Market Size of Soybean Oil Industry
| 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 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 Size Summary
The soybean oil market is experiencing significant growth, driven by increasing consumer awareness of its benefits compared to other vegetable oils. This demand is further supported by the oil's low cost, easy availability, and eco-friendly properties, making it a popular choice in various sectors, including food, industrial, and feed. Major consuming countries such as China, the United States, Brazil, and India contribute to the market's expansion. The extensive acreage dedicated to soybeans surpasses that of other oilseed crops, ensuring substantial production and availability as a biofuel feedstock. The use of soybean oil in biodiesel production is particularly notable, with support from organizations like the United Soybean Board and the National Biodiesel Board, which have significantly increased its consumption as a feedstock.
The global soybean oil market is characterized by consolidation, with key players like Cargill Inc., Bungee Limited, ADM, and Associated British Foods PLC holding significant market shares. The versatility of soybean oil presents opportunities for manufacturers, particularly in the food products sector, to expand their offerings. In the United States, the growth of soybean oil consumption is bolstered by the production of biodiesel, which offsets weak food demand. However, the US soybean industry faces challenges from foreign competition and shifts in agricultural focus, which may moderate its growth. Despite these challenges, the market's potential for expansion remains strong, driven by the oil's diverse applications and the established infrastructure for soybean production and processing.
Soybean Oil Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Application
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2.1.1 Food
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2.1.1.1 Spreads
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2.1.1.2 Bakery and Confectionery
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2.1.1.3 Other Applications
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2.1.2 Animal Feed
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2.1.3 Industrial
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.1.4 Rest of North America
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2.2.2 Europe
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2.2.2.1 United Kingdom
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2.2.2.2 Germany
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2.2.2.3 France
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2.2.2.4 Italy
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2.2.2.5 Spain
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2.2.2.6 Russia
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2.2.2.7 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 Japan
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2.2.3.3 India
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2.2.3.4 Australia
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2.2.3.5 Rest of Asia-Pacific
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of South America
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2.2.5 Middle-East & Africa
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2.2.5.1 South Africa
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2.2.5.2 Saudi Arabia
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2.2.5.3 Rest of Middle-East & Africa
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Soybean Oil Market Size 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.
