Global Soybean Oil Market Report Forecast By Consuming Countries, Producing Countries, Importing Countries, Exporting Countries, Application, Company Analysis 2024-2032

Global Soybean Oil Market Size

The Soybean Oil Market are expected to be worth US$ 206 .50 billion by 2032, up from US$ 81.04 billion in 2023. This anticipated growth will be a Compound Annual Growth Rate of 10.95 Between 2024 and 2032. Market pushes for edible oil are a result of an upward trend in demand, the use in numerous industries, and general global consciousness on health and anointing.

Global Soybean Oil Industry Outlooks

Soybean oil is an edible oil obtained from the seeds of the soybean plant or Glycine max. It is used in three out of the four main food preparation methods in the world and is lauded for it bland taste and moderate price. The oil is thereby made by treating the soybeans through cracking and heating and then using a solvent or mechanical press to extract the oil. Subsequent to the extraction of the oil, refining, bleaching and deodorizing methods are employed in order to enhance the quality and to increase the stability of the oil.

Soybean oil is used in many ways for the benefit of humanity in industries all over the world. It is used widely in the food industry as an ingredient for processing foods, in the preparation of cooked food through frying and boiling among others, as well as added in preparing baked products, salad dressings, margarine and many others. Soybean oil has immense utility in the industrial field too Light and vehicle industries use soybean oil in a large scale Every industry requires oil and soybean oil fulfills that requirement completely. It is an important ingredient in the synthesis of biodiesel which provides a fuel substitute for petroleum products. Manufacturing application of Soybean oil gives plastics, lubricants, and other chemical products. Because of its emollient nature, soybean oil is incorporated into cosmetic and personnel care products, shampoos and soaps among other products. Also, it is used in the production of medicine where it is used as solvent for oil soluble drugs. Because of its availability, affordability and utility, soybean oil is a vital product in the global market and commerce hence; producing and consumption of the product is on the rise due to the ever-rising global demand for vegetable oil.

Driving Forces of the Soybean Oil Market

Growing Demand for Biofuels:

Biofuel is a renewable source of energy that has gained much attention across the world and one major ingredient used in the production of the biofuel is the soybean oil. Nowadays, such states as the USA, Brazil, several states of Europe require blending of biodiesel that increases the demand for the identified product - soybean oil. This trend is expected to remain as more countries desire to cut carbon emission and decrease the use of fossil fuels. Due to the favorable characteristics that include versatility, low cost and access to soybean oil, biofuel producers also integrate the soybean oil feedstock to the market thus an added advantage to the growth of the market. May 2022, Goodyear Tyre & Rubber Company has substituted some of the petroleum-based components which it uses to manufacture some of its most famous Metro Miler city transit tyres using a bio-based soybean oil polymer. The step is a successional to supplant petroleum-derived oils entirely by the year 2040.

Expanding Food Processing Industry:

The significant growth of the food processing sector across the globe is one of the biggest catalysts anticipating the soybean oil market. With change in lifestyle, and population density rising through urbanization, more and more processed foods and convenience foods are being consumed and soybean oil is used in most processed foods. It can be used for frying, baking, producing salad dressings and sauces; it does not splatter when heated, is not susceptible to polymerization, and has a relatively long shelf life. Also, expanding fast-food industry in developing nations is driving demand for soybean oil as well as the need for healthier cooking oils is increasing. Due to the compatibility of the oil in various food products and cheaper to other vegetable oils, the food industry will keep on using it and hence steady market growth.

Health and Nutritional Trends:

Soybean oil market is affected by trends in consumer awareness about health and nutrition and the shift to healthier products. Soybean oil is partially hydrogenated and it has been on the controversy of its health effects and those of the industrialized healthier versions. An example is the high-oleic soybean oil with better stability and improved fatty-acid balance which is highly desirable in today's society as far as food healthiness is concerned, and more to that, it has no trans-fat. First of all, the extremely rich content of polyunsaturated fats that include omega three fatty acids is compliant to trade recommendations. Moreover, the shifting trend of enhanced consumption of the plant-based diets also enhances the market for soybean oil indirectly because with more demand for soybean for protein the oil will be produced more. These food safety and health improvement-oriented factors redesign products sold and stimulate product development in soybean oil market.

Asia Pacific Soybean Oil Market

Currently, the Asia Pacific Soybean Oil Market is on an upward gradient due to the following factors, higher population growth rates and an increasing level of disposable income affects the increased demand for processed foods and cooking-oils in the region. Soybean oil is consumed and imported enormously by china and to some extent by India. Market rises over the steady growth of the food processing in the countries like Indonesia, Vietnam and Thailand etc. At the same time, there is an increasing demand for vegetable oils due to their improving health profile for soybean oil in some markets. Ongoing discussions include integration of BMD's soy option with CLS and plans by BMD, the world's largest palm oil exchange, to launch a soy oil futures contract in March 2024 in order to arbitrage between soy and palm oil.

Bio fuel segment especially in the Indonesia and Malaysia lift the market growth as the government has set their policies to enhance the utilization of renewable fuels. However, it is facing challenges such as fluctuation in the market prices occasioned by volatility of Soybean production: Competition from other vegetable oils such as palm oil.

Global Soybean Oil Company Analysis

The key players in the soybean oil industry are Archer Daniels Midland Company, Wilmar International Limited, AAK AB, Bunge Global SA, Cargill, Incorporated, DuPont, Unilever PLC, and Associated British Foods.

Global Soybean Oil Company News

March 2023 - According to Bunge Limited and Corteva Agriscience, significant progress has been made in producing more nutrient-dense soybean meals for the animal feed market, specifically for aqua, swine, and poultry feed.

May 2022 - In order to address the growing demand for oilseeds in the feed, fuel, and food industries both locally and worldwide, Cargill announced plans to build a new soybean processing factory in Pemiscot County, Missouri, near Hayti and Caruthersville.

May 2021 - In order to meet the rapidly increasing demand from customers in the food, feed, industrial, and biofuel sectors-including those who manufacture renewable diesel-Archer Daniels Midland Company announced plans to construct North Dakota's first-ever specialized soybean crushing plant and refinery.

April 2021 - The announcement of a joint venture between ADM and Marathon Petrolium Corp to generate soybean oil was made in response to the growing demand for sustainable diesel fuel.

Consuming Countries - Market breakup in 8 viewpoints:

1. United States

2. China

3. India

4. European Union

5. Argentina

6. Mexico

7. Bangladesh

8. Others

Producing Countries - Volume breakup in 8 viewpoints:

1. China

2. United States

3. Brazil

4. Argentina

5. European Union

6. India

7. Mexico

8. Others

Importing Countries - Volume breakup in 10 viewpoints:

1. India

2. Bangladesh

3. Peru

4. Morocco

5. European Union

6. Algeria

7. China

8. Iran

9. South Korea

10. Colombia

Exporting Countries - Volume breakup in 7 viewpoints:

1. Argentina

2. Brazil

3. European Union

4. Russia

5. Paraguay

6. Bolivia

7. Turkey

Application - Market breakup in 2 viewpoints:

1. Food

2. Non-Food

All the key players have been covered from 4 Viewpoints:

• Business Overview
• Key Persons
• Recent Development & Strategies
• Financial Insights

Key Players Analysis:

1. Archer Daniels Midland Company

2. Wilmar International Limited

3. AAK AB

4. Bunge Global SA

5. Cargill, Incorporated

6. DuPont

7. Unilever PLC

8. Associated British Foods