Growing use of soy oil in personal care products is one of the significant factors influencing the market growth.
Market Size – USD 35.66 billion in 2018, Market Growth – CAGR of 3.3%, Market Trends – Growing application of soy oil in biodiesel
The global soy oil market is expected to reach USD 48.18 Billion by 2027, according to a new report by Reports and Data. The growth of the market is attributed to the growing demand for soy oil amongst various end-use applications.
The rising awareness among individuals pertaining to the benefits of soybean oil with respect to other edible vegetable oils is playing an instrumental role in driving the growth of the market. Soy oil is a rich source of omega-3 fatty acids and vitamin E, and hence consumers concerned about their health issues are expected to change their food preferences, which in turn, will propel the growth of the market in the upcoming years.
Soy oil finds extensive usage in food products as it lowers total body cholesterol along with bad LDL (low-density lipoprotein) cholesterol. Soy oil processed through special means is deployed for the treatment of osteoarthritis. This oil also used for application directly to the skin to ward off mosquitoes and other insects. Moreover, soybean oil is utilized in intravenous feedings as a nutritional supplement.
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Key participants include Archer Daniels Midland Company, Bungee Limited, Corteva, Olam International, Wilmar International Limited, Granol, Cargill Inc., Associated British Food PLC, Ruchi Soya Industries, and Agro-Food Group, among others.
Further key findings from the report suggest
- By application, food application contributed to the largest market share in 2018 and is estimated to grow at a rate of 3.1% in the forecast period. The high demand for soy oil in food applications is owing to the growing population and shifting preferences for a healthy lifestyle.
- By distribution channel, the online distribution channel is expected to grow at a rate of 5.8% in the forecast period, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.
- By end-use, commercial application contributed to a considerable market share in 2018 and is expected to witness a faster growth rate in the forecast period.
- The market in the Asia Pacific region held the largest market share in 2018 and is projected to grow at a rate of 4.4% in the forecast period. The market dominance of the APAC region is owing to a huge population in countries in the region as well as an increase in demand of soy oil in food and agriculture industries.
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For the purpose of this report, Reports and Data have segmented the global soy oil market on the basis of application, distribution channel, end-use, and region:
Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Personal Care
Distribution Channel Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
End-Use Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Regional Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- North America
- Asia Pacific
- Latin America
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Key Points Addressed in the Report:
- A detailed analysis of the global Soy Oil market through assessment of key market aspects such as technology, product type, application, end-use, and overall industry dynamics.
- Qualitative and quantitative analysis of the market estimation from 2016 to 2027 and CAGR calculation for the forecast period.
- All-inclusive assessment of market dynamics with emphasis on drivers, restraints, opportunities, and limitations.
- Extensive profiling of key companies operating in the market including company overview, financial standing, product offerings, product portfolio, recent product and technological advancement, and business expansion plans.
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