled plans for its new David City plant in October 2024, with a 2025 opening date. U.S. farmers will gain from this facility's yearly processing of more than 50 million bushels of soybeans, which will increase domestic soybean oil output, improve food security, and strengthen local economies.
Soybean Oil Industry Overview
The soybean plant's seeds are used to make soybean oil, a vegetable oil. Because of its high smoke point and mild flavor, it is frequently used in cooking and food processing. Being high in polyunsaturated fats, it is thought to be a healthier choice than other oils since omega-3 and omega-6 fatty acids are good for the heart. In addition, soybean oil is used in medications, cosmetics, and industrial processes like the manufacturing of biodiesel. It is a common choice in homes and commercial kitchens all around the world because of its adaptability, affordability, and health advantages.Growing demand for plant-based oils, which are renowned for their health benefits like high quantities of omega-3 fatty acids and unsaturated fats, is propelling the expansion of the soybean oil market. The market is growing as a result of its extensive use in food processing, cooking, and the production of different goods, such as biodiesel. Consumption of soybean oil is also increased by the growing emphasis on heart-healthy oils, the world's growing population, and rising income levels. Demand in a variety of industries is also fueled by growing knowledge of its cost and adaptability.
Growth Drivers for the Soybean Oil Market
Expanding Production of Biofuel
The market for soybean oil is expanding due in large part to the increased production of biofuel. For example, an IEA report projects that the demand for biofuel will increase by 38 billion liters between 2023 and 2028, or over 30% more than it was in the preceding five years. In fact, by 2028, the amount of biofuel consumed globally would have increased by 23% to 200 billion liters. One essential feedstock for the manufacturing of biodiesel is soybean oil. Because of environmental regulations and laws, the production of biodiesel derived from soybean oil has been growing, increasing the market's profitability. Biodiesel is a popular substitute for petroleum diesel.Growing Use of Edible Oils in a Range of Food Categories to Fuel Market Development
Globally, the food sector has changed dramatically in recent years. Food producers and processors are making enormous investments in creating cutting-edge goods in order to meet the rising demand from customers. The growing use of edible oils in a variety of goods, including baking, cooking, packaged foods, snacks, and foodservice, is driving the industry's notable expansion. The need for cooking oils in store aisles is another major factor propelling the edible oil industry's expansion. The use of soybean, palm, olive, and coconut oils has expanded due to the growing desire for plant-based diets. The growing customer preference for organic, non-GMO, vitamin-fortified oils to provide nutritious meals is further driving the market growth.Raising Awareness of Health
As customers throughout the world become more health conscious, there is an increase in demand for soybean oil. Nutrient-rich food products are becoming more and more popular, which bodes well for the market. Because of its advantageous fatty acid makeup, soybean oil is seen as a healthier option. For example, a National Library of Medicine paper claims that soybean oil has no effect on oxidation or inflammation markers but lowers circulating cholesterol and the risk of coronary heart disease. The prognosis for the soybean oil market is further positively impacted by these variables.Challenges in the Soybean Oil Market
Competition from Other Oils
The market for soybean oil faces competition from other vegetable oils. Consumers are drawn to oils like palm, canola, sunflower, and olive oil because they are frequently less expensive or because they are thought to offer health advantages. For instance, palm oil is a fierce rival since it is more affordable and frequently utilized in food processing. The competition is further heightened by the rising demand for specialty oils like avocado or coconut oil. In order to preserve market share, producers of soybean oil are under pressure from this competition to innovate and distinguish their goods.Price Volatility
One major issue facing the soybean oil market is price instability. Crop yields, worldwide demand swings, and erratic weather patterns are some of the variables that affect prices. Natural catastrophes such as floods or droughts can lower soybean yields, which raises prices. Price instability may also be made worse by adjustments to government regulations, tariffs, or supply chain interruptions. These variations affect market dynamics by making it challenging for customers to depend on regular pricing and for producers to maintain stable production costs.Soybean Oil Market Overview by Regions
