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Global Soybean Oil Market Size, Share, Growth, Forecast: By End Use: Food, Feed, Industrial, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Trade Data Analysis; Price Analysis; Competitive Landscape; Industry Events and Developments; 2024-2032
Global Soybean Oil Market Outlook
The global soybean oil market size reached a volume of 60.45 MMT in 2023. The market is expected to grow further at a CAGR of 1.4% between 2024 and 2032 to reach a volume of 68.51 MMT by 2032.
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The extensive applications of soybean oil in the food sector is driving the market demand. Excellent functionality, superior resistance to oxidation, and extended shelf-life of soybean oil benefits the food manufacturers as it supports smooth manufacturing of high-quality packaged foods. Hence, the increasing sale of premium packed food products, supported by rising disposable incomes, is contributing to the expansion of soybean oil market size. Soybean oil provides superior aroma, great texture, and delicious appearance to various types of food items such as cakes, chips, burgers, pizzas, cookies, pies, and breads, among others. In this regard, the rapid development of fast-food joints across the emerging economies is expected to improve the soybean oil market outlook over the coming years.
The high oleic soybean oil market share has been witnessing growth over the past few years, which can be attributed to the improved fat profile of the product which improves heart health. According to the soybean oil market analysis, soybean oil possesses a high smoke point, supports bone health, and contains omega-3 fatty acids. Therefore, the increasing demand for soybean oil as a healthy alternative to oils with high saturated fat content, is likely to influence the soybean oil market chart. In addition, the increasing inclination towards health and fitness among the young population is anticipated to be a crucial soybean oil market trend, heightening the adoption of soybean oil.
In geographical terms, the North America soybean oil market is likely to attain a healthy growth in the forecast period. The soybean oil price forecast in this region is likely to be influenced by the growing consumption of fast-food in the United States and Canada. In addition, the soybean oil futures market witnessed steady growth at the start of 2024 which has had a positive impact on the soybean oil price international market. In addition, increased export of soybean oil from the United States is likely to improve the volatility of the soybean oil market price across the globe.
In November 2023, Cargill Inc announced the acquisition of soybean processor and refiner Owensboro Grain Company aimed towards expanding the oilseed crush capacity of the company to cater to the growing demand from food and feed sector, among others. This is a critical soybean oil market news which influenced the soybean oil price forecast 2023.
The soybean oil market is currently being driven by increasing demand of soybean meal for livestock products which has, thus, contributed considerably to the rise in soy oil production and surge in the demand of soybean oil. Other advantages such as easy availability, competitive prices, eco-compatibility and various nutritional benefits of soy oil are the factors that are providing impetus to the soybean oil global market. This report by Expert Market Research entitled “Soybean Oil Market Report and Forecast 2024-2032” provides a comprehensive analysis for anyone who plans to foray into the industry.
Historical market trends for the market have been provided from 2018-2023 and forecasts have been presented till 2032. On a regional level, the Asia Pacific currently represents the largest market. Within Asia Pacific, China and India currently represent significant markets. Additionally, the report has analysed the market on the basis of end-use. Food sector represents the biggest end-use sector followed by Industrial and feed sector.
Properties and Applications
Soybean oil is the second most important vegetable oil (after palm oil) consumed globally. A great majority of the world's soybeans are processed or crushed every year to produce soybean meal and oil, while remaining are used directly for human consumption.
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On the basis of end use, the market is divided into:
- Food
- Industrial
- Feed
The report also covers the regional soybean oil markets in North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
The value chain analysis of soybean oil has also been covered in this report encompassing all the activities in the value chain such as procurement, manufacturing, sales and distribution. Furthermore, the study assesses the market based on Porter’s five forces model, which evaluates the level of competition in the market by analysing factors such as bargaining power of buyers and suppliers, threat from substitutes and new entrants. A thorough evaluation of the competitive landscape of the industry has also been provided.
