According to IMARC Group’s latest report, titled “Soybean Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global soybean oil market size reached 60.0 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 67.6 Million Tons by 2028, exhibiting a growth rate (CAGR) of 1.9% during 2023-2028.
Soybean oil represents a clear yellow type of lubricant extracted from the seeds of the soybean. It is a rich source of vital nutrients, including vitamins, proteins, fatty acids, and plant sterols. Soybean oil is preferred for cooking in households and restaurants, owing to its neutral taste, high smoke point, and negligible saturated fat content. In addition, it aids in improving immunity, preventing osteoporosis, managing heart health, boosting skin and eye health, lowering cholesterol levels, reducing the threat of cognitive disorders, etc. As a result, soyabean oil finds widespread applications across various sectors, such as residential, feed, commercial, industrial, food and beverage (F&B), etc.
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Soybean Oil Market Trends:
The escalating product demand, on account of the affordable price compared to other edible oils, including olive, coconut, and groundnut, is among the primary factors driving the soyabean oil market. Besides this, the increasing need for home-cooked items in place of ready-to-eat (RTE) commodities, owing to the rising number of health issues, such as obesity, cardiovascular diseases, and high cholesterol in individuals and the changing consumer dietary habits, is further augmenting the market growth. Moreover, the growing popularity of soyabean oil as a sustainable replacement for petrochemicals and carcinogens in several industrial applications is also catalyzing the global market. Apart from this, the elevating product requirement in the food and beverage (F&B) sector for preparing margarine, mayonnaise, sauces, potato chips, non-dairy creamers, whipped toppings, etc., is acting as another significant growth-inducing factor. Furthermore, the introduction of this lubricant in manufacturing resins, caulks, plastics, biodiesel, insecticides, animal feed, etc., is expected to bolster the soyabean oil market in the coming years.
Soybean Oil Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the soybean oil market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Archer Daniels Midland Company
- Bunge Limited
- Cargill, Incorporated
- Louis Dreyfus Company B.V.
- Wilmar International Limited
Key Market Segmentation:
The report has segmented the global soybean oil market on the basis of end-use and region.
Breakup by End-Use:
Breakup by Region:
- United States
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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