Soybean oil is one of the form of vegetable oil which is extracted from seeds of soybean/glycine max. Primary demand for soybean oil is in the food industry where it is widely used for cooking purpose. In terms of characteristics of soybean oil, it is yellow in color, contains vitamin E, vitamin K, Omega-6 and free from fatty acids and cholesterol, which makes soybean oil as one of the healthiest cooking oil. It is primarily used in preparing food products such as margarine, frozen foods, salad dressings, shortenings, baked food and in many other products. In terms of demand for soybean oil in global market, North America and Asia-Pacific region are expected to gain largest market share in terms of volume and value.
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Soybean Oil Market: Market Drivers
Some of the key factors which are influencing the demand for soybean oil in the global market is due to increasing number of health conscious consumers and changing preference of consumers towards healthy food. Nowadays, soybean oil is highly preferred among consumers suffering diseases from high cholesterol, obesity and cardiovascular as it helps to manage cholesterol, improves the immune system, reduce cognitive disorder and also helpful to maintain healthy skin. These are some key factors which are driving the demand for soybean oil in the developed and developing countries. Moreover, it is also preferred by food manufacturers to fulfill the demand for consumers seeking for food products with highly nutritional content. Food manufacturers are using soybean oil as a key ingredient as it has low saturated fat value, no trans-fat, and fewer calories and on the other side the demand for soybean oil is also fueling from healthcare industry as it is a rich source of omega-3 fatty acids, vitamins and minerals. In addition, the versatility of soybean oil is also one of the key factor which creates opportunities for rubber and plastic industries, pharmaceutical and nutraceutical products across the global market. In future, the growth soybean may inhibit due to the availability of substitutes such as sunflower oil, olive oil, palm oil and many other conventional oil which may limit the growth of soybean oil market.
Soybean Oil Market Segmentation
Soybean oil market is segmented on the basis of raw material, application, end-use and distributional channel. On the basis of raw material, soybean oil is segmented in organic and conventional soybean oil. Market segment by application include food, cosmetics and personal care products, animal agriculture and other. Further the food segment is sub-segmented into culinary use, bakery, snacks, salad dressings, mayonnaise, meat and fish and others (confectionery).Further, soybean oil market is segmented on the basis of end-use which includes, commercial and household purpose. On the basis of the distributional channel, it is segmented on the basis of supermarket/hypermarket, convenience stores, wholesaler/distributor, and neighborhood stores. On analyzing the demand for soybean oil in the global level market, it assesses that majority of the use of soybean oil is in food industry due to its low saturated fat contents, a major source of vitamin E, and omega-6 fatty acids. In addition, application of soybean oil makes the food healthier and also shelf stable product. On the other side, the demand for soybean oil is also increasing as an industrial application in industries such as biodiesel, rubber, plastic, paints and coatings and for many other industrial purposes.
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Soybean Oil Market: Regional Outlook
On the basis of the regional segment, soybean oil market is segmented into seven regions including North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan and the Middle East & Africa. On analyzing the market share on the graph, it is expected that North America and Asia-Pacific accounts for the majority of share in terms of value and volume in global soybean oil market. Furthermore, increasing demand for soybean oil in household purpose and in fast food industry among developing countries of Asia Pacific region. In addition, increasing urban population and increasing number of health conscious consumers in China and India show that Asia Pacific region is expected to be one of the most attractive markets in near future.
Soybean Oil Market: Key Players
Some of the key players operating in global soybean oil market are Cargill, Incorporated, Ruchi Soya Industries Limited, LE GROUP INDUSTRIES, AGRO FOOD GROUP, IB Group, FEDIOL, Aceitera General Deheza, Harvest Brand, Granol and Wilmar International Ltd.