Global Soybean Oil Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Soybean Oil Market is Segmented by Application (Food, Animal Feed, and Industrial) and Geography.

Market Snapshot

 Soybean Oil Market Overview
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 5.78 %
 Soybean Oil Market Key Players

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Market Overview

The global soybean market is expected to register a CAGR of 5.78% during the forecast period (2020-2025).

  • The growing awareness among consumers regarding the advantages of soybean oil, in comparison to other vegetable edible oils, has driven its demand significantly.
  • China, the United States, Brazil, and India are the major countries in the world that consume soybean oil.
  • Low cost, easy availability, and the eco-friendly nature of soybean oil have further facilitated its use in various sectors, such as food, industrial, and feed. Soybean oil is also used in various food and industrial applications, such as for production of caulks and mastics, which are useful as adhesives or sealants.

Scope of the Report

The global soybean oil market is segmented by application into the food, animal feed, and industrial sectors. Food applications are further sub-segmented into spreads, bakery, confectionery, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East & Africa.

By Application
Bakery and Confectionery
Other Applications
Animal Feed
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Rest of Asia-Pacific
South America
Rest of South America
Middle-East & Africa
South Africa
Saudi Arabia
Rest of Middle-East & Africa

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Key Market Trends

Growing Usage of Soybean Oil in Biodiesel

Soybean acreage is much greater than other oilseed crops, leading to substantial soybean oil production and its availability as a biofuel feedstock. There are many benefits to using soybean oil in the production of biodiesel. As soybeans are widely grown, the infrastructure and equipment to grow, transport, and process them already exists. Moreover, the leftover soybean meal is important for animal feed. The use of soybean oil for biodiesel was greatly influenced by the promotion from US soybean farmers through the United Soybean Board (USB) and the subsequent creation of the National Biodiesel Board (NBB). 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.

 Soybean Oil Market Key Trends

North America Holds a Prominent Share in the Market

Biodiesel is leading to the increase of the consumption of soybean oil in the country. The weak food demand is offset by theincrease in the US production of biodiesel, which uses soybean oil as a major feedstock. As per the USDA reports, soybean production declined initially (2010/11-2011/12) and then increased incrementally, with a modest improvement in yields and planted acreage. The expected growth in the US soybean supply will allow for a moderate rise in the domestic use and exports. However, the growth of the US soybean industry is likely to slow over the next few years, as it faces stronger foreign competition and the US farmers are shifting their acreage into feed grains. Although the net returns for soybeans is likely to rise to uncommonly high levels, they are expected be lower than that of corn, and as a result, gradually limit the US soybean acreage.

 Soybean Oil Market Growth Rate

Competitive Landscape

The global soybean oil market is consolidated, with the major players holding a prominent share in the market. The versatility of soybean oil is expected to emerge as an opportunity, and thereby, attract many manufacturers in the food products sector across the world. The major players in the market are Cargill Inc., Bungee Limited, ADM, and Associated British Foods PLC.

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study



    1. 3.1 Market Overview


    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 By Application

      1. 5.1.1 Food

        1. Spreads

        2. Bakery and Confectionery

        3. Other Applications

      2. 5.1.2 Animal Feed

      3. 5.1.3 Industrial

    2. 5.2 Geography

      1. 5.2.1 North America

        1. United States

        2. Canada

        3. Mexico

        4. Rest of North America

      2. 5.2.2 Europe

        1. United Kingdom

        2. Germany

        3. France

        4. Italy

        5. Spain

        6. Russia

        7. Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Australia

        5. Rest of Asia-Pacific

      4. 5.2.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.2.5 Middle-East & Africa

        1. South Africa

        2. Saudi Arabia

        3. Rest of Middle-East & Africa


    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Archer Daniels Midland Company

      2. 6.4.2 Associated British Foods PLC

      3. 6.4.3 Bungee Limited

      4. 6.4.4 Cargill Incorporated

      5. 6.4.5 Corteva

      6. 6.4.6 Olam International

      7. 6.4.7 Wilmar International Ltd

      8. 6.4.8 Granol

    5. *List Not Exhaustive

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Frequently Asked Questions

The Soybean Oil Market market is studied from 2016 - 2026.

The Soybean Oil Market is growing at a CAGR of 5.78% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

ADM, Associated British Foods plc, Bungee Limited, Cargill, Incorporated. are the major companies operating in Soybean Oil Market.

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