This report provides an exhaustive insight for setting-up and running a soybean oil manufacturing plant. Factors such as land requirement, construction requirement, raw material requirement, labour requirement, machinery requirement, manufacturing process, utility requirement, total capital investment, total operating costs, prices, income projections, expenditure projections, profit margins, net present value, return on investment, payback period, etc. have been comprehensively covered in this report.
Competitive Landscape
The report gives a detailed analysis of the following key players in the global soybean oil market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Archer Daniels Midland Company (ADM)
- Bunge Limited
- Cargill, Inc.
- Wilmar International Ltd.
- AG Processing Inc. (AGP)
- Olam Agri Holdings Pte Ltd.
- Louis Dreyfus Company B.V.
- CHS Inc.
- Aceitera General Deheza
- IB Group
- Others
The comprehensive EMR report provides an in-depth assessment of the soybean oil market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by End Use |
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| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Soybean Market Overview
8.1 Key Industry Highlights
8.2 Global Soybean Historical Market (2018-2023)
8.3 Global Soybean Market Forecast (2024-2032)
8.4 Global Soybean Market by End Use
8.5 Global Soybean Market by Region
9 Global Edible Oil Market Overview
9.1 Key Industry Highlights
9.2 Global Edible Oil Historical Market (2018-2023)
9.3 Global Edible Oil Market Forecast (2024-2032)
9.4 Global Edible Oil Market by Type
9.5 Global Edible Oil Market by Region
10 Global Soybean Oil Market Analysis
10.1 Key Industry Highlights
10.2 Global Soybean Oil Historical Market (2018-2023)
10.3 Global Soybean Oil Market Forecast (2024-2032)
10.4 Global Soybean Oil Market by End Use
10.4.1 Food
10.4.1.1 Historical Trend (2018-2023)
10.4.1.2 Forecast Trend (2024-2032)
10.4.2 Feed
10.4.2.1 Historical Trend (2018-2023)
10.4.2.2 Forecast Trend (2024-2032)
10.4.3 Industrial
10.4.3.1 Historical Trend (2018-2023)
10.4.3.2 Forecast Trend (2024-2032)
10.4.4 Others
10.5 Global Soybean Oil Market by Region
10.5.1 North America
10.5.2 Europe
10.5.3 Asia Pacific
10.5.4 Latin America
10.5.5 Middle East and Africa
11 Regional Analysis
11.1 North America
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.1.3 Breakup by Country
11.1.3.1 United States of America
11.1.3.2 Canada
11.2 Europe
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.2.3 Breakup by Country
11.2.3.1 United Kingdom
11.2.3.2 Germany
11.2.3.3 France
11.2.3.4 Italy
11.2.3.5 Others
11.3 Asia Pacific
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.3.3 Breakup by Country
11.3.3.1 China
11.3.3.2 Japan
11.3.3.3 India
11.3.3.4 ASEAN
11.3.3.5 Australia
11.3.3.6 Others
11.4 Latin America
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.4.3 Breakup by Country
11.4.3.1 Brazil
11.4.3.2 Argentina
11.4.3.3 Mexico
11.4.3.4 Others
11.5 Middle East and Africa
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.5.3 Breakup by Country
11.5.3.1 Saudi Arabia
11.5.3.2 United Arab Emirates
11.5.3.3 Nigeria
11.5.3.4 South Africa
11.5.3.5 Others
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyers Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Value Chain Analysis
14 Trade Data Analysis (HS Code - 1507)
14.1 Major Importing Countries
14.1.1 By Volume
14.1.2 By Value
14.2 Major Exporting Countries
14.2.1 By Volume
14.2.2 By Value
15 Price Analysis
15.1 North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
15.2 Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
15.3 Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
15.4 Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
15.5 Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
16 Manufacturing Process
16.1 Detailed Process Flow
16.2 Operations Involved
16.3 Mass Balance
17 Project Details and Cost Analysis
17.1 Land, Location and Site Development
17.2 Construction
17.3 Plant Layout
17.4 Plant Machinery
17.5 Raw Material Requirement
17.6 Packaging
17.7 Transportation
17.8 Utilities
17.9 Manpower
17.10 Other Capital Investment
18 Loans and Financial Assistance
19 Project Economics
19.1 Capital Cost of Project
19.2 Techno-Economic Parameters
19.3 Product Pricing and Margins
19.4 Taxation and Depreciation
19.5 Income Projections
19.6 Expenditure Projections
19.7 Financial Analysis
20 Competitive Landscape
20.1 Market Structure
20.2 Company Profiles
20.2.1 Archer Daniels Midland Company (ADM)
20.2.1.1 Company Overview
20.2.1.2 Product Portfolio
20.2.1.3 Demographic Reach and Achievements
20.2.1.4 Financial Summary
20.2.1.5 Certifications
20.2.2 Bunge Limited
20.2.2.1 Company Overview
20.2.2.2 Product Portfolio
20.2.2.3 Demographic Reach and Achievements
20.2.2.4 Financial Summary
20.2.2.5 Certifications
20.2.3 Cargill, Inc.
20.2.3.1 Company Overview
20.2.3.2 Product Portfolio
20.2.3.3 Demographic Reach and Achievements
20.2.3.4 Financial Summary
20.2.3.5 Certifications
20.2.4 Wilmar International Ltd.
20.2.4.1 Company Overview
20.2.4.2 Product Portfolio
20.2.4.3 Demographic Reach and Achievements
20.2.4.4 Financial Summary
20.2.4.5 Certifications
20.2.5 AG Processing Inc. (AGP)
20.2.5.1 Company Overview
20.2.5.2 Product Portfolio
20.2.5.3 Demographic Reach and Achievements
20.2.5.4 Financial Summary
20.2.5.5 Certifications
20.2.6 Olam Agri Holdings Pte Ltd.
20.2.6.1 Company Overview
20.2.6.2 Product Portfolio
20.2.6.3 Demographic Reach and Achievements
20.2.6.4 Financial Summary
20.2.6.5 Certifications
20.2.7 Louis Dreyfus Company B.V.
20.2.7.1 Company Overview
20.2.7.2 Product Portfolio
20.2.7.3 Demographic Reach and Achievements
20.2.7.4 Financial Summary
20.2.7.5 Certifications
20.2.8 CHS Inc.
20.2.8.1 Company Overview
20.2.8.2 Product Portfolio
20.2.8.3 Demographic Reach and Achievements
20.2.8.4 Financial Summary
20.2.8.5 Certifications
20.2.9 Aceitera General Deheza
20.2.9.1 Company Overview
20.2.9.2 Product Portfolio
20.2.9.3 Demographic Reach and Achievements
20.2.9.4 Financial Summary
20.2.9.5 Certifications
20.2.10 IB Group
20.2.10.1 Company Overview
20.2.10.2 Product Portfolio
20.2.10.3 Demographic Reach and Achievements
20.2.10.4 Financial Summary
20.2.10.5 Certifications
20.2.11 Others
21 Key trends and Developments in the Market
List of Key Figures and Tables
1. Global Soybean Market: Key Industry Highlights, 2018 and 2032
2. Global Soybean Historical Market: Breakup by End Use (Million Tons), 2018-2023
3. Global Soybean Market Forecast: Breakup by End Use (Million Tons), 2024-2032
4. Global Soybean Historical Market: Breakup by Region (Million Tons), 2018-2023
5. Global Edible Oil Market Forecast: Breakup by Region (Million Tons), 2024-2032
6. Global Edible Oil Market: Key Industry Highlights, 2018 and 2028
7. Global Edible Oil Historical Market: Breakup by Type (Million Tons), 2018-2023
8. Global Edible Oil Market Forecast: Breakup by Type (Million Tons), 2024-2032
9. Global Edible Oil Historical Market: Breakup by Region (Million Tons), 2018-2023
10. Global Edible Oil Market Forecast: Breakup by Region (Million Tons), 2024-2032
11. Global Soybean Oil Market: Key Industry Highlights, 2018 and 2028
12. Global Soybean Oil Historical Market: Breakup by End Use (Million Tons), 2018-2023
13. Global Soybean Oil Market Forecast: Breakup by End Use (Million Tons), 2024-2032
