Key companies covered in soybean oil market are Archer Daniels Midland Company (Illinois, U.S.), Associated British Foods, plc (London, U.K.), Bunge (Missouri, U.S.), Cargill, Inc. (Minnesota, U.S.), Louis Dreyfus Company (Rotterdam, Netherlands), Wilmar International Limited (Singapore), DuPont (Delaware, U.S.), Unilever plc (London, U.K.), AMAGGI Group (Cuiaba, Brazil), SunOpta, Inc. (Brampton, Canada) and more players profiled.
Pune, India, May 10, 2023 (GLOBE NEWSWIRE) -- The global soybean oil market size was USD 46.72 billion in 2020 and is projected to grow from USD 48.16 billion in 2021 to USD 60.08 billion by 2028, exhibiting a CAGR of 3.21% during the forecast period of 2021-2028.
This information is published by Fortune Business Insights, in its report, titled, “Soybean Oil Market, 2021-2028.”
The global soybean oil market is expected to witness significant growth in the coming years, primarily driven by the increasing demand for plant-based food products and the rising trend of healthy eating habits among consumers. Soybean oil is a versatile and affordable cooking oil that is rich in omega-3 fatty acids and vitamin E, making it a popular choice among health-conscious individuals. In addition, the growing adoption of soybean oil in the food industry for the production of snacks, baked goods, and confectionery items is further expected to drive market growth. According to our researchers, the rising utilization of soybean oil by food processors and foodservice outlets for baked as well as fried food products or to trade as cooking oil in packed bottles drives the market growth.
Our reports are processed with a comprehensive analysis approach that primly accentuates on supplying specific material. Our scholars have employed a data evaluation approach, which further aids us to offer dependable assessments and test the overall market dynamics precisely. Further, our experts have received admittance to several international as well as locally sponsored records for providing up-to-date information in order for the stakeholders and business experts to invest only in fundamental areas.
Segmentation:
On the basis of application, the market is segregated into Cooking & Frying, Margarine & Shortening, Salad Dressings & Mayonnaise, Bakery Products, and Non-Food Applications.
Geographically, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints:
Extending Food Usage of Soybean Oil to Foster Market Growth
Oils and fats sector is perceiving ensuring growth throughout the world accredited to their growing usage in food manufacturing and processing. As per the USDA, this type of oil is the second-biggest ingested vegetable oil in the globe. It is expansively used for frying, cooking, shortenings, and margarines. Soybean oil utilization has also amplified across bakery sector, which substantially drives the soybean oil market growth.
However, the market is hugely impacted by the obtainability of several other oilseeds that can be utilized as a substitute or an alternative for this oil. Moreover, the rising consciousness concerning nutritional and healthy oils such as olive oil among users has substantially impacted the utilization of soy oil across retail passages.
Disorder in Supply Chain of Product to Impede Market Growth during COVID-19 Pandemic
The spread of the COVID-19 pandemic and global lockdown procedures have resulted in a minor influence on soybeans. Nevertheless, soy oil, one of the prime by-products of soybean processing, has fronted a reduced ingestion, primarily owing to the effect of the pandemic on foodservice sector, which is a most extensive user of vegetables. Similarly, as the fuel demand compacted, biodiesel usage and other soybean oil products also deteriorated.
Regional Insights:
Speedily surging markets in Asia Pacific such as China and India have considerably augmented soy oil ingestion over the last few years. The amplified buying power of Chinese and Indian users has contributed to striking rises in usage as they can afford to buy extensive amount of oil. Asia Pacific held the largest soybean oil market shares in 2020.
This market is observing encouraging growth in North America. The U.S. is the principal consumer of soy oil owing to the quickest developing and escalating food processing industry.
South America is undergoing substantial growth in this market as Brazil and Argentina are prominent producers and exporters of soy oil.
Competitive Landscape:
Acquisitions and Mergers to Assist Vital Players Foster in Market
Important players in the market employ effective tactics along with the guidance from their expert advisors to regulate majority shares in the market and institute a brand name for their company. One such approach to commercialize their brand name is to acquire other corporations to receive additional fiscal achievements.
April 2021: Cargill, Inc. delared to capitalize USD 25 million to extend its actions of soybean crush factory based in Fayetteville to augment soybean oil manufacturing.
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