Summary

The global soybean oil market size reached 61.2 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 71.9 Million Tons by 2032, exhibiting a growth rate (CAGR) of 1.7% during 2024-2032. The growing demand for edible oils among individuals, rising utilization in various industrial applications, and increasing health consciousness and awareness among the masses across the globe are some of the major factors propelling the market.

Soybean oil is a vegetable oil that is derived from the seeds of the soybean plant known as Glycine max. It has a mild flavor and high smoke point and is commonly used for cooking, frying, and baking. It is a cost-effective cooking oil that provides a neutral taste and does not overpower the natural flavors of the food. As it is widely utilized in the production of margarine, mayonnaise, salad dressings, sauces, and snack foods, the demand for soybean oil is increasing across the globe.

At present, the rising demand for healthier and more sustainable food choices among individuals is strengthening the growth of the market. In line with this, the increasing adoption of soybean oil in the cosmetic industry due to its moisturizing properties is contributing to the growth of the market. Apart from this, the growing demand for soybean oil on account of the increasing number of restaurants, cafes, hotels, and other fast-food chains around the world is positively influencing the market. In addition, the rising utilization of soybean oil in several skincare products, such as lotions, creams, and soaps, for providing hydration and promoting skin health is bolstering the growth of the market. Furthermore, the wide availability of soybean oil through online and offline distribution channels across the globe is supporting the growth of the market.

Soybean Oil Market Trends/Drivers:
Rising demand for edible oils

There is a rise in the demand for edible oils, such as soybean oil, among the masses across the globe. People are increasingly preferring safe food products that do not harm the body and maintain good health. In addition, the rising adoption of food and cooking oils due to the increasing demand for a variety of food products among the masses around the world. People are preferring convenient and processed food products that often require the use of edible oils for cooking and frying. There is a rise in the consumption of edible oils on account of the changing dietary patterns of individuals. Moreover, the growing popularity of international cuisines and fast-food chains is positively influencing the market.

Increasing health consciousness and awareness among individuals

There is a rise in the demand for soybean oil due to the increasing health consciousness among consumers across the globe. People are increasingly preferring nutrient-rich food products, which is offering a positive market outlook. Soybean oil is considered a healthier choice due to its favorable fatty acid composition. It contains a balanced ratio of polyunsaturated fats, monounsaturated fats, and low levels of saturated fats. In addition, soybean oil may benefit in reducing cholesterol levels, lowering inflammation, and improving heart health. It also has antioxidants that help to protect the cells of the body from damage caused by free radicals. As a result, consumers are rapidly adopting soybean oil as a healthier alternative to other cooking oils.

Growing utilization in industrial applications

Soybean oil has diverse industrial applications, such as a feedstock for biodiesel production. There is a rise in the demand for biodiesel as an alternative to fossil fuels, which is contributing to the growth of the market. Soybean oil serves as a key feedstock for biodiesel due to its high oil content and favorable properties. People are increasingly focusing on renewable energy sources to reduce carbon emissions and maintain a sustainable environment. Apart from this, soybean oil is widely employed in the production of various industrial products, such as lubricants, paints, inks, and coatings. The versatility and availability of soybean oil make it an attractive and suitable choice for different industrial sectors.

Soybean Oil Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global soybean oil market report, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on end-use.

Breakup by End-Use:

Food
Feed
Industrial

Food represents the largest market segment

The report has provided a detailed breakup and analysis of the market based on the end-use. This includes food, feed, and industrial. According to the report, food represented the largest segment.

The food industry is one of the largest consumers of soybean oil as it is widely used for various culinary purposes, such as cooking, frying, baking, and as an ingredient in processed foods. In line with this, the rising adoption of ready-to-eat (RTE) food products among the masses is contributing to the growth of the market.

In the feed industry, it is used as a component in animal feed formulations. It is included in livestock and poultry feed to provide a source of energy and essential fatty acids. In addition, it assists in improving the palatability and nutritional value of animal feed and enhances the growth and development of livestock.

