United States, Rockville MD, April 12, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Soybean Oil market is projected to grow at a compound annual rate (CAGR) of 5% between 2021 and 2031. The market is expected to reach US$ 33 Bn by the end of 2031.
The demand for Soybean Oil is expected to rise over the forecast period and the market was valued US$ 20 Bn in 2020.
Browse in-depth TOC on "Demand of Soybean Oil Market"
216 Tables and
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170 Pages
In recent years, global soybean production has increased incessantly, attributed to its increasing application in the food & beverage industry. Demand is acquiring traction, owing to the presence of omega-3 fatty acids and polyunsaturated fats. According to the U.S Department of Agriculture, global production volume is anticipated to reach 385.524 million metric tons in FY 2021-2022.
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From 2016 to 2020, the market experienced moderate yet positive growth, expanding at under 5% CAGR to reach US$ 20 Bn. Production crunches attributed to the imposition of mandatory lockdowns in the initial half of 2020 amid COVID-19 temporarily stalled growth prospects.
What are the Factors Driving the Demand for the Soybean Oil market?
Demand for soybean oil is gaining traction owing to its significant health benefits. The presence of omega-3 fatty acids and polyunsaturated fats content provides immunity against heart disease and reduces.
However, the manufacturing of alkyd resins used in inks and oil paints have boosted the market sales. Soybean oil remains to be cost-efficient cooking oil, which is readily available in the market.
Additionally, environment-friendly properties and numerous nutritional benefits of soy oil are the factors that are stimulating its consumption.
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Key Segments Covered in the Processed Soybean Oil Industry Survey
Product Type
- Processed Soybean Oil
- Virgin Soybean Oil
End User
- Soybean Oil for Foodservice
- Soybean Oil for Food Processor
- Soybean Oil for Retail
Distribution Channel
- Soybean Oil Sales via Modern Trade Channels
- Soybean Oil Sales via Franchise Outlets
- Soybean Oil Sales via Speciality Stores
- Soybean Oil Sales via Online Distribution Channels
Competitive Landscape
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- In December 2019, Patanjali Ayurveda completed its acquisition of bankrupt Ruchi Soya at INR 4350 Crores through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
- In May 2021, Archer Daniels Midland Company announced the manufacture of North Dakota’s first dedicated soybean crushing and refinery plant to meet fast-growing demand from food, feed, industrial and biofuel customers, including producers of renewable diesel.
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Key players in the Virgin Soybean Oil Market
- Ruchi Soya Industries Ltd.
- The Adani Wilmar Ltd.
- Archer Daniels Midland Company
- Associated British Foods (Ach)
- Bunge Limited
- Beidahuang Group
- Cargill Inc.
- Borges Mediterranean Group
- Adams Group
- Fuji Vegetable Oil Inc.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the soybean oil market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on product type (processed and virgin), end user (food service, food processor and retail) and distribution channel (modern trade, franchise outlet, speciality stores and online) across seven major regions (North America, Latin America, Europe, South Asia, Oceania and MEA)
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Key Takeaways from the Processed Soybean Oil Market Study
- The global soybean oil market is anticipated to add 1.5x value by 2031 as compared to 2021
- By product type, processed soybean oil likely to gain 70 BPS by 2022
- Retail soybean oil sales likely to surpass a valuation of US$ 8 Bn by 2031
- By distribution channel, modern trade segment is likely to account for nearly 33% of overall sales
- U.S soybean oil consumption to account for 10 Mn metric tons as of 2021
- India and China are collectively anticipated to expand at a CAGR of 6% through 2031
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