Dublin, Sept. 04, 2024 (GLOBE NEWSWIRE) -- The "Soybean Oil Market Report, Forecast by Consuming Countries, Producing Countries, Importing Countries, Exporting Countries, Application, Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Soybean Oil Market is expected to be worth US$ 206.50 billion by 2032, up from US$ 81.04 billion in 2023. This anticipated growth will be a Compound Annual Growth Rate of 10.95 Between 2024 and 2032. Market pushes for edible oil are a result of an upward trend in demand, the use in numerous industries, and general global consciousness on health and anointing. 
Growing Demand for Biofuels:
Biofuel is a renewable source of energy that has gained much attention across the world and one major ingredient used in the production of the biofuel is the soybean oil. Nowadays, such states as the USA, Brazil, several states of Europe require blending of biodiesel that increases the demand for the identified product - soybean oil. This trend is expected to remain as more countries desire to cut carbon emission and decrease the use of fossil fuels.
Due to the favorable characteristics that include versatility, low cost and access to soybean oil, biofuel producers also integrate the soybean oil feedstock to the market thus an added advantage to the growth of the market. May 2022, Goodyear Tyre & Rubber Company has substituted some of the petroleum-based components which it uses to manufacture some of its most famous Metro Miler city transit tyres using a bio-based soybean oil polymer. The step is a successional to supplant petroleum-derived oils entirely by the year 2040.
Expanding Food Processing Industry:
The significant growth of the food processing sector across the globe is one of the biggest catalysts anticipating the soybean oil market. With change in lifestyle, and population density rising through urbanization, more and more processed foods and convenience foods are being consumed and soybean oil is used in most processed foods. It can be used for frying, baking, producing salad dressings and sauces; it does not splatter when heated, is not susceptible to polymerization, and has a relatively long shelf life.
Also, expanding fast-food industry in developing nations is driving demand for soybean oil as well as the need for healthier cooking oils is increasing. Due to the compatibility of the oil in various food products and cheaper to other vegetable oils, the food industry will keep on using it and hence steady market growth.
Health and Nutritional Trends:
Soybean oil market is affected by trends in consumer awareness about health and nutrition and the shift to healthier products. Soybean oil is partially hydrogenated and it has been on the controversy of its health effects and those of the industrialized healthier versions. An example is the high-oleic soybean oil with better stability and improved fatty-acid balance which is highly desirable in today's society as far as food healthiness is concerned, and more to that, it has no trans-fat. First of all, the extremely rich content of polyunsaturated fats that include omega three fatty acids is compliant to trade recommendations.
Moreover, the shifting trend of enhanced consumption of the plant-based diets also enhances the market for soybean oil indirectly because with more demand for soybean for protein the oil will be produced more. These food safety and health improvement-oriented factors redesign products sold and stimulate product development in soybean oil market.
Asia Pacific Soybean Oil Market
Currently, the Asia Pacific Soybean Oil Market is on an upward gradient due to the following factors, higher population growth rates and an increasing level of disposable income affects the increased demand for processed foods and cooking-oils in the region. Soybean oil is consumed and imported enormously by china and to some extent by India. Market rises over the steady growth of the food processing in the countries like Indonesia, Vietnam and Thailand etc.
At the same time, there is an increasing demand for vegetable oils due to their improving health profile for soybean oil in some markets. Ongoing discussions include integration of BMD's soy option with CLS and plans by BMD, the world's largest palm oil exchange, to launch a soy oil futures contract in March 2024 in order to arbitrage between soy and palm oil.
Bio fuel segment especially in the Indonesia and Malaysia lift the market growth as the government has set their policies to enhance the utilization of renewable fuels. However, it is facing challenges such as fluctuation in the market prices occasioned by volatility of Soybean production: Competition from other vegetable oils such as palm oil.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 240 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $81.04 Billion |
| Forecasted Market Value (USD) by 2032 | $206.5 Billion |
| Compound Annual Growth Rate | 10.9% |
| Regions Covered | Global |
Key Players Analysis: Business Overview, Key Personnel, Recent Development & Strategies, Financial Insights
- Archer Daniels Midland Company
- Wilmar International Limited
- AAK AB
- Bunge Global SA
- Cargill, Incorporated
- DuPont
- Unilever PLC
- Associated British Foods
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Soybean Oil Market
6. Market Share Analysis
6.1 Consuming Countries
6.2 Application
7. Volume Share Analysis
7.1 Consuming Countries
7.2 Producing Countries
7.3 Importing Countries
7.4 Exporting Countries
8. Consuming Countries
8.1 United States
8.1.1 Market
8.1.2 Volume
8.2 China
8.2.1 Market
8.2.2 Volume
8.3 India
8.3.1 Market
8.3.2 Volume
8.4 European Union
8.4.1 Market
8.4.2 Volume
8.5 Argentina
8.5.1 Market
8.5.2 Volume
8.6 Mexico
8.6.1 Market
8.6.2 Volume
8.7 Bangladesh
8.7.1 Market
8.7.2 Volume
8.8 Others
8.8.1 Market
8.8.2 Volume
9. Producing Countries Volume
9.1 China
9.2 United States
9.3 Brazil
9.4 Argentina
9.5 European Union
9.6 India
9.7 Mexico
9.8 Others
10. Importing Countries Volume
10.1 India
10.2 Bangladesh
10.3 Peru
10.4 Morocco
10.5 European Union
10.6 Algeria
10.7 China
10.8 Iran
10.9 South Korea
10.10 Colombia
11. Exporting Countries Volume
11.1 Argentina
11.2 Brazil
11.3 European Union
11.4 Russia
11.5 Paraguay
11.6 Bolivia
11.7 Turkey
12. Application
12.1 Food
12.2 Non-Food
13. Porter's Five Forces Analysis
13.1 Bargaining Power of Buyers
13.2 Bargaining Power of Suppliers
13.3 Degree of Rivalry
13.4 Threat of New Entrants
13.5 Threat of Substitutes
14. SWOT Analysis
14.1 Strength
14.2 Weakness
14.3 Opportunity
14.4 Threat
For more information about this report visit https://www.researchandmarkets.com/r/ra9h0e
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