Soybean Oil Market is Set to Grow to $83.2 Billion by 2030 – IndexBox
NEW YORK, Dec. 02, 2022 (GLOBE NEWSWIRE) — A new report on the global soybean oil market has just been published by IndexBox. Here are some of the most interesting takeaways.
The global soybean oil market size amounted to $57.5B in 2021, growing by 4.2% from the year before. It is expected to reach $83.2B by 2030. The biodiesel industry is expected to be the major driver for the growth of the soybean oil market. Biodiesel is a renewable and cleaner burning alternative to conventional diesel fuel. It is made from various renewable feedstocks, including vegetable oils, such as soybean oil. The use of biodiesel reduces greenhouse gas emissions and improves air quality.
Introduction
Soybean oil is an edible vegetable oil that is extracted from soybeans, and it is one of the most widely used oils in the world. Soybean oil is a versatile oil that can be used for cooking, frying, and baking. It is also used as an ingredient in many processed foods, such as margarine, salad dressings, mayonnaise, and non-dairy creamers. The soybean oil market has been on the rise in recent years, due to the increasing demand for healthy and sustainable plant-based oils.
The demand for soybean oil is increasing day by day due to its various health benefits such as reducing cholesterol levels, good for cardiovascular health, etc. It is also used as a food preservative and in the production of biodiesel. The production of biodiesel from soybean oil is gaining popularity as it reduces carbon emissions and is renewable.
Soybean Oil Market Outlook
The increased use of soybean oil as a cooking oil is another factor driving the growth of this market. Soybean oil has a high smoke point, making it ideal for frying foods. It is also low in saturated fat and cholesterol, making it a healthier option than other oils such as palm or coconut oil.
Soybean Oil Market by Country
The Asia-Pacific region dominates the global soybean oil market due to the high consumption of soybean oil in countries such as China and India. The other major markets in this region are Japan, and South Korea. The North American region is also a significant market for soybean oil due to the growing demand from the food industry.
The European Union is another key market for soybean oil. Germany, France, Italy, Spain, and the United Kingdom are some of the major markets in this region. South America is also an important market for soybean oil with Brazil being the largest producer in this region.
Soybean Oil Market Competitive Landscape
The soybean oil market is highly competitive with a large number of players. The major players in the market include Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated, and Wilmar International Limited. These companies have a strong presence in the global soybean oil market and hold a significant share of the total market.
The other key players in the soybean oil market include DuPont, San Francisco based Cal Soybean, and A&B Ingredients.
Soybean Oil Prices
The challenges in the soybean oil market are mainly due to the volatile prices of soybeans and the tight supply. Soybean oil prices have been volatile in recent years, due to a number of factors including weather conditions, global demand, and government policies. This volatility makes it difficult for processors to plan their production and make long-term contracts with farmers. In addition, the supply of soybeans is tight because farmers have been planting more corn and less soybeans in recent years. The combination of these factors has led to challenges for processors and consumers alike.
The price of soybeans is the biggest factor affecting the price of soybean oil. Soybeans are the primary ingredient in soybean oil, and the cost of soybeans has been rising in recent years due to strong global demand. The cost of production also affects the price of soybean oil. Production costs have risen in recent years due to higher energy and transportation costs. Global demand for soybean oil is also a factor that affects prices. Strong demand from China and other emerging markets has helped drive up prices. Weather conditions can also affect the price of soybean oil. Poor weather can result in lower yields and higher prices.
Soybean Oil Future Outlook
The future outlook for the soybean oil market is positive. The demand for soybean oil is expected to continue to grow in the coming years, driven by population growth and the growing popularity of soybean oil as a healthy cooking oil. The supply of soybeans is also expected to increase in the future, as more farmers plant soybeans and as new technologies are developed to improve yields. This will help to keep prices stable and allow the soybean oil market to continue to grow.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
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Companies Mentioned in the Report
Bunge Limited, Archer Daniels Midland Company, Wilmar International Ltd., Cargill Incorporated, ADM Agro Industria Ltda., DuPont de Nemours Inc., Wilmar International Limited, DowDuPont Inc., Cal Soybean, A&B Ingredients
Sources
World – Soybean Oil – Market Analysis, Forecast, Size, Trends and Insights
EU – Soybean Oil – Market Analysis, Forecast, Size, Trends and Insights
Asia – Soybean Oil – Market Analysis, Forecast, Size, Trends and Insights
US – Soybean Oil – Market Analysis, Forecast, Size, Trends and Insights
CONTACT: Contact Information Mekhrona Dzhuraeva Editor [email protected]