Soybean oil finds applications in various industrial sectors, as it is used as a feedstock for biodiesel production. In addition, it offers environmental friendliness and is a suitable alternative to conventional diesel fuel.

Breakup by Region:

China
United States
Brazil
Europe
Argentina
India
Others

China exhibits a clear dominance, accounting for the largest soybean oil market share

The report has also provided a comprehensive analysis of all the major regional markets, which include China, United States, Brazil, Europe, Argentina, India, and others. According to the report, China accounted for the largest market share.

China held the biggest market share as it is the major producer of soybeans. Apart from this, the rising demand for soybean oil on account of the thriving food service industry is contributing to the growth of the market in the country. In line with this, the increasing consumption of processed and convenience food products is propelling the growth of the market in China. Furthermore, the rising adoption of soybean oil due to changing consumer eating habits is bolstering the growth of the market in the country.

India is estimated to expand further in this domain during the forecast period owing to the favorable government initiatives for soybean agriculture. In addition, the rising utilization of soybean oil in households for cooking, frying, and baking purposes is supporting the growth of the market in the country. Besides this, the increasing adoption of soybean oil in the production of snacks is strengthening the growth of the market.

Competitive Landscape:
Key players in the industry are investing in research and development (R&D) activities to improve production processes, develop new product formulations, and enhance the quality and functionality of soybean oil. They are also exploring new extraction techniques, optimizing refining processes, and developing specialty variants of soybean oil to cater to specific customer needs. In line with this, major manufacturers are offering organic or non- genetically modified organism (GMO) variants of soybean oil, introducing specialty blends, and diversifying into value-added products, such as flavored or infused soybean oils. Apart from this, companies are opening soybean oil production facilities across the globe, which is positively influencing the market.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

Archer Daniels Midland Company
Bunge Limited
Cargill, Incorporated
Louis Dreyfus Company B.V.
Wilmar International Limited

Recent Developments:
In May 2021, Archer Daniels Midland Company announced to build North Dakota’s first-ever dedicated soybean crushing plant and refinery to meet fast-growing demand from food, feed, industrial and biofuel customers, including producers of renewable diesel.
In March 2023, Bunge Limited and Corteva Agriscience announced significant advancements in the development of more nutritious soybean meals for the animal feed industry, specifically suited for poultry, swine and aqua feed.
In 2022, Cargill unveiled plans to build a new soybean processing facility located in Pemiscot County, Mo. near Hayti and Caruthersville to support growing domestic and global demand for oilseeds by food, feed, and fuel markets.

Key Questions Answered in This Report

1. What was the size of the global soybean oil market in 2023?
2. What is the expected growth rate of the global soybean oil market during 2024-2032?
3. What are the key factors driving the global soybean oil market?
4. What has been the impact of COVID-19 on the global soybean oil market?
5. What is the breakup of the global soybean oil market based on the end-use?
6. What are the key regions in the global soybean oil market?
7. Who are the key companies/players in the global soybean oil market?

