During the forecast period 2022-2032, the soybean oil market is expected to grow at a value of 5.1% CAGR, according to Fact.MR. By the year 2032, the global market for deodorants and antiperspirants is expected to rise to a market valuation of US$ 34 Billion. A clear, yellow vegetable oil derived from soybean seeds is referred to as “soybean oil.” Among other essential nutrients, it is a rich source of proteins, vitamins, plant sterols, and fatty acids. Soybean oil helps prevent osteoporosis, maintain heart health, enhance immunity, lower cholesterol levels, reduce the risk of cognitive impairments, and improve skin and eye health.
One of the key elements affecting soybean oil’s high demand globally is its inexpensive price. When compared to most other edible oils, such as groundnut, canola, coconut, and olive oils, soybean oil is less expensive. As a result, it has enormous popularity in price-sensitive markets, particularly in developing countries. If a consumer has a health condition like obesity, high blood pressure, or cardiovascular disease, they may add soybean oil to their food. Due to a trend away from ready-to-eat (RTE) foods and toward home-cooked dishes brought on by growing health consciousness, the market for soybean oil is growing.
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Soybean oil contains a range of functional properties that enable it to be employed in both food and non-dietary applications, in addition to its health benefits. The food industry uses soybean oil to make margarine, shortening, potato chips, mayonnaise, whipped toppings, and non-dairy creamers. In contrast, soybean oil is utilized in the non-food industry to create caulk, adhesive, mastic, biodiesel, plastics, animal feed, and pesticides. However, although soybean oil has many potential health advantages, there may also be some negative effects on the body of the user. Furthermore, the majority of the soybeans farmed in the US have undergone genetic alteration. Many people choose to avoid genetically modified organisms due to concerns about their long-term health effects as well as issues like antibiotic resistance and increased allergenicity. During the forecast period, these issues may limit the global soybean market’s expansion.
Key Takeaways from the Market Study
- In 2022, the global soybean oil market is estimated to have a global market size of US$ 21 Billion.
- In 2022, the virgin soybean oil by product type is expected to occupy a 65% market share
- The retail segment is projected to hold a global market share of 40% in 2022
- The US is predicted to acquire 45% of the global market share in 2022
- China is forecast to emerge as a highly opportunistic market, registering a CAGR of 5.2% from 2022- 2032
- In May 2021, Archer Daniels Midland Company announced plans to build North Dakota’s first specialized soybean crushing and refining facility to meet the rapidly rising demand from the food, biofuel, feed, and industrial markets, including those that produce renewable diesel. The roughly $350 million crushing and refining complex, located in Spiritwood, North Dakota, will use cutting-edge automated technologies to handle 150,000 bushels of soy each day.
- Ruchi Soya Industries announced in 2022 that with Rs 690 crore, it has acquired the whole food section of Patanjali Ayurved in order to speed the process of becoming an FMCG company. Among the 21 products the newly acquired food company sells are atta, honey, ghee, juices, and spices. The board has also approved the purchase of Ruchi Soya’s food division from Patanjali Ayurveda.
Key Segments Covered In the Soybean Oil Market Report
- By Product :
- By End User :
- Food Processor
- By Distribution Channel :
- Modern Trade Channels
- Franchise Outlets
- Specialty Stores
- Online Distribution Channels
- By Region :
- North America
- Latin America
- East Asia
- South Asia
- Middle East Africa
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