14. Global Soybean Oil Historical Market: Breakup by Region (Million Tons), 2018-2023
15. Global Soybean Oil Market Forecast: Breakup by Region (Million Tons), 2024-2032
16. North America Soybean Oil Historical Market: Breakup by Country (Million Tons), 2018-2023
17. North America Soybean Oil Market Forecast: Breakup by Country (Million Tons), 2024-2032
18. Europe Soybean Oil Historical Market: Breakup by Country (Million Tons), 2018-2023
19. Europe Soybean Oil Market Forecast: Breakup by Country (Million Tons), 2024-2032
20. Asia Pacific Soybean Oil Historical Market: Breakup by Country (Million Tons), 2018-2023
21. Asia Pacific Soybean Oil Market Forecast: Breakup by Country (Million Tons), 2024-2032
22. Latin America Soybean Oil Historical Market: Breakup by Country (Million Tons), 2018-2023
23. Latin America Soybean Oil Market Forecast: Breakup by Country (Million Tons), 2024-2032
24. Middle East and Africa Soybean Oil Historical Market: Breakup by Country (Million Tons), 2018-2023
25. Middle East and Africa Soybean Oil Market Forecast: Breakup by Country (Million Tons), 2024-2032
26. Major Importing Countries by Volume (2020)
27. Major Exporting Countries by Volume (2020)
28. Major Importing Countries by Value (2020)
29. Major Exporting Countries by Value (2020)
30. North America Historical Price Trends and Forecast 2018-2028
31. Europe Historical Price Trends and Forecast 2018-2028
32. Asia Pacific Historical Price Trends and Forecast 2018-2028
33. Latin America Historical Price Trends and Forecast 2018-2028
34. Middle East and Africa Historical Price Trends and Forecast 2018-2028
35. Global Soybean Oil Market Structure
Key Questions Answered in the Report
The market reached a volume of 60.45 MMT in 2023.
The market is estimated to grow at a CAGR of 1.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of 68.51 MMT by 2032.
The increasing application of soybean oil in the food and feed sector, growing demand for high-quality packaged foods, rapid development of fast-food joints, increasing demand from households, and increasing awareness about the health benefits offered by soybean oil are the major drivers of the market.
The key trends in the market include the increasing adoption of soybean oil as an alternative to high fat oils, thriving e-commerce sector, and increasing disposable income.
Food, industrial, and feed, among others, are the different end uses in the market.
Soybean oil contains omega-3 fatty acids and heart-healthy fats, making it a healthy cooking ingredient.
Soybean oil is considered as a healthier option as compared to various other oils, including vegetable oil.
The major regions in the market are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Archer Daniels Midland Company (ADM), Bunge Limited, Cargill, Inc., Wilmar International Ltd., AG Processing Inc. (AGP), Olam Agri Holdings Pte Ltd., Louis Dreyfus Company B.V., CHS Inc, Aceitera General Deheza, and IB Group, among others, are the key players in the soybean oil market, according to the report.
Analyst Review
The global soybean oil market attained a volume of 60.45 MMT in 2023 driven by increasing health awareness and rising demand from the developing regions. Aided by the rising demand from non-food sectors like biodiesel, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 1.4%. The market is projected to reach 68.51 MMT by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its end uses, the market can be segmented into food, industrial, and feed, among others, with the feed sector dominating the market. The major regional markets for soybean oil are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific leading the market. The key players in the above market include Archer Daniels Midland Company (ADM), Bunge Limited, Cargill, Inc., Wilmar International Ltd., AG Processing Inc. (AGP), Olam Agri Holdings Pte Ltd., Louis Dreyfus Company B.V., CHS Inc, Aceitera General Deheza, and IB Group, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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