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Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Soybean Industry
5.1 Market Performance
5.1.1 Volume Trends
5.1.2 Value Trends
5.2 Market by End-Use
5.3 Market by Region
5.4 Market Forecast
6 Global Edible Oil Industry
6.1 Market Performance
6.2 Market by Region
6.3 Market by Oil Type
6.4 Market Forecast
7 Global Soybean Oil Industry
7.1 Market Overview
7.2 Market Performance
7.3 Impact of COVID-19
7.4 Price Analysis
7.4.1 Key Price Indicators
7.4.2 Price Structure
7.4.3 Price Trends
7.5 Market Breakup by Region
7.6 Market Breakup by End-Use
7.7 Market Forecast
7.8 SWOT Analysis
7.8.1 Overview
7.8.2 Strengths
7.8.3 Weaknesses
7.8.4 Opportunities
7.8.5 Threats
7.9 Value Chain Analysis
7.9.1 Raw Material Procurement
7.9.2 Manufacturing
7.9.3 Marketing
7.9.4 Distribution
7.9.5 Exports
7.9.6 End-Use
7.10 Porter’s Five Forces Analysis
7.10.1 Overview
7.10.2 Bargaining Power of Buyers
7.10.3 Bargaining Power of Suppliers
7.10.4 Degree of Competition
7.10.5 Threat of New Entrants
7.10.6 Threat of Substitutes
7.11 Key Market Drivers and Success Factors
8 Market Performance by End-Use
8.1 Food
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Feed
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Industrial
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Performance of Key Regions
9.1 China
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 United States
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Brazil
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Europe
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Argentina
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 India
9.6.1 Market Trends
9.6.2 Market Forecast
9.7 Others
9.7.1 Market Trends
9.7.2 Market Forecast
10 Competitive Landscape
10.1 Market Structure
10.2 Key Players
11 Soybean Oil Processing
11.1 Product Overview
11.2 Detailed Process Flow
11.3 Various Types of Unit Operations Involved
11.4 Mass Balance and Raw Material Requirements
12 Project Details, Requirements and Costs Involved
12.1 Land Requirements and Expenditures
12.2 Construction Requirements and Expenditures
12.3 Plant Layout
12.4 Plant Machinery
12.5 Machinery Pictures
12.6 Raw Material Requirements and Expenditures
12.7 Raw Material and Final Product Pictures
12.8 Packaging Requirements and Expenditures
12.9 Transportation Requirements and Expenditures
12.10 Utility Requirements and Expenditures
12.11 Manpower Requirements and Expenditures
12.12 Other Capital Investments
13 Loans and Financial Assistance
14 Project Economics
14.1 Capital Cost of the Project
14.2 Techno-Economic Parameters
14.3 Product Pricing and Margins Across Various Levels of the Supply Chain
14.4 Taxation and Depreciation
14.5 Income Projections
14.6 Expenditure Projections
14.7 Financial Analysis
14.8 Profit Analysis
15 Key Player Profiles
15.1 Archer Daniels Midland Company
15.2 Bunge Limited
15.3 Cargill, Incorporated
15.4 Louis Dreyfus Company B.V.
15.5 Wilmar International Limited

