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Soybean Oil Market

Soybean Oil Market

Soybean Oil Market By Product Type (Processed Soybean Oil, Virgin Soybean Oil), By Distribution Channel (Trade Channels, Franchise Outlets), By End User (For Foodservice, Food Processor, Retail) & By Region - Global Insights to 2031

Soybean Oil Market
  • Aug-2021
  • List of Tables : 216
  • List of Figures : 66
  • 170 Pages
  • Food & Beverage

Soybean Oil Market Outlook

The global sales of soybean oil are expected to grow moderately in 2021 with sales of just over 57 Mn tons in 2020. While Fact.MR still expects the market for soybean oil to grow slightly, however, the decade long compound annual growth rate (CAGR) remains positive at 5%.

Retail sales are projected to remain elevated throughout the forecast period. Currently, this segment accounts for a little over 38% revenue share, projected to reach a worth of US$ 8.1 Bn by 2022. Meanwhile, the foodservice segment is estimated to retain its second spot.

Key Points Covered in Soybean Oil Industry Survey

  • Market Estimates and Forecasts 2016-2031
  • Key drivers and restraints shaping market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Soybean Oil market and How to Navigate
  • Recommendation on a Key Winning Strategy.

Consumption Analysis of Soybean Oil from 2016-2020 Vs Future Outlook 2021-2031

From 2016 to 2020, sales of soybean oil surged at a CAGR of under 5% to be valued at over US$ 20 Bn. In the short-term, the expected market value is pegged at over US$ 21 Bn as of 2022.

Increasing awareness about the health benefits of soybean oil has surged global demand in recent years. Furthermore, sales of processed soybean oil currently account for more than 2/3rd share of the market in terms of revenue and are expected to gain 70 BPS over 2022.

The global market for soybean oil is anticipated to surpass US$ 33 Bn by 2031 following a CAGR of 5%. Manufacturers are likely to target the Asian market, which governs a majority of share of approximately 35%.

What are the Factors Driving the Demand for the Soybean Oil market?

Demand for soybean oil is gaining traction owing to its significant health benefits. The presence of omega-3 fatty acids and polyunsaturated fats content provides immunity against heart disease and reduces.

However, the manufacturing of alkyd resins used in inks and oil paints have boosted the market sales. Soybean oil remains to be cost-efficient cooking oil, which is readily available in the market.

Additionally, environment-friendly properties and numerous nutritional benefits of soy oil are the factors that are stimulating its consumption. 

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Which are Some Lucrative Growth Opportunities for the Soybean Oil market?

A low percentage of trans-fat and negligible saturated fat makes it the most preferred cooking oil in kitchens across the world. Increased health concerns among consumers are likely to alter their food preferences and this will benefit the global soybean market

The ingenuity of soybean oil is predicted to emerge as an opportunity, prompting manufacturers in the food products sector across the world to offer it in its product lines. Expanding the number of sales channels for soybean oil purchasing such as departmental stores, hypermarkets and supermarket, and convenience stores are also expected to boost the market in the coming years. 

How is Multifunctionality of Soybean Oil Impelling Future Market Prospects?

Growing usage of soybean oil in biodiesel is likely gain traction in forthcoming years. According to the EIA, the total share of soybean oil consumed as a biodiesel feedstock doubled, from about 15% in 2010-11 to 30% in 2017-18. It is estimated to reduce the carbon emission in the country as it fulfils nearly 2-3% of fuel demand.

As per NC Soybean Producer's Association report, Soy-based lubricants are as good as petroleum-based lubricants, but can withstand higher heat. More importantly, they are non-toxic, renewable and environmentally friendly.

The poultry and swine industries are major consumers of soybean meal. Over 50% of the soybeans processed for livestock feed are fed to poultry, about 1/4th  is fed to swine, and the rest is used for beef cattle, dairy cattle and pet food. The expected growth in the US soybean supply will allow for a moderate rise in domestic use and exports.

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Country-wise insights

How is the U.S Soybean Oil Industry Generating Growth?

According to US Energy Information Agency , biodiesel production accounts for an increasing share of soybean oil used in the U.S, currently representing about 30% of domestic soybean oil disposition.

