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Soybean Oil Market Size, Share, Trends | Growth Report
Soybean Oil Market Size
As per the report, the soybean oil market size has grown strongly in recent years. It will grow from $58.03 billion in 2023 to $62.00 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The soybean oil market size is expected to see strong growth in the next few years. It will grow to $81.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
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Growing Demand For Healthier Food Options Driving Soybean Oil Market Growth
The growing demand for healthier food options is expected to propel the growth of the soybean oil market going forward. Healthier food refers to nutrient-dense food items that provide essential vitamins, minerals, and other beneficial nutrients. The demand for healthier food is due to increasing health awareness, changing lifestyles, and social and environmental concerns. Soybean oil is integral to healthier food choices owing to its reduced saturated fat content and abundant omega-3 and omega-6 fatty acids promote better heart health and overall wellness. For instance, in May 2022, according to an online survey among 1,005 Americans ages 18 to 80. conducted by the International Food Information Council, a US-based non-profit organization, around 52% of participants followed a specific diet or eating pattern, up from 39% in 2021. Therefore, the growing demand for healthier food options is driving the growth of the soybean oil market.
Strategic Partnerships Drive Growth In The Soybean Oil Market
Major companies operating in the soybean oil market are focusing on a strategic partnership approach to be competitive in the market. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in July 2023, the Missouri Soybean Merchandising Council (MSMC), a US-based organization that directs the investment of Missouri soy checkoff, and Seedway LLC, a US-based seed company, made a new licensing agreement to mark a significant advancement for SOYLEIC soybean cultivation, making non-GMO high oleic soybean oil more readily available throughout the United States. This expansion will address the growing need for superior-quality oils in response to rising demand by expanding soybean production in New York and Ohio to boost the supply and accessibility of heart-healthy, high-oleic soybean oil.
The soybean oil market covered in this report is segmented -
1) By Product Type: Organic Soybean Oil, Conventional Soybean Oil
2) By Ingredients: Omega-3 Fats, Vitamin E, Low Saturated Fats, Polyunsaturated Fats
3) By Distribution Channel: Supermarket Or Hypermarket, Convenience Stores, Wholesaler Or Distributor, Neighborhood Stores
4) By Application: Margarine, Frozen Foods, Salad Dressings, Shortenings, Baked Food, Cosmetics And Personal Care Products, Animal Agriculture, Other Applications
5) By End User: Commercial, Household
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Major companies operating in the soybean oil market report are Cargill Incorporated, Archer Daniels Midland Company, Wilmar International Limited, Bunge Limited, Unilever plc, Louis Dreyfus Company, Cenex Harvest States Cooperative, Associated British Foods, DuPont de Nemours Inc, Ajinomoto Co. Inc., DSM Integrated, Kerry Group plc, Ruchi Soya Industries Limited , Hain Celestial Group, Blue Diamond Growers , Vitasoy International Holdings Limited , SunOpta Inc., Ag Processing Inc., Parrish and Heimbecker Limited, Nisshin OilliO Group Ltd, Pulmuone Foods, Bulk Apothecary, House Foods America's , Tofurky, Devansoy Inc.
Contents of the report:
1. Executive Summary
2. Soybean Oil Market Report Structure
3. Soybean Oil Market Trends And Strategies
4. Soybean Oil Market - Macro Economic Scenario
5. Soybean Oil Market Size And Growth
…..
27. Soybean Oil Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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