Datetime: 2025-01-03 06:26:42 Visit: 2654
Global consumer market for soybean oil
The soybean oil market size is estimated to be USD 93.17 billion in 2024 and is expected to reach USD 155.86 billion by 2029, at a CAGR of 10.84% during the forecast period (2024-2029).
In countries such as China and India, soybean oil is widely used for cooking and frying purposes. The higher smoke point of soybean oil compared to other cooking oils has significantly increased its use in the food service industry in Asian countries. Rising retirement income among consumers in countries such as India, Indonesia, and China has increased the trend of dining out. This has expanded the demand for this oil for various uses, such as baked products and prepared foods.
South America is experiencing significant growth in this market as Brazil and Argentina are significant producers and exporters of this oil. Soybean processors in Brazil and Argentina sell soybean oil to refineries, which process it into refined, bleached, and deodorized (RBD) oil that can be sold to food processors for cooking and manufacturers who use the oil to produce biodegradable plastics and lubricants, as well as biodiesel. China imports most of its oil from Argentina and Brazil. The Brazilian government’s increasing investments to increase biodiesel production using soybean oil is expected to drive the market in the region.
The market in the Middle East and Africa is at its nascent stage. The growth of the market is driven by the increasing use of soybean oil in Iran. Iran is a major importer of the oil that is purchased by refineries and food processors and used to process the staple food ghee. The rapidly growing disc retirement income of consumers in the Middle East and Africa is expected to further drive the growth of the market in the region in the coming years.
The low cost, easy availability and environmentally friendly nature of soybean oil further promote its use in various sectors such as food, industry and feed. Soybean oil is also used in various food and industrial applications such as in the production of caulks and adhesives that can be used as adhesives or sealants.
