According to Renub Research, report “Soybean Oil Market & Volume By Consuming, Producing, Importing, Exporting Country, Company Analysis & Global Forecast” will be US$ 78.99 Billion by the end of 2027. Soybean oil is the second standard utilized vegetable oil across the world. It is a leading oil crop grown globally due to its diverse uses of oil and protein for humans and livestock. Soybean oil is a rich source of crucial nutrients like proteins, vitamins, plant sterols and fatty acids. As a result, it helps grow immunity, prevents osteoporosis, manages heart health, boosts skin and eye health, lowers cholesterol levels, and reduces the threat of cognitive disorders.
Factors Driving Soybean Oil Market
Moreover, the increasing awareness among consumers regarding the advantages of soybean oil, compared to other vegetable edible oils, has driven its demand significantly. One of the main factors propelling the requirement for soybean oil across the globe is its affordable rate. It is relatively less costly than most other edible oils such as canola oil, olive oil, coconut oil, and groundnut oil. As a result, it is prevalent in price-sensitive markets, particularly in developing regions.
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Over the years, soybean oil has become a favored choice for cooking in households and restaurants due to its vast smoke point, neutral taste, and negligible saturated fat content. Low cost, easy availability and the eco-friendly nature of soybean oil have further facilitated its usage in various sectors, such as feed, food and industrial.
Regional Analysis: China is the World’s biggest Soybean Oil Producer
The United States, China, Brazil, and India are the primary consumers and producers of soybean oil globally. China is the world’s biggest soybean oil producer; the demand for soybean oil has risen even more rapidly. With the constant growth of the economy and the rise of the total population, the consumption of vegetable oils is increasing year by year. The top vegetable oils consumed in China are soybean oil; it is becoming increasingly westernized cultural and economic factors that make China’s patterns of soybean oil production and consumption unique.
Further, biodiesel is leading to the increase in the consumption of soybean oil in the United States. Soybean oil is by far the most extensively produced and consumed edible oil in the United States. This makes soybean oil a good alternative for high-heat cooking methods like roasting, baking, frying, and sautéing, as it can resist high temperatures without breaking down.
The Soybean Oil Market Size was USD 52.6 Billion in 2020
Globally, Argentina is a crucial exporter of soybean oil. The main destinations of Argentina soybean oil exports were Bangladesh, India, Morocco, Peru and China. India is a significant soybean oil-importing country; it does not even produce half of its edible oil requirements. This is mainly due to rained conditions, smallholding with limited resources, high seed cost, low seed replacement rate, and low productivity. The nation has to rely on imports to meet the gap between demand and supply. India imports soybean oil mainly from Argentina, Brazil, Ukraine and Russia. India imports crude Soybean oil from the Crushing Capacities installed primarily in Argentina.
Impact of COVID-19 Pandemic in Global Soybean Oil Industry
The soybean oil market indicates steady growth, despite the COVID-19 pandemic cut demand for biofuel. The competitive price of soybean oil, against the cost for palm oil and sunflower, combined with the potential growth in demand for biofuel and increasingly robust environmental standards, signal tangible prospects for the further development of the soybean oil industry.
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The key players in the soybean oil industry are Kerry Inc, Fuji Oil Group, House Foods Group Inc, CHS Inc, Cargill Inc, and Archer-Daniels-Midland CoIn. For instance, in 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, biofuel, feed, and industrial customers, including producers of renewable diesel.
Consumption - This report covered by Consuming Country in the global soybean oils by breakup by 8 Sub-segments (China, United States, Brazil, Argentina, European Union, India, Mexico, Other)
Production – Renub research report covered by producing Country in the global soybean oils by breakup by 8 Sub-segments (China, United States, Brazil, Argentina, European Union, India, Mexico, Other)
Import - We have covered by importing Country in the global soybean oils by breakup by 10 Sub-segments (India, China, Algeria, Bangladesh, Morocco, Peru, European Union, Korea South, Colombia, Other)
Export – Our report covered by exporting Country in the global soybean oils by breakup by 8 Sub-segments (Argentina, Brazil, United States, European Union, Paraguay, Russia, Bolivia, Other)
All the key players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue Analysis) Kerry Inc, Fuji Oil Group, House Foods Group Inc, CHS Inc, Cargill Inc, and Archer-Daniels-Midland CoIn.
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