Soybean Oil Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 93.17 Billion |
| Market Size (2029) | USD 155.86 Billion |
| CAGR (2024 - 2029) | 10.84 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Soybean Oil Market Analysis
The Soybean Oil Market size is estimated at USD 93.17 billion in 2024, and is expected to reach USD 155.86 billion by 2029, growing at a CAGR of 10.84% during the forecast period (2024-2029).
- The growing awareness among consumers regarding the advantages of soybean oil, in comparison to other vegetable edible oils, has driven its demand significantly.
- China, the United States, Brazil, and India are the major countries in the world that consume soybean oil.
- Low cost, easy availability, and the eco-friendly nature of soybean oil have further facilitated its use in various sectors, such as food, industrial, and feed. Soybean oil is also used in various food and industrial applications, such as for production of caulks and mastics, which are useful as adhesives or sealants.
Soybean Oil Market Trends
This section covers the major market trends shaping the Soybean Oil Market according to our research experts:
Growing Usage of Soybean Oil in Biodiesel
Soybean acreage is much greater than other oilseed crops, leading to substantial soybean oil production and its availability as a biofuel feedstock. There are many benefits to using soybean oil in the production of biodiesel. As soybeans are widely grown, the infrastructure and equipment to grow, transport, and process them already exists. Moreover, the leftover soybean meal is important for animal feed. The use of soybean oil for biodiesel was greatly influenced by the promotion from US soybean farmers through the United Soybean Board (USB) and the subsequent creation of the National Biodiesel Board (NBB). According to the EIA, the total share of soybean oil consumed as a biodiesel feedstock doubled, from about 15% in 2010-11 to 30% in 2017-18.
North America Holds a Prominent Share in the Market
Biodiesel is leading to the increase of the consumption of soybean oil in the country. The weak food demand is offset by theincrease in the US production of biodiesel, which uses soybean oil as a major feedstock. As per the USDA reports, soybean production declined initially (2010/11-2011/12) and then increased incrementally, with a modest improvement in yields and planted acreage. The expected growth in the US soybean supply will allow for a moderate rise in the domestic use and exports. However, the growth of the US soybean industry is likely to slow over the next few years, as it faces stronger foreign competition and the US farmers are shifting their acreage into feed grains. Although the net returns for soybeans is likely to rise to uncommonly high levels, they are expected be lower than that of corn, and as a result, gradually limit the US soybean acreage.
Soybean Oil Industry Overview
The global soybean oil market is consolidated, with the major players holding a prominent share in the market. The versatility of soybean oil is expected to emerge as an opportunity, and thereby, attract many manufacturers in the food products sector across the world. The major players in the market are Cargill Inc., Bungee Limited, ADM, and Associated British Foods PLC.
Soybean Oil Market Leaders
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ADM
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Associated British Foods plc
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Bungee Limited
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Cargill, Incorporated.
*Disclaimer: Major Players sorted in no particular order
Soybean Oil Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions and Market Definition
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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3.1 Market Overview
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porter's Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Application
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5.1.1 Food
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5.1.1.1 Spreads
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5.1.1.2 Bakery and Confectionery
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5.1.1.3 Other Applications
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5.1.2 Animal Feed
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5.1.3 Industrial
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5.2 Geography
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5.2.1 North America
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5.2.1.1 United States
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5.2.1.2 Canada
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5.2.1.3 Mexico
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5.2.1.4 Rest of North America
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5.2.2 Europe
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5.2.2.1 United Kingdom
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5.2.2.2 Germany
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5.2.2.3 France
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5.2.2.4 Italy
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5.2.2.5 Spain
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5.2.2.6 Russia
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5.2.2.7 Rest of Europe
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5.2.3 Asia-Pacific
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5.2.3.1 China
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5.2.3.2 Japan
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5.2.3.3 India
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5.2.3.4 Australia
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5.2.3.5 Rest of Asia-Pacific
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5.2.4 South America
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5.2.4.1 Brazil
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5.2.4.2 Argentina
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5.2.4.3 Rest of South America
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5.2.5 Middle-East & Africa
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5.2.5.1 South Africa
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5.2.5.2 Saudi Arabia
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5.2.5.3 Rest of Middle-East & Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Most Active Companies
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6.2 Most Adopted Strategies
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6.3 Market Share Analysis
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6.4 Company Profiles
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6.4.1 Archer Daniels Midland Company
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6.4.2 Associated British Foods PLC
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6.4.3 Bungee Limited
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6.4.4 Cargill Incorporated
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6.4.5 Corteva
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6.4.6 Olam International
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6.4.7 Wilmar International Ltd
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6.4.8 Granol
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Soybean Oil Industry Segmentation
The global soybean oil market is segmented by application into the food, animal feed, and industrial sectors. Food applications are further sub-segmented into spreads, bakery, confectionery, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East & Africa.
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Soybean Oil Market Research FAQs
How big is the Soybean Oil Market?
The Soybean Oil Market size is expected to reach USD 93.17 billion in 2024 and grow at a CAGR of 10.84% to reach USD 155.86 billion by 2029.
What is the current Soybean Oil Market size?
In 2024, the Soybean Oil Market size is expected to reach USD 93.17 billion.
Who are the key players in Soybean Oil Market?
ADM, Associated British Foods plc, Bungee Limited and Cargill, Incorporated. are the major companies operating in the Soybean Oil Market.
Which is the fastest growing region in Soybean Oil Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Soybean Oil Market?
In 2024, the North America accounts for the largest market share in Soybean Oil Market.
What years does this Soybean Oil Market cover, and what was the market size in 2023?
In 2023, the Soybean Oil Market size was estimated at USD 84.06 billion. The report covers the Soybean Oil Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Soybean Oil Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the major regulatory considerations for companies in the Soybean Oil Market?
The major regulatory considerations for companies in the Soybean Oil Market are a) Food safety regulations b) Environmental regulations c) Potential trade restrictions
Soybean Oil Industry Report
The global soybean oil market is witnessing remarkable growth, fueled by its widespread use in the food industry for cooking, frying, and baking, alongside applications in margarine, mayonnaise, salad dressings, and snack foods. This surge is attributed to the increasing health consciousness among consumers, driving demand for healthier, sustainable food options and boosting soybean oil's popularity in the cosmetic industry due to its moisturizing properties. Additionally, its use in biodiesel production underscores its versatility and eco-friendly appeal. The market's expansion is further supported by the rising number of restaurants, cafes, hotels, and fast-food chains, coupled with its growing use in skincare products. Soybean oil producers are actively working to meet this escalating demand, propelled by the oil's broad applications and the shift towards plant-based oils among health-conscious consumers. According to Mordor Intelligence™ Industry Reports, the soybean oil market is poised for further growth, with detailed statistics on market share, size, revenue growth rate, and a forecast outlook available in a free report PDF download, offering a comprehensive analysis of the market's potential.
