The Soybean Oil Market is estimated to reach $69.7 billion by 2030, growing at a CAGR of 4.4% over the forecast period of 2023–2030. Olive oil and soybean oil both contain less saturated fat,
but soybean oil is richer in polyunsaturated fat than olive oil. According to
an article by the Indian Times, the total composition of polyunsaturated fat is 61%
in soybean oil, compared to 9% in olive oil. Soybean oil is consequently
excellent for overall heart health. Thus, most consumers prefer soybean oil
instead of olive oil. Soybean oil is also more beneficial for personal care, as
it is rich in Vitamin E, Omega 3 and Omega 6 fatty acids, manganese, protein
and isoflavones. They have many benefits when it comes to hair and skin health. Extracted from the seeds of the soybean plant, soybean oil is
a type of vegetable oil. According to Crop Watch, soybeans have an oil content
of about 18%. Soybean oil has many applications, including cooking, frying,
salad dressings, margarine, cosmetics, personal care products and biodiesel.
Asia-Pacific dominated the Soybean Oil market with a share of 32% in 2022, as the consumption of soybean oil in the food service industry and households is high. North America is projected to grow at the fastest rate during the forecast period of 2023–2030, owing to the increasing use of Soybean Oil in the production of biodiesel.
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Soybean Oil Market – Driver
- Growing Application of Soybean Oil in Biodiesel Production:
For the manufacturing of biodiesel, Soybean Oil is a significant feedstock. According to an article by Biomass Magazine, the estimated amount of soybean oil needed to produce biofuel in 2021–2022 has grown from the previous month's estimate of 10.2 billion pounds to 10.35 billion pounds. For 2020–2021, 8.92 billion pounds of soybean oil were used to produce biofuels. The usage of straight vegetable oils, especially soybean oil, has been linked to carbon deposits and shorter engine life, according to a number of studies. The use of biodiesel in diesel engines does not have the same drawbacks. The promotion of soybean oil for biodiesel by U.S. soybean farmers through the United Soybean Board (USB) and the establishment of the National Biodiesel Board (NBB) had a significant impact on its use.
In November 2022, Cargill established the Cargill Innovation Center in Gurugram, India to develop cutting-edge solutions that address market trends in the food and beverage (F&B) industry. By working together to provide healthier food options for consumers, Cargill and its F&B clients in India would be able to better understand consumer expectations, translate global industry trends into local applications and accelerate client product innovation pipelines.
Major Players in this Market:
The major companies in the Soybean Oil Industry include Cargill, Louis Dreyfus Company, Wilmar International Limited, Bunge Limited, ADM, Corteva, Ag Processing Inc., Ruchi Soya Industries Limited, LE Group Industries, Agro Food Group and Others.
In May 2022, ADM Group, a global sustainable marketing execution partner, acquired Effectus, a business process and strategy consulting firm, as well as Lapine, a rapidly expanding consumer engagement agency. Lapine and Effectus are anticipated to generate more than $130 million in combined revenues.
Over the years, companies have mainly focused on offering various techniques to extract and produce Soybean Oil with various health benefits. The increasing consumption of soybean oil in cooking and producing biofuels is set to increase the degree of competition, which is one of the major factors set to buoy the Soybean Oil industry during the forecast period 2023–2030.