List of Figures
Figure 1: Global: Soybean Oil Market: Major Drivers and Challenges
Figure 2: Global: Soybean Market: Production & Consumption (in Million Tons), 2018-2023
Figure 3: Global: Soybean Market: Production & Consumption (in Million US$), 2018-2023
Figure 4: Global: Soybean Market Production: Breakup by Region (in %), 2023
Figure 5: Global: Soybean Market Consumption: Breakup by Region (in %), 2023
Figure 6: Global: Soybean Market Consumption: Breakup by End-Use (in %), 2023
Figure 7: Global: Soybean Market Forecast: Production & Consumption (in Million Tons), 2024-2032
Figure 8: Global: Soybean Market Forecast: Production & Consumption (in Million US$), 2024-2032
Figure 9: Global: Edible Oil Market: Production & Consumption (in Million Tons), 2018-2023
Figure 10: Global: Edible Oil Market Consumption: Breakup by Oil Type (in %), 2023
Figure 11: Global: Edible Oil Market: Breakup by Region (in %), 2023
Figure 12: Global: Edible Oil Market Forecast: Production & Consumption (in Million Tons), 2024-2032
Figure 13: Global: Soybean Oil Market: Production Volume Trends (in Million Tons), 2018-2023
Figure 14: Global: Soybean Oil Market: Consumption Volume Trends (in Million Tons), 2018-2023
Figure 15: Global: Soybean Oil Market: Production Value Trends (in Billion US$), 2018-2023
Figure 16: Global: Soybean Oil Market: Consumption Value Trends (in Billion US$), 2018-2023
Figure 17: Global: Soybean Oil Market: Average Prices (in US$/Ton), 2018-2032
Figure 18: Global: Soybean Oil Market: Breakup by Region (in %), 2023
Figure 19: Global: Soybean Oil Market: Breakup by End-Use (in %), 2023
Figure 20: Global: Soybean Oil Market Forecast: Consumption Volume Trends (in Million Tons), 2024-2032
Figure 21: Global: Soybean Oil Market Forecast: Consumption Value Trends (in Billion US$), 2024-2032
Figure 22: Global: Soybean Oil Industry: SWOT Analysis
Figure 23: Global: Soybean Oil Industry: Value Chain Analysis
Figure 24: Global: Soybean Oil Industry: Porter’s Five Forces Analysis
Figure 25: China: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
Figure 26: China: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
Figure 27: United States: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
Figure 28: United States: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
Figure 29: Brazil: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
Figure 30: Brazil: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
Figure 31: Europe: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
Figure 32: Europe: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
Figure 33: Argentina: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
Figure 34: Argentina: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
Figure 35: India: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
Figure 36: India: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
Figure 37: Others: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
Figure 38: Others: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
Figure 39: Global: Soybean Oil (Food) Market: Volume Trends (in Million Tons), 2018 & 2023
Figure 40: Global: Soybean Oil (Food) Market Forecast: Volume Trends (in Million Tons), 2024-2032
Figure 41: Global: Soybean Oil (Feed) Market: Volume Trends (in Million Tons), 2018 & 2023
Figure 42: Global: Soybean Oil (Feed) Market Forecast: Volume Trends (in Million Tons), 2024-2032
Figure 43: Global: Soybean Oil (Industrial) Market: Volume Trends (in Million Tons), 2018 & 2023
Figure 44: Global: Soybean Oil (Industrial) Market Forecast: Volume Trends (in Million Tons), 2024-2032
Figure 45: Soybean Oil Processing: Detailed Process Flow
Figure 46: Soybean Oil Processing: Conversion Rate of Products
Figure 47: Soybean Oil Processing: Proposed Plant Layout
Figure 48: Soybean Oil Processing: Breakup of Capital Costs (in %)
Figure 49: Soybean Oil Industry: Profit Margins at Various Levels of the Supply Chain
Figure 50: Soybean Oil Processing: Manufacturing Cost Breakup (in %)
List of Tables
Table 1: Global: Soybean Oil Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Soybean Oil Market Forecast: Breakup by End-Use (in Million Tons), 2024-2032
Table 3: Global: Soybean Oil Market Forecast: Breakup by Region (in Million Tons), 2024-2032
Table 4: Global: Soybean Oil Market: Competitive Structure
Table 5: Global: Soybean Oil Market: Key Players
Table 6: Soybean Oil Processing Plant: Costs Related to Land and Site Development (in US$)
Table 7: Soybean Oil Processing Plant: Costs Related to Civil Works (in US$)
Table 8: Soybean Oil Processing Plant: Machinery Costs (in US$)
Table 9: Soybean Oil Processing Plant: Raw Material Requirements
Table 10: Soybean Oil Processing Plant: Costs Related to Salaries and Wages (in US$)
Table 11: Soybean Oil Processing Plant: Costs Related to Other Capital Investments (in US$)
Table 12: Soybean Oil Processing Plant: Details of Financial Assistance Offered by Financial Institutions
Table 13: Soybean Oil Processing Plant: Capital Costs (in US$)
Table 14: Soybean Oil Processing Plant: Techno-Economic Parameters
Table 15: Soybean Oil Processing Plant: Taxation and Depreciation
Table 16: Soybean Oil Processing Plant: Income Projections (in US$)
Table 17: Soybean Oil Processing Plant: Expenditure Projections (in US$)
Table 18: Soybean Oil Processing Plant: Cash Flow Analysis Without Considering the Income Tax Liability
Table 19: Soybean Oil Processing Plant: Cash Flow Analysis on Considering the Income Tax Liability
Table 20: Soybean Oil Processing Plant: Profit and Loss Account