The Soybean Oil Market Growth Opportunities and Trends 2032

The global soybean oil market size was USD 51.23 billion in 2023 and is projected to grow from USD 52.86 billion in 2024 to USD 68.42 billion by 2032, exhibiting a CAGR of 3.28% during the forecast period.

The Soybean Oil Market Growth Opportunities and Trends 2032

Market Overview:

The global soybean oil market size was USD 51.23 billion in 2023 and is projected to grow from USD 52.86 billion in 2024 to USD 68.42 billion by 2032, exhibiting a CAGR of 3.28% during the forecast period.

This information is published by Fortune Business Insights, in its report, titled, “Soybean Oil Market, 2024-2032.”

According to our researchers, the rising utilization of soybean oil by food processors and foodservice outlets for baked as well as fried food products or to trade as cooking oil in packed bottles drives the market growth.

In the global commodities market, one product stands out for its versatility, health benefits, and economic importance: soybean oil. Extracted from the modest soybean, this oil has attracted the interest of consumers, investors, and researchers due to its numerous applications and growth potential. Let's explore the intriguing soybean oil market and understand why it has become a prominent topic in agriculture and finance.

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Report Coverage:

Our reports are crafted through a comprehensive analysis approach, emphasizing precision and specificity. Our researchers employ a thorough data evaluation method, allowing us to deliver reliable assessments and accurately analyze market dynamics. With access to a wealth of international and local records, our experts ensure we provide the most current information. This enables stakeholders and business professionals to make informed investments in key areas.


On the basis of application, the market is segregated into Cooking & Frying, Margarine & Shortening, Salad Dressings & Mayonnaise, Bakery Products, and Non-Food Applications.

Geographically, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

The Rise of Soybean Oil

Soybean oil has been a household staple for decades due to its neutral taste, high smoke point, and heart-healthy properties. Recently, its popularity has surged, fueled by shifting consumer preferences, increased awareness of healthy cooking oils, and the rising demand for plant-based products. Consequently, the soybean oil market has experienced a significant increase in production, consumption, and trade, solidifying its role as a key player in the global oils and fats industry.


Market Dynamics and Trends

The soybean oil market is a dynamic and ever-evolving landscape, shaped by various factors such as weather conditions, government policies, consumer preferences, and international trade agreements. Recent trends show a shift towards non-GMO and organic soybean oil, driven by health-conscious consumers and sustainability concerns. Furthermore, the rise of plant-based diets and the increasing use of soybean oil in diverse industrial applications, such as biofuels and cosmetics, are contributing to the market's growth and diversification.

Drivers and Restraints:

Extending Food Usage of Soybean Oil to Foster Market Growth

The oils and fats sector is experiencing significant growth globally, driven by their increasing use in food manufacturing and processing. According to the USDA, this type of oil is the second most consumed vegetable oil in the world. It is widely used for frying, cooking, shortenings, and margarines. The use of soybean oil has also increased in the bakery sector, which significantly contributes to the growth of the soybean oil market.

However, the market faces challenges due to the availability of various other oilseeds that can serve as substitutes. Additionally, the rising awareness of nutritional and healthy oils, such as olive oil, among consumers has considerably affected the use of soybean oil in retail channels.

Regional Insights:

Speedily surging markets in Asia Pacific such as China and India have considerably augmented soy oil ingestion over the last few years. The amplified buying power of Chinese and Indian users has contributed to striking rises in usage as they can afford to buy extensive amount of oil. Asia Pacific held the largest soybean oil market shares in 2020.

This market is observing encouraging growth in North America. The U.S. is the principal consumer of soy oil owing to the quickest developing and escalating food processing industry.

South America is undergoing substantial growth in this market as Brazil and Argentina are prominent producers and exporters of soy oil.

Competitive Landscape:

Acquisitions and Mergers to Assist Vital Players Foster in Market

Key players in the market use effective strategies, guided by their expert advisors, to control major market shares and establish a strong brand presence. One common tactic to commercialize their brand is acquiring other companies to achieve additional financial gains.

Industry Developments:

  • August 2021 – ADM and Marathon Petrolium Corp announced a joint venture to produce soybean oil to fulfill its rising demand to produce renewable diesel fuel.

List of Key Players Mentioned in the Report:

  • Archer Daniels Midland Company (Illinois, U.S.)
  • Associated British Foods, plc (London, U.K.)
  • Bunge (Missouri, U.S.)
  • Cargill, Inc. (Minnesota, U.S.)
  • Louis Dreyfus Company (Rotterdam, Netherlands)
  • Wilmar International Limited (Singapore)
  • DuPont (Delaware, U.S.)
  • Unilever plc (London, U.K.)
  • AMAGGI Group (Cuiaba, Brazil)
  • SunOpta, Inc. (Brampton, Canada)

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