Soybean oil boasts numerous features, including its high smoke point, neutral flavor, and healthy unsaturated fats. In culinary applications, it is a popular choice for frying, sautéing, and baking due to its ability to withstand high temperatures without compromising taste. Additionally, soybean oil is widely used in food manufacturing for products such as salad dressings, margarine, and snack foods. Its versatile applications extend to non-food industries, where it serves as a base for biodiesel production and is a key ingredient in various industrial products like paints, inks, and plastics.
According to Data Bridge Market Research, the Global Soybean Oil Market accounted for USD 48.77 billion in 2021 and is expected to reach USD 68.83 billion by 2029. The market is expected to grow with a CAGR of 4.40% in the forecast period of 2022 to 2029.
“Rising prevalence of obesity boosts the market’s growth”
The soybean oil market experiences growth due to the rising prevalence of obesity. As health-conscious consumers seek healthier dietary options, soybean oil, with its low saturated fat content and high levels of unsaturated fats, becomes a preferred choice. Additionally, the increasing adoption of plant-based diets further propels the demand for soybean oil as a versatile cooking oil and ingredient in various food products. The market's expansion is driven by the growing awareness of the health benefits offered by soybean oil in combating obesity-related health issues.
What restraints the growth of the global soybean oil market?
“High cost associated with research and development (R&D) restraints the market’s growth”
The soybean oil market growth faces restraint due to the high cost associated with research and development (R&D) efforts. Developing innovative soybean oil products and technologies requires substantial investments in R&D, which can be challenging for smaller players in the market. The cost burden may limit their ability to bring new and advanced soybean oil products to market, hindering overall market growth. However, continued investment by larger companies and government initiatives may address this challenge and foster future innovations in the soybean oil industry.
Segmentation: Global Soybean Oil Market
The global soybean oil market is segmented on the basis of product type, application, ingredients, end user, and distribution channel.
- On the basis of product type, the soybean oil market is segmented into organic soybean oil, and conventional soybean oil.
- On the basis of application, the soybean oil market is segmented into margarine, frozen foods, salad dressings, shortenings, baked food, cosmetics, personal care products, animal agriculture others.
- On the basis of ingredients, the soybean oil market is segmented into omega-3 fats, vitamin E, low saturated fats, and polyunsaturated fats.
- On the basis of distribution channel, the soybean oil market is segmented into supermarket/hypermarket, convenience stores, wholesaler/distributor, and neighborhood stores.
- On the basis of end user, the soybean oil market is segmented into commercial and household.
Regional Insights: Asia-Pacific dominates the Global Soybean Oil Market
Asia-Pacific dominates the soybean oil market in the forecast period of 2022 to 2029 due to increasing demand for soybean oil is driven by its versatile applications in residential and commercial settings, such as cooking and frying. Additionally, its extensive usage in the food and confectionary industry as a cooking oil and ingredient further fuels its popularity and market growth.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-soybean-oil-market
Recent Developments
- In August 2021, ADM and Marathon Petroleum Corp have announced a joint venture aimed at meeting the increasing demand for soybean oil used in the production of renewable diesel oil. The partnership seeks to capitalize on the growing popularity of renewable fuels and leverage the benefits of soybean oil as a key feedstock for sustainable energy solutions.
The Prominent Key Players Operating in the Global Soybean Oil Market Include:
- DSM (Netherlands)
- ADM (U.S.)
- DuPont (U.S.)
- Cargill Incorporated (U.S.)
- CHS Inc. (U.S.)
- Kerry Group plc (Ireland)
- Wilmar International Ltd (Singapore)
- The Nisshin OilliO Group, Ltd. (Japan)
- Ruchi Soya Industries Ltd. (India)
- Ag Processing Inc. (U.S.)
- Devansoy Inc. (U.S.)
- Blue Diamond Growers (U.S.)
- Dean Foods (U.S.)
- Eden Foods Inc. (U.S.)
- House Foods America Corporation (U.S.)
- The Hain Celestial Group (U.S.)
- Pulmuone Foods USA (U.S.)
- Vitasoy International Holdings Limited (Hong Kong)
- Tofurky (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global soybean oil market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Soybean Oil Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
