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Global Soybean Oil Market to Reach $87.63 Billion by 2029, Growing at 7.1% CAGR
Global Soybean Oil Market
The soybean oil market has experienced significant growth in recent years. It is expected to rise from $62 billion in 2024 to $66.61 billion in 2025, at a compound annual growth rate (CAGR) of 7.4%. This growth is driven by the industrialization of agriculture, the demand for animal feed, the food processing sector, biotechnology, and genetic engineering, along with global trade liberalization and biofuel policies and mandates.
The soybean oil market is anticipated to grow significantly in the coming years, reaching $87.63 billion by 2029 with a compound annual growth rate (CAGR) of 7.1%. The growth is driven by population expansion, urbanization, rising demand for protein, shifts in dietary habits, climate change and weather-related risks, and health and nutrition trends. Key trends include increasing protein demand, biofuel production expansion, a growing livestock industry, changes in global trade dynamics, and evolving dietary preferences.
What Factors Are Fueling Growth in the Soybean Oil Market?
The rising demand for healthier food options is anticipated to propel the soybean oil market. Healthier food choices refer to nutrient-rich options that provide essential vitamins and minerals. The demand for such food is growing due to increasing health awareness, evolving lifestyles, and environmental concerns. Soybean oil plays a significant role in healthier food options due to its lower saturated fat content and high levels of omega-3 and omega-6 fatty acids, which contribute to heart health and overall wellness. For example, in May 2022, an online survey conducted by the International Food Information Council among 1,005 Americans aged 18 to 80 found that 52% of respondents adhered to a specific diet, up from the previous year. Therefore, the increasing preference for healthier food is driving the growth of the soybean oil market.
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Which Leading Companies Are Shaping the Growth of the Soybean Oil Market?
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.
What Are the Major Trends Shaping the Soybean Oil Market?
Prominent companies in the soybean oil market are leveraging strategic partnerships to enhance their market position. Strategic partnerships involve companies collaborating to utilize each other's strengths and resources for mutual success. For example, in July 2023, the Missouri Soybean Merchandising Council (MSMC), a US-based organization managing soybean investments, partnered with Seedway LLC, a US-based seed company, through a new licensing agreement. This collaboration aims to advance SOYLEIC soybean cultivation and expand the availability of non-GMO high-oleic soybean oil across the United States. By expanding soybean production in New York and Ohio, the partnership supports the growing demand for high-quality, heart-healthy soybean oil.
What Are the Key Segments of the Soybean Oil Market?
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: Super market Or Hyper market, 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
Subsegments:
1) By Organic Soybean Oil: Cold-Pressed Organic Soybean Oil, Expeller-Pressed Organic Soybean Oil, Refined Organic Soybean Oil
2) By Conventional Soybean Oil: Refined Soybean Oil, Unrefined Soybean Oil, High-Oleic Soybean Oil
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Which Region Dominates the Soybean Oil Market?
North America was the largest region in the soybean oil market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the soybean oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Soybean Oil Global Market Report?
- Market Size Analysis: Analyze the Soybean Oil Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Soybean Oil Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Soybean Oil Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Soybean Oil Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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