Canada Soybean Oil Market Attained 330 Thousand MT in 2023, Driven by the Increasing Demand for Livestock Feed

The composition of polyunsaturated and mono-unsaturated fat essential in the diet for livestock is provided effectively by soybean oil, thereby increasing its demand as livestock feed. It is further expected to bolster the market growth rate over the forecast period. The edible oil also includes vitamins A, E and K in abundance; it is rich in omega-3, omega-6 essential fatty acids, and sterols, among others. Growing awareness about the health benefits of consuming soybean oil is boosting the market growth of the product. Moreover, as a digestible energy source that requires relatively less fermentation in the rumen for energy to be released, coupled with the high availability of the product, are propelling the growth of the industry.

The market growth is boosted by the growing competition among the industry key players, such as Bunge Limited (NYSE: BG) and Centra Foods. Centra Foods, a North American bulk edible oil supplier, produces and supplies organic soybean oil as a cooking ingredient throughout the continent. The growing organic and sustainable methods are expected to enhance the market for soybean oils during the forecast period. In July 2017, the U.S. FDA approved the petition of the North American arm of Bunge Limited, Bunge North America, which claimed that the consumption of soybean oil reduces the risk of coronary heart disease. Such R&D activities in the industry are expected to elevate the market for soybean oil over the forecast period.

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Market Analysis by End Use, Distribution Channel, and Region:

• Based on end use, the soybean oil industry is divided into food, industrial and feed.
• By distribution channel, the industry is categorised into direct, supermarket and hypermarket, convenience store and local retail, and online, among others.
• Regionally, the market is divided into Northern Canada, British Columbia, Alberta, the Prairies, Central Canada, and Atlantic Canada. 

Key Findings of the Report:

• The market is boosted by the rising demand for soybean oil as feedstock for biodiesel due to its desirable nutritional values in the livestock diet.
• Growing number of health-conscious consumers is fostering the market growth of soybean oil.
• High nutritional value and adaptability of soybean oil with many foods are propelling the growth of the industry.
• Further, the rising R&D activities in the industry are expected to enhance the market growth over the forecast period.

Key Offerings of the Report:

• The EMR report gives an overview of the soybean oil industry in Canada for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the end use, distribution channel, and major regions of soybean oil.
• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods. 
• The market report also analyses the trade data by covering the major importing and exporting countries. 
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models

Centra Foods, Bunge Limited, Cargill, Incorporated, Archer Daniels Midland Company, and Viterra Inc., among others are the key players in the Canada soybean oil market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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