During the forecast period 2022-2032, the worldwide soybean oil market is expected to grow gradually at a CAGR of 5.1%. The market is expected to grow and reach a global market worth of US$ 21 billion by 2022. Given this consistent expansion and the worldwide market’s brisk demand, the soybean oil market is predicted to reach US$ 34 billion by 2032.
The word “soybean oil” refers to a clear, yellow vegetable oil derived from soybean seeds. It contains a lot of proteins, vitamins, plant sterols, and fatty acids, among other things.
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The low cost of soybean oil is one of the primary factors affecting its huge global demand. Soybean oil is less expensive than the bulk of other edible oils, including groundnut, canola, coconut, and olive oils. As a result, it is immensely popular in price-sensitive markets, particularly in developing countries.
If a person suffers from obesity, high blood pressure, or cardiovascular disease, they may add soybean oil to their diet. Because of increased health consciousness, the market for soybean oil is developing due to a move away from ready-to-eat (RTE) meals and toward home-cooked dishes.
Competitive Landscape:
Archer Daniels Midland Company announced in May 2021 the building of North Dakota’s first specialized soybean crusher and refinery plant. The $350 million crushing and refining plant will be located in Spiritwood, North Dakota, and will process 150,000 bushels of soy per day using cutting-edge automated technology. Because of its ideal position in a key soybean-producing region and ADM’s strong worldwide logistical network, the plant will have access to both international and domestic markets for soybean oil and flour. The facility is expected to be completed before the harvest in 2023.
Key Players:
- Ruchi Soya Industries Ltd.
- The Adani Wilmar Ltd.
- Archer Daniels Midland Company
- Associated British Foods (Ach)
- Bunge Limited
- Beidahuang Group
- Cargill Inc.
- Borges Mediterranean Group
- Adams Group
- Fuji Vegetable Oil Inc.
- Olympic Oils Limited
- American Vegetable Oils Inc.
- Marico Limited
- Ach Food Companies Inc
- ConAgra Foods (Agrotech Foods Ltd)
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Regional Analysis:
During the projection period, the US market would be the most profitable for soybean oil. According to Fact.MR, the US market will have a 45% market share in 2022. According to the US Energy Information Agency, an increasing part of soybean oil consumed in the US is transformed into biodiesel, which currently accounts for roughly 30% of domestic soybean oil disposal.Federal biofuel standards and other reasons forced a larger amount of domestic soybean oil output to be used as a biofuel feedstock, along with increased biodiesel production. Soybean oil usage in the United States is expected to reach 10 million metric tons by 2021.
China has emerged as one of the most profitable markets for the marketing of soybean oil, with the greatest CAGR projected between 2022 and 2032. The Chinese market for soybean oil is estimated to increase at a 5.2% CAGR over the forecast period. In 2020, China’s population used around 11.77 million metric tons of soybean oil. With growing use of this oil, the numbers are projected to skyrocket.
As a consequence of increased urbanization and a growing number of health-conscious customers, the market for soybean oil in this region is booming. Following a forecast reduction to 82.5 MMT in FY 19-20, China’s crushing production increased to 85 MMT in FY 20-21. Such advancements will almost certainly increase demand in this geographical market.
Key Segments of Industry:
- By Product :
- Processed
- Virgin
- By End User :
- Foodservice
- Food Processor
- Retail
- By Distribution Channel :
- Modern Trade Channels
- Franchise Outlets
- Specialty Stores
- Online Distribution Channels
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