Growth in biodiesel production has coincided with federal biofuel mandates and other conditions that encouraged a larger share of the domestic soybean oil supply to be consumed as a biofuel feedstock. As of 2021, consumption of soybean oil is likely to record nearly 10 Mn metric tons in the country.

According to the U.S Department of Agriculture the country is the world's leading soybean producer and the second-leading exporter. Soybeans comprise about 90% of U.S. oilseed production which is likely to upsurge the demand for food processing industries in the country.

Why is the Soybean Oil Industry Flourishing in China?

China accounts for over 60% of global soybean trade, any change in the country's oilseed import is likely to support international beans prices, which have already surpassed 2020 levels by a big margin. In 2020, China's population consumed around 11.77 Mn metric tons of soybean oil.

Increasing urbanization and the rise in the number of health-conscious consumers is increasing the growth of the Soybean oil market in this region. China’s crushing volume is forecast to reach 85 MMT in FY 20-21 after falling to an estimated 82.5 MMT in FY 19-20.

Category-wise insights:

Why are Retail Soybean Oil Sales Gaining Traction?

Based on end use, the retail segment is anticipated to remain highly attractive throughout the forecast period. Currently, this segment accounts for a little over 38% revenue share of the market and is projected to reach valuation of US$ 8.15 Bn by 2022.

Meanwhile, the foodservice segment is estimated to retain its second spot. The soybean market is expected to cultivate in the forthcoming years owing to a rise in the demand for food, growing population and improvement in retailing network.

Why is Processed Soybean Oil Dominating the Market?

Global consumption of processed soybean oil is relatively higher. Most consumers prefer processed soybean oil for cooking as it is more refined, which in turn continues to drive its global demand.

In addition, sales of processed soybean oil currently account for more than 1/3rd share of the market in terms of revenue and are expected to gain 70 BPS over 2022.

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Competitive Landscape

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.   

  • In December 2019, Patanjali Ayurveda completed its acquisition of bankrupt Ruchi Soya at INR 4350 Crores through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
  • In May 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 biofuel, food, feed, and industrial customers, including producers of renewable diesel.

Report Scope



Forecast Period


Historical Data Available for


Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Brazil
  • Mexico
  • Argentina
  • GCC
  • South Africa

Key Companies Profiled

  • Ruchi Soya Industries Ltd.
  • The Adani Wilmar Ltd.
  • Archer Daniels Midland Company
  • Associated British Foods (Ach)
  • Bunge Limited
  • Beidahuang Group
  • Cargill Inc.
  • Borges Mediterranean Group
  • Adams Group
  • Fuji Vegetable Oil Inc.
  • Olympic Oils Limited
  • American Vegetable Oils Inc.
  • Marico Limited
  • Ach Food Companies Inc
  • ConAgra Foods (Agrotech Foods Ltd)

Key Segments Covered

  • Product Type

    • Processed Soybean Oil
    • Virgin Soybean Oil
  • End User

    • Soybean Oil for Foodservice
    • Soybean Oil for Food Processor
    • Soybean Oil for Retail
  • Distribution Channel

    • Soybean Oil Sales via Modern Trade Channels
    • Soybean Oil Sales via Franchise Outlets
    • Soybean Oil Sales via Speciality Stores
    • Soybean Oil Sales via Online Distribution Channels

- FAQs -

As of 2022, sales of Soybean Oil market is estimated to reach US$ 21 Bn

From 2016 to 2020, sales of Soybean Oil market expanded at approximately 4-5% CAGR

From 2021 to 2031, demand for Soybean Oil market is expected to surge at approximately 5% CAGR

Increased awareness of health and economical cost are likely to open new doors for Soybean Oil market across key industries.

Universal demand for soybean oil is gaining high traction owing to its significant health benefits

The Asia-Pacific soybean oil market is projected to register a CAGR of app. ~5% during the forecast period.

Ruchi Soya Industries Ltd, The Adani Wilmar Ltd., Archer Daniels Midland Company, Associated British Foods (Ach) ,Bunge Limited are some prominent plants based soybean oil producers included in the report.

The retail segment based on end-use is the fastest-growing segment in the market.

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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

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