Soybean Oil Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global soybean oil market reached a volume of 61.30 MMT in 2024. The market is expected to grow further at a CAGR of 1.40% between 2025 and 2034 to reach a volume of 70.44 MMT by 2034.

The extensive applications of soybean oil in the food sector is driving the market demand. Excellent functionality, superior resistance to oxidation, and extended shelf-life of soybean oil benefits the food manufacturers as it supports smooth manufacturing of high-quality packaged foods. Hence, the increasing sale of premium packed food products, supported by rising disposable incomes, is contributing to the expansion of soybean oil market size. Soybean oil provides superior aroma, great texture, and delicious appearance to various types of food items such as cakes, chips, burgers, pizzas, cookies, pies, and breads, among others. In this regard, the rapid development of fast-food joints across the emerging economies is expected to improve the soybean oil market outlook over the coming years.

Key Trends and Developments

The soybean oil market is growing, driven by increasing demand for sustainable and environmentally friendly practices, advancements in processing technology, a rising preference for healthier oils, and expansion in biofuels and industrial applications.

December 2024

Fastmarkets and Intercontinental Exchange (ICE) launched the ICE used cooking oil (UCO) Gulf futures contract to address rising demand and complexities in the biofuel feedstock market. The contract provides risk management solutions and exposure to UCO price movements, supporting participants across the biofuel supply chain, including traders and biodiesel producers.

July 2024

Louis Dreyfus Company (LDC) relaunched its Vibhor edible oil brand in India. The refreshed product line includes refined soybean, palm olein, cottonseed, mustard oil, and premium vanaspati, enriched with vitamins A and D. LDC aims to expand Vibhor's presence across India by 2026, targeting both rural and urban markets.

February 2023

Mintec proposed launching new daily Mintec Benchmark Prices (MBP) for Argentinian Soybean Oil. The assessment would reflect the transactable value at 16:00 London time, providing greater clarity on price movements. Mintec sought feedback from market participants until 28th February 2023 to finalise the specification.

May 2022

Goodyear introduced its first city transit tires, the Metro Miler G152 and G652, made with a sustainable soybean oil compound. This innovation replaced a portion of petroleum-based materials, reducing petroleum usage in production. The tires offer the same performance benefits while supporting Goodyear's sustainability goals.

Sustainability and Environmentally Friendly Practices is Influencing Soybean Oil Market Dynamics and Trends

The soybean oil market is increasingly emphasising sustainability, with a focus on eco-friendly production methods. The growing demand for low-carbon, sustainable oil is driven by consumer preferences and regulatory pressures. Manufacturers are incorporating renewable energy and recycled materials, shaping production practices. India, ranked 6th in production during 2023 (1.59 million metric tons), ensures a stable supply, boosting trade opportunities and stabilising prices both locally and internationally.

Technological Advancements in Processing is Impacting the Soybean Oil Market Revenue

Technological advances in extraction and refining processes are enhancing soybean oil production. Methods like cold pressing and supercritical fluid extraction improve oil purity and yield while minimising waste. These innovations support efficiency gains, allowing manufacturers to meet rising global demand for high-quality, cost-effective oil. Biosynthetic Technologies launched a synthetic motor oil from high-oleic soybean oil, which reduces sludge, enhances fuel economy, and offers environmental benefits. Certified by API and USDA, the oil demonstrated superior performance in fleet tests.

Rising Demand for Healthier Oils is Boosting the Soybean Oil Market Growth

As consumers prioritise healthier dietary choices, the demand for healthier oils, particularly soybean oil, is increasing. Rich in polyunsaturated fats and omega-3 fatty acids, soybean oil is seen as a healthier alternative to saturated fats. This shift is accelerating its use in food products like cooking oils, salad dressings, and processed foods. In 2023/2024, China produced 17.74 million metric tons of soybean oil, accounting for 28% of global production, influencing global prices and demand, as reported by the USDA.

Growth in Biofuels and Industrial Applications is Driving Soybean Oil Market Expansion

The rising use of soybean oil in biofuel production is a key market driver. Soybean oil is increasingly used in biodiesel due to government incentives for cleaner energy. It is also gaining popularity in industrial sectors, including cosmetics and personal care products, due to its sustainable sourcing and versatility. According to the World Agricultural Supply and Demand Estimates (WASDE), the US soybean oil export forecast for 2024-25 increased by 46%, highlighting significant market expansion.

Market Segmentation

Soybean oil is the second most important vegetable oil (after palm oil) consumed globally. A great majority of the world's soybeans are processed or crushed every year to produce soybean meal and oil, while remaining are used directly for human consumption.