In North America, where the United States is a major producer and consumer, the soybean oil market is robust. Demand is growing in Asia-Pacific as a result of rising consumption in nations like China and India brought on by dietary changes and urbanization. Brazil is one of the main exporters from Latin America, which also makes a substantial contribution. Demand in Europe is consistent, but market dynamics in the region are impacted by competition from other oils, such as palm and sunflower.United States Soybean Oil Market
The market for soybean oil in the US is still expanding due to strong local supply, high usage in cooking, food processing, and biodiesel production. The United States enjoys the advantages of a well-established agricultural infrastructure and cutting-edge processing technologies as one of the world's major producers and exporters of soybean oil. In order to meet Indian regulatory obligations, Wilmar International Limited also said in November 2024 that it will sell a 6.5% interest in Adani Wilmar by February 2025. It is anticipated that this sale will strengthen Wilmar's financial position and promote improvements in the supply and processing of soybean oil.AG Processing Inc. (APG) unveiled plans for its new David City plant in October 2024, with a 2025 opening date. U.S. farmers will gain from this facility's yearly processing of more than 50 million bushels of soybeans, which will increase domestic soybean oil output, improve food security, and strengthen local economies.
Germany Soybean Oil Market
The growing need for vegetable oils in cooking, food processing, and biofuel generation is driving the soybean oil industry in Germany. Due to its low local soybean output, Germany, a major player in Europe, imports a sizable amount of soybean oil. Growing health consciousness has an impact on the industry, as consumers look for plant-based oils high in polyunsaturated fats. Furthermore, demand for soybean oil has increased due to the growing use of biodiesel as a renewable energy source. Despite competition from other vegetable oils such as rapeseed and sunflower oil, soybean oil remains a popular option due to its affordability and adaptability.India Soybean Oil Market
The market for soybean oil in India is growing quickly as a result of the increased need for edible oils in cooking, food processing, and packaged goods. India, one of the biggest importers of vegetable oils, is largely dependent on soybean oil imports, mostly from the United States and Brazil. Growing health consciousness is driving the industry, and customers are choosing soybean oil because of its high unsaturated fat content and heart-healthy qualities. Furthermore, the expansion of the middle class and the foodservice sector also increase consumption.Saudi Arabia Soybean Oil Market
The market for soybean oil in Saudi Arabia is expanding as a result of rising demand for vegetable oils in cooking and food preparation. Because of its many uses, health advantages, and incorporation into processed meals, soybean oil is an important import for the nation. This development is a result of customers becoming more health conscious and switching to plant-based and heart-healthy oils. Additionally, the demand for reasonably priced and nutrient-dense oils like soybean oil is driven by the expanding population and the growing foodservice industry, which supports market expansion.Soybean Oil Market Segment
Type
- Organic
- Conventional
Application
- Cooking & Frying
- Margarine & Shortening
- Salad Dressings & Mayonnaise
- Bakery Products
- Non-Food Applications
Countries
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
Asia-Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
The key players have been analyzed by:
- Overview
- Key Persons
- Recent Development & Strategies
- Financial Insight
Key Players Analysis
- Archer Daniels Midland Company
- Wilmar International Limited
- AAK AB
- Bunge Global SA
- Cargill, Incorporated
- DuPont
- Unilever PLC
- Associated British Foods
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Global Soybean Oil Market
4. Market Dynamics
6. Market Share Analysis
7. Type
8. Application
9. Countries
10. Porter’s Five Forces Analysis
11. SWOT Analysis
12. Key Players Analysis
Companies Mentioned
- Archer Daniels Midland Company
- Wilmar International Limited
- AAK AB
- Bunge Global SA
- Cargill, Incorporated
- DuPont
- Unilever PLC
- 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 | 200 |
| Published | May 2025 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value ( USD | $ 89.91 Billion |
| Forecasted Market Value ( USD | $ 229.06 Billion |
| Compound Annual Growth Rate | 10.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
