Global Soybean Oil Market to Reach 56.6 Million Tons by 2024, Bolstered by Increasing Health Consciousness Among Consumers - IMARCGroup.comThe global soybean oil market is driven by its numerous health benefits, affordable price, and growing health-consciousness among consumers.
According to the latest report by IMARC Group, titled “Soybean Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached 49.7 Million Tons in 2018. Soybean oil is a rich source of essential nutrients including proteins, plant sterols, vitamins and fatty acids. It has a relatively lower price as compared to the other edible oils available in the market. Soybean oil has become a preferred choice for cooking in households and restaurants due to its neutral taste, high smoke point and negligible saturated fat content. Nowadays, researchers are developing soybeans with an increased level of stearidonic acid (SDA) omega-3s with the help of biotechnology, which is having a positive impact on the market for soybean oil.
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Global Soybean Oil Market Trends:
The growing health consciousness among consumers across the globe is one of the key factors driving the market growth. Soybean oil offers various health benefits such as managing heart health, lowering cholesterol levels, improving immunity, reducing the threat of cognitive disorders, preventing osteoporosis, and boosting skin and eye health. Consequently, the demand for soybean oil has significantly increased, especially among health-conscious consumers. Furthermore, in recent years, manufacturers have introduced high oleic soybean oil which contains no trans-fat and high amounts of monosaturated fats. Also, soybean oil has several functional properties which have facilitated its usage in both food and non-food applications. In the food industry, it is used for cooking, frying and as an ingredient in the production of margarine, shortenings, and non-dairy creamers. Its non-food applications include the production of animal feed, caulks, mastics, resins, plastics, biodiesel and insecticides. Moreover, many leading companies have launched non-GMO soybean. For instance, Cargill has introduced soybean oil made from identity-preserved (IdP), conventionally-bred (non-GM) soybeans to expand its product portfolio and consumer base. Looking forward, the market volume is projected to reach 56.6 Million Tons by 2024, registering at a CAGR of 1.8% during 2019-2024.
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Market Summary:
- Based on the end use, the market has been segregated into food, industrial, animal feed and others. The food industry currently represents the largest end use segment, accounting for the majority of the global market share.
- Region-wise, China exhibits a clear dominance in the global soybean oil market. China is followed by the United States, Brazil, Argentina, Europe and India.
- The competitive landscape of the market has also been examined in the report with some of the key players being ADM, Bunge, Cargill, Louis Dreyfus and Wilmar.
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