The global Soybean Oil market stood at approximately 63 million tonnes in 2023 and is anticipated to grow at a CAGR of 2.63% during the forecast period until 2034.
Soybean oil serves as a versatile ingredient with multifaceted applications across numerous industries. In the realm of food production, it stands as a staple cooking oil renowned for its neutral taste, high smoke point, and cost-effectiveness, making it a preferred choice for frying, baking, and salad dressings alike. Its presence extends beyond the kitchen, permeating various food products such as margarine, mayonnaise, sauces, baked goods, snacks, and processed meats, contributing to both flavour and texture. Beyond the culinary sphere, soybean oil finds utility in industrial applications, notably in biofuel production, lubricants, paints, coatings, plastics, and adhesives, owing to its renewable nature and advantageous properties. In the agricultural sector, soybean oil plays a vital role in animal feed formulations, supplying essential fatty acids and energy to livestock and poultry. The widespread adoption of soybean oil across these diverse industries underscores its significance as a versatile and indispensable commodity, essential for culinary, industrial, and personal care purposes alike. With its array of applications and favourable characteristics, soybean oil remains a cornerstone ingredient in various products worldwide, contributing to its enduring relevance and demand.
The surge in health consciousness among consumers, buoyed by a deeper understanding of the nutritional benefits offered by soybean oil, particularly its rich content of unsaturated fats and omega-3 fatty acids, is a primary driver propelling market demand. Positioned as a healthier option compared to conventional cooking oils, soybean oil's perceived health advantages are fuelling its rising popularity among health-conscious consumers. Simultaneously, expanding food industry, propelled by factors like population growth, urbanization, and evolving dietary preferences, is a significant catalyst driving the demand for soybean oil. Recognized for its versatility as both a cooking oil and an ingredient, soybean oil is increasingly favoured across a spectrum of food products. The escalating demand for processed and convenience foods further amplifies its consumption, cementing its pivotal role in the food industry's expansion trajectory. Furthermore, the industrial sector is witnessing a notable surge in the adoption of soybean oil for various applications, including biofuels, lubricants, and oleochemicals. Its renewable nature and favourable properties make it an attractive choice, particularly amidst mounting concerns regarding sustainability and environmental impact. This growing emphasis on eco-friendly solutions is driving a discernible shift towards soy-based alternatives, further bolstering the demand for soybean oil in industrial applications. The global Soybean Oil market is likely to reach approximately 83.4 million tonnes in 2034.
Based on region, Asia Pacific region is likely to hold the largest market share in terms of consuming Soybean Oil. In 2023, Asia Pacific region held about 43% of the Soybean Oil market. The Asia Pacific region is poised to assert dominance in the soybean oil market due to several key factors. Firstly, the region has a large and growing population, coupled with rising disposable incomes and urbanization. This demographic trend drives increased consumption of edible oils, including soybean oil, as it is a staple in Asian cuisines. Additionally, the Asia Pacific region is a major producer of soybeans, with countries like China, India, and Indonesia being significant contributors to global soybean production. This proximity to the source of raw materials provides a competitive advantage in terms of production costs and supply chain efficiency. Furthermore, the Asia Pacific region is experiencing rapid industrialization and economic growth, leading to a rise in the demand for soybean oil in various industrial applications such as biodiesel production, lubricants, and oleochemicals.
Based on the end-user industry, the global Soybean Oil market is divided into Food, Paints & Coatings, Biofuel, and Others. Among these, Food Industry is the major segment and held about 80% of the global Soybean Oil market in 2023 and is anticipated to prevail the similar trend in the upcoming years.
Major players in the Global Soybean Oil market are DSM, ADM, DuPont, Cargill Incorporated, CHS Inc., Kerry Group plc, Wilmar International Ltd, The Nisshin OilliO Group, Ltd., Ruchi Soya Industries Ltd., Ag Processing Inc., Devansoy Inc., Blue Diamond Growers, Dean Foods, Eden Foods Inc., House Foods America Corporation, The Hain Celestial Group, Pulmuone Foods USA, Vitasoy International Holdings Limited, Tofurky, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Soybean Oil which covers production, demand and supply of Soybean Oil market in the globe.
• To analyse and forecast the market size of Soybean Oil
• To classify and forecast Global Soybean Oil market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Soybean Oil market in the globe.
To extract data for Global Soybean Oil market, primary research surveys were conducted with Soybean Oil manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Soybean Oil market over the coming years.
ChemAnalyst calculated Soybean Oil demand across the globe by analyzing the volume of Soybean Oil consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Soybean Oil manufacturers and other stakeholders
• Organizations, forums and alliances related to Soybean Oil distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Soybean Oil manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Soybean Oil market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
63 million tonnes
Market size Volume in 2034
83.4 million tonnes
Growth Rate
CAGR of 2.63% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in million tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Manufacturing Process.
Segments covered
By End-Use: (Food, Paints & Coatings, Biofuel, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Soybean Oil in terms of volume in 2023?
Ans:
The global market size of Soybean Oil has reached approximately 63 million tonnes in 2023.
Q2.
Which industry is the leading end-user industry of Global Soybean Oil market?
Ans:
Food Industry is the leading end-user industry of Global Soybean Oil market.
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