Soybean oil and palm oil are edible oils extracted from soybeans and palm fruit respectively. They have wide applications in food industry as cooking oil and in manufacturing of products like margarine, shortening and biodiesel. Soybean oil is a rich source of polyunsaturated fats and contains no cholesterol. It has high smoke point making it suitable for frying. Palm oil contains saturated fat and vitamins however concerns are being raised over its sustainability.
The global Soy Oil And Palm Oil Market is estimated to be valued at US$ 109724.12 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expanding applications of soybean oil and palm oil across various industries like food processing, personal care products and biofuel is driving the market growth. Soybean oil is being increasingly used as an alternative to partially hydrogenated oils owing to its health benefits. It is also finding applications as a lubricant in machinery and metalworking. Growth in food processing industry and rising demand for sustainable and eco-friendly biofuels are further supplementing the demand for soybean and palm oils. The shifting consumer preference towards plant-based oil over partially hydrogenated oils due to health concerns is providing impetus to the market.
Segment Analysis
The global soy oil and palm oil market is dominated by the food segment. Soy oil and palm oil find extensive applications in food products such as bakery, confectionery, snacks, breads, and beverages. This is because soy oil and palm oil are neutral in taste and improve the texture, flavor, and shelf life of food products. The food segment accounted for nearly 60% share of the overall soy oil and palm oil market in 2023 due to the robust demand from the expanding food processing industry globally.
Key Takeaways
The Global Soy Oil And Palm Oil Market is expected to witness high growth over the forecast period of 2023 to 2030. The global Soy Oil And Palm Oil Market is estimated to be valued at US$ 109724.12 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region currently dominates the soy oil and palm oil market with more than 50% share globally. Indonesia and Malaysia are the largest producers and exporters of palm oil due to suitable climatic conditions. The high domestic consumption in populous countries like India and China also contributes to the dominant position of Asia Pacific in the global soy oil and palm oil market. The region is estimated to continue its dominance during the forecast period supported by the growing food processing industry