Global Soybean Oil Market Report Forecast By Consuming Countries (United States, China, Argentina, Bangladesh, Others), Producing Countries (Brazil, European Union, India, Mexico, Others), Importing Countries, Exporting Countries, Application (Food, Non-Food), Company Analysis 2024-2032

Driving Forces of Soybean Oil Market

Growing Interest in Edible Oils

Globally, there is a growing demand from the general public for edible oils like soybean oil. Safe food products that promote health and do no harm to the body are becoming more and more popular. Furthermore, the growing use of cooking and food oils as a result of the global populace's growing need for a wide range of food items. Convenient and processed foods that frequently call for the use of edible oils for frying and cooking are becoming more and more popular. People's shifting eating habits have led to an increase in the use of edible oils. Moreover, the sector is benefiting from the growing appeal of fast-food chains and foreign culinary trends.

Increasing Soybean Oil Usage in Biodiesel

Because soybeans have far more acreage than other oilseed crops, a significant amount of soybean oil is produced and can be used as a feedstock for biofuels. Utilizing soybean oil to make biodiesel has numerous advantages. Since soybeans are extensively farmed, the facilities and machinery needed to cultivate, transport, and process them are already in place. Additionally, the residual soybean meal plays a crucial role in animal nutrition. The United Soybean Board (USB) and the National Biodiesel Board (NBB) that followed were instrumental in promoting the use of soybean oil for biodiesel among US soybean producers. According to the EIA, the amount of soybean oil used as a feedstock for biodiesel more than quadrupled, going from around 15% in 2010–11 to 30% in 2017–18.

People's awareness and mindfulness of their health is growing

The growing global health consciousness of consumers has led to an increase in demand for soybean oil. Nutrient-rich food products are becoming more and more popular, which is promising for the market. Because of its advantageous fatty acid makeup, soybean oil is seen as a healthier option. It has low amounts of saturated fat and a balanced composition of monounsaturated and polyunsaturated fats. Furthermore, soybean oil may help lessen inflammation, lower cholesterol, and enhance heart health. Additionally, it contains antioxidants that aid in defending the body's cells from harm from free radicals. Soybean oil is becoming increasingly popular among customers as a healthier substitute for traditional cooking oils.

United States Soybean Oil Market

A major factor driving the U.S. soybean oil market is the widespread soybean farming in places like Iowa and Illinois. Soybean oil's neutral flavor and high smoke point make it useful for both food processing and the generation of biodiesel. The Renewable Fuel Standard and other renewable fuel standards, which increase the use of soybean oil, are major growth drivers in the biodiesel market. Technological advancements in oil extraction and processing improve productivity and product quality. Furthermore, the growing inclination of consumers towards plant-based and healthy oils propels the growth of the market. China and Mexico provide substantial export markets for the United States, which also takes advantage of these prospects. The challenges come from other vegetable oils and supply chain interruptions, which can cause market volatility.

Global Soybean Oil Company Analysis

The key players in soybean oil industry are Archer Daniels Midland Company, Wilmar International Limited, AAK AB, Bunge Global SA, Cargill, Incorporated, DuPont, Unilever PLC   and Associated British Foods.

Global Soybean Oil Company News

March 2023 - According to Bunge Limited and Corteva Agriscience, significant progress has been made in producing more nutrient-dense soybean meals for the animal feed market, specifically for aqua, swine, and poultry feed.

May 2022 - In order to address the growing demand for oilseeds in the feed, fuel, and food industries both locally and worldwide, Cargill announced plans to build a new soybean processing factory in Pemiscot County, Missouri, near Hayti and Caruthersville.

May 2021 - In order to meet the rapidly increasing demand from customers in the food, feed, industrial, and biofuel sectors—including those who manufacture renewable diesel—Archer Daniels Midland Company announced plans to construct North Dakota's first-ever specialized soybean crushing plant and refinery.

April 2021- The announcement of a joint venture between ADM and Marathon Petrolium Corp to generate soybean oil was made in response to the growing demand for sustainable diesel fuel.

Consuming Countries – Market breakup in 8 viewpoints:

1. United States
2. China
3. India
4. European Union
5. Argentina
6. Mexico
7. Bangladesh
8. Others

Producing Countries – Volume breakup in 8 viewpoints:

1. China
2. United States
3. Brazil
4. Argentina
5. European Union
6. India
7. Mexico
8. Others

Importing Countries – Volume breakup in 10 viewpoints:

1. India
2. Bangladesh
3. Peru
4. Morocco
5. European Union
6. Algeria
7. China
8. Iran
9. South Korea
10. Colombia

Exporting Countries – Volume breakup in 7 viewpoints:

1. Argentina
2. Brazil
3. European Union
4. Russia
5. Paraguay
6. Bolivia
7. Turkey

Application–Market breakup in 2 viewpoints:

1. Food
2. Non-Food

All the key players have been covered from 4 Viewpoints:

• Business Overview
• Key Persons
• Recent Development & Strategies
• Financial Insights

Key Players Analysis:

1. Archer Daniels Midland Company
2. Wilmar International Limited
3. AAK AB
4. Bunge Global SA
5. Cargill, Incorporated
6. DuPont
7. Unilever PLC
8. Associated British Foods

Report Details: