Oilseeds Market by Oilseed Type, Product, and Biotech Trait - Global Opportunity Analysis and Industry Forecast 2017-2023
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Oil seeds are crops or seeds cultivated for the extraction of edible oil for households and industrial purposes. The edible oil produced from oilseeds is used as feedstock for biodiesels production. The residual content of oilseeds is called as oil cake, and is used as animal feed. Copra, cottonseed, palm kernel, peanut, rapeseed, soybean, and sunflower seed are the major oilseeds used for extraction of oil.
Advancement in agricultural biotechnology has led to wider acceptance of genetically modified (GM) seeds, thereby increasing the area under cultivation of GM seeds across the globe. This helped to reduce the expenses to manage crop biotic stresses, such as weeds, insects, and microbial pests, leading to strong commercial success. Moreover, proactive government initiatives and surge in national & international associations to increase the agricultural production of oil to meet the need for food products are anticipated to fuel the market growth.
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In 2016, the soybean segment generated the highest revenue in the global market, registering a CAGR of 2.5% from 2017 to 2023. Moreover, in terms of volume, this segment accounted for three-fifths share of the global market in 2016. Increase in production of soybean is due to its increased applications in production of edible oil, fatty acids, soaps, biodiesels, and animal feed.
However, uncertainty in climatic conditions leads to the lower production of oilseeds resulting in fluctuation of prices. Thus, continued volatility in the prices of oilseeds may restrain the growth of the market. Moreover, rise in demand for vegetable oil/edible oil produced from oil seeds in the manufacturing of biodiesel is expected to provide lucrative opportunities to the market players.
In terms of value, Asia-Pacific and LAMEA collectively contributed more than two-thirds share of the global market in 2016.
The key players operating in the global oilseeds market are
•Archer Daniels Midland Company
•Bayer Cropscience AG
•Burrus Seed Farm
•Dow Agrosciences LLC.
•E. I. du Pont de Nemours and Company
•Gansu Dunhuang Seed Co. Ltd.
•Hefei Fengle Seed Co. Ltd.
•Krishidhan Seeds Pvt. Ltd.
•KWS Saat AG, and
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Increase in the global consumption of soybean has led to its higher production, especially in Brazil and Argentina driving the market growth during the forecast period.
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