Soybean Oil Market Detailed Analysis and Forecast up to 2023
Extracted from soybean, soybean oil is extensively used for household cooking and in great demand from restaurants as well. This oil has an important role in the preparation of shortenings and margarine. A number of factors are driving the global soybean oil market; these include the emulsifying ability of the oil and its low-calorie content. Soybean oil has no trans-fat and negligible saturated fat, making it a preferred choice from among all other oils. The soybean market is anticipated to grow in the years to come owing to a rise in the demand for food, growing population, improvement in retailing network, rapid urbanization, and increasing soy crop yields.
The report is a study of the global soybean oil market, its present and future position. It discusses factors that can affect the market movements and changing consumer taste and trends. The study elaborates on the growth plans and strategies adopted by manufacturers of soybean oil, including their expansion plans and new product launches. Key companies are profiled in the report and it covers the company’s business and financial overview.
Soybean Oil Market: Trends and Opportunities
The growing awareness among consumers regarding advantages of soybean oil in comparison to other vegetable edible oils has driven its demand significantly. The health-related concerns among consumers is likely to shift their food preferences and this will benefit the global soybean market because this oil is a source of omega-3 fatty acids and vitamin E.
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On the other hand, the availability of substitutes such as olive, rice bran, palm, sunflower, and rapeseed oil in abundance is limiting the demand for soybean oil.
The versatility of soybean oil is expected to emerge as an opportunity and attract a large number of manufacturers in the food products sector across the world. Increasing number of channels that facilitate the sales of soybean oil such as departmental stores, hypermarkets and supermarket, and convenience stores is also expected to boost the market in the coming years. Apart from its uses in cooking, soybean oil has its applications in lubricants, bio-diesel, industrial paints, solvents, adhesives, cleaners, oleo chemicals, and bio-composites. As such, the demand for this oil will continue to grow and the market will witness a significant rise in the coming years.
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Soybean Oil Market: Region-wise Outlook
The global soybean oil market is segmented on the basis of geography into Asia Pacific, North America, Europe, and the Rest of the World. China, in Asia Pacific is the leading producer of soybean oil followed by India and Japan. The U.S. is the leading producer of this oil in North America. Argentina in South America is also popular for its soybean oil production.
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Key Players Mentioned in the Report
The report profiles key players in the soybean oil industry such as Cargill Foods Inc., Adani Wilmar Limited, and Ruchi Soya Industries. Information regarding their strategic partnerships and mergers and acquisitions have been included in the report.
