Global Soybean Oil Market Analysis
As per the Renub Research latest report titled "Global Soybean Oil Market Report Forecast By Consuming Countries (United States, China, Argentina, Bangladesh, Others), Producing Countries (Brazil, European Union, India, Mexico, Others), Importing Countries, Exporting Countries, Application (Food, Non-Food), Company Analysis 2024-2032" Global Soybean Oil Market The Global Soybean Oil Market will grow with a CAGR of of 10.95% between 2024 and 2032. The Global Soybean Oil Industry will reach US$ 206.50 Billion by 2032, up from US$ 81.04 Billion in 2023. Vegetable oils are the most critical source of fat in the human diet. The product evaluation criteria are essential for customers and suppliers in the demanding and competitive edible fats and oils marketplace. Soybean oil is very widespread with the rich value of Omega 6 and Omega 3. Those fatty acids regulate cholesterol metabolism and lipid and prevent narrowing in artery veins. Additionally, its high content of vitamin B makes digestion more accessible, and this feature prevents chronicle digestion problems and constipation. For those reasons, refined soybean oil is widely utilized worldwide.
As a result, soybean oil helps prevent osteoporosis, manage heart health, improve immunity, boost skin and eye health, lower cholesterol levels, and reduce the threat of cognitive disorders. Through the years, soybean oil has evolved as a preferred choice for cooking in restaurants and households because of its neutral taste, high smoke point, and negligible saturated fat content.
Soybean Oil Industry Drivers:
- One of the primary aspects propelling the demand for soybean oil globally is its reasonable price. Soybean oil is relatively less costly than most other edible oils such as canola oil, coconut oil, olive oil, and groundnut oil. As a result, it is immensely favored in price-sensitive markets, particularly in the developing regions.
- Nowadays, buyers who suffer from obesity, high cholesterol, and cardiovascular diseases are incorporating soybean oil in their food. Rising health-consciousness has created a shift from ready-to-eat (RTE) products to home-cooked items, further catalyzing the growth of the soybean oil industry.
- Aside from its health benefits, soybean oil has various valuable properties, on account of which it is employed in non-food applications and several foods. In the food industry, soybean oil is utilized to prepare shortening, mayonnaise, potato chips, sauces, dressings, margarine, non-dairy creamers, and whipped toppings. In contrast, in the non-food industry, soybean oil is used for manufacturing plastics, biodiesel, resins, caulks, mastics, insecticides, and animal feed.
China driving the top consuming and producing countries:
By consuming and producing, countries like China, Brazil, the United States, and India are the primary producer and consumers of soybean oil globally. China is the world's most significant soybean oil producer; the demand for soybean oil has increased even more rapidly. With the continued growth of the economy and the increases of the total population, the consumption of vegetable oils is growing year by year; the top vegetable oils consumed in China as a whole are soybean oil, it is evolving increasingly westernized cultural and economic aspects drive China's patterns of soybean oil consumption and production unique.
Regardless, biodiesel leads to an increase in the consumption of soybean oil in the United States. Soybean oil is the most broadly produced and consumed edible oil in the United States. This makes soybean oil a good choice for high-heat cooking processes like baking, frying, sautéing, and roasting, as it can withstand high temperatures without breaking down.
Globally, Argentina is a more prominent exporter of soybean oil; the main destinations of Argentina's exports on soybean oil were India, Morocco, Bangladesh, Peru, and China. Further, India represents the critical soybean oil-importing country; it does not even produce half of its edible oil requirements, mainly due to high seed cost, rained conditions, smallholding with limited resources, low productivity and low seed replacement rate. India has to rely on imports soybean oil to meet the gap between demand and supply. India imports soybean oil specifically from Brazil, Ukraine, Argentina, and Russia. India imports crude soybean oil from the crushing capacities especially in Argentina.
COVID-19 Scenario Analysis:
The soybean oil market shows steady growth, despite the COVID-19 pandemic cut demand for biofuel. In addition, the competitive cost of soybean oil, against the cost for sunflower and palm oil, combined with increasingly robust environmental standards, the potential growth in demand for biofuel and signals real opportunities for further developing the soybean oil industry. Additionally, the manufacturers face problems as the raw materials supply has been affected due to the lockdown of international boundaries.
Moreover, the soybean oil market will grow significantly once the restrictions are lifted. Demand for soybean oils will increase after the lockdown as consumers will demand to eat outside foods.
Related Report :
Key Companies:
The soybean oil market is consolidated, with global players like Kerry Group and Fuji oil company, Archer Daniels Midland, Cargill Foods, CHS Inc, Adam Group, SunOpta Inc., Pulmuone Co. Ltd, House Foods Group Inc., and Bunge Limited. For instance, in 2021, Archer Daniels launched the manufacture of North Dakota's first reliable soybean crushing and refinery plant to fulfill the fast-growing need from biofuel, food, feed, and industrial customers, including producers of renewable diesel.
Market Summary:
- Consumption - This report covered by Consuming Country in the global soybean oils by breakup by 9 Sub-segments (China, United States, Brazil, India, European Union, Argentina, Bangladesh, Mexico, Others)
- Production –Renub research report covered by producing Country in the global soybean oils by breakup by 8 Sub-segments (China, United States, Brazil, Argentina, European Union, India, Mexico and Others)
- Import - We have covered by importing Country in the global soybean oils by breakup by 10 Sub-segments (India, China, Algeria, Bangladesh, Morocco, Peru, European Union, South Korea, Columbia, Others)
- Export – Our report covered by exporting Country in the global soybean oils by breakup by 8 Sub-segments (Argentina, Brazil, United States, European Union, Paraguay, Russia, Bolivia, Others)
- All the key players have been covered from 3 Viewpoints (Business overview, Recent Development, Sales Analysis) Kerry Group and Fuji oil company, Archer Daniels Midland, Cargill Foods, CHS Inc, Adam Group, SunOpta Inc., Pulmuone Co. Ltd, House Foods Group Inc., and Bunge Limited
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