On the basis of end use, the market is divided into:

• Food
• Industrial
• Feed

Market breakup by region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Soybean Oil Market Share

The high oleic soybean oil market share has been witnessing growth over the past few years, which can be attributed to the improved fat profile of the product which improves heart health. According to the soybean oil market analysis, soybean oil possesses a high smoke point, supports bone health, and contains omega-3 fatty acids. Therefore, the increasing demand for soybean oil as a healthy alternative to oils with high saturated fat content, is likely to influence the soybean oil market chart. In addition, the increasing inclination towards health and fitness among the young population is anticipated to be a crucial soybean oil market trend, heightening the adoption of soybean oil.

In geographical terms, the North America soybean oil market is likely to attain a healthy growth in the forecast period. The soybean oil price forecast in this region is likely to be influenced by the growing consumption of fast-food in the United States and Canada. In addition, the soybean oil futures market witnessed steady growth at the start of 2024 which has had a positive impact on the soybean oil price international market. In addition, increased export of soybean oil from the United States is likely to improve the volatility of the soybean oil market price across the globe.

In November 2023, Cargill Inc announced the acquisition of soybean processor and refiner Owensboro Grain Company aimed towards expanding the oilseed crush capacity of the company to cater to the growing demand from food and feed sector, among others. This is a critical soybean oil market news which influenced the soybean oil price forecast 2023.

The soybean oil market is currently being driven by increasing demand of soybean meal for livestock products which has, thus, contributed considerably to the rise in soy oil production and surge in the demand of soybean oil. Other advantages such as easy availability, competitive prices, eco-compatibility and various nutritional benefits of soy oil are the factors that are providing impetus to the soybean oil global market. This report by Expert Market Research entitled “Soybean Oil Market Report and Forecast 2025-2034” provides a comprehensive analysis for anyone who plans to foray into the industry.

Historical market trends for the market have been provided from 2018-2024 and forecasts have been presented till 2032. On a regional level, the Asia-Pacific currently represents the largest market. Within Asia-Pacific, China and India currently represent significant markets. Additionally, the report has analysed the market on the basis of end-use. Food sector represents the biggest end-use sector followed by Industrial and feed sector.

Soybean Oil Market Analysis

The value chain analysis of soybean oil has also been covered in this report encompassing all the activities in the value chain such as procurement, manufacturing, sales and distribution. Furthermore, the study assesses the market based on Porter’s five forces model, which evaluates the level of competition in the market by analysing factors such as bargaining power of buyers and suppliers, threat from substitutes and new entrants. A thorough evaluation of the competitive landscape of the industry has also been provided.

This report provides an exhaustive insight for setting-up and running a soybean oil manufacturing plant. Factors such as land requirement, construction requirement, raw material requirement, labour requirement, machinery requirement, manufacturing process, utility requirement, total capital investment, total operating costs, prices, income projections, expenditure projections, profit margins, net present value, return on investment, payback period, etc. have been comprehensively covered in this report.

Competitive Landscape

The soybean oil market key players are involved in the grain and oilseed industries, producing and distributing food, ingredients, and biofuels. They cater to global customers across the food, energy, and agriculture sectors, offering agricultural products, food, and industrial solutions while prioritising food security and sustainability. They also process and trade edible oils, grains, and sugar, with a strong presence in oilseeds, food products, and renewable energy.

Archer Daniels Midland Company (ADM)

Headquartered in Illinois, United States, Archer Daniels Midland Company was established in 1902. ADM is a global leader in agricultural processing, with operations spanning food, beverages, and biofuels. The company provides essential ingredients and products to various industries, including nutrition, agriculture, and chemicals.

Bunge Limited

Bunge Limited, founded in 1818 and based in Missouri, United States is a leading global agribusiness and food company. Bunge operates in the grain and oilseed industries, producing and distributing food, ingredients, and biofuels. The company serves customers across the food, energy, and agriculture sectors worldwide.

Cargill, Inc.

Cargill, Inc., established in 1865 and headquartered in Minnesota, United States is one of the largest privately held corporations globally. It provides agricultural products, food, and industrial solutions, with a focus on improving food security and sustainability. Cargill operates across a wide range of sectors, including energy and chemicals.

Wilmar International Ltd.

Wilmar International Ltd., founded in 1991 and headquartered in Singapore, is a leading agribusiness group in Asia. It engages in the processing and trading of edible oils, grains, and sugar, with a significant presence in oilseeds, food products, and renewable energy. Wilmar is also a major producer of palm oil.

Other key players in the soybean oil market report are AG Processing Inc. (AGP), Olam Agri Holdings Pte Ltd., Louis Dreyfus Company B.V., CHS Inc., Aceitera General Deheza, and IB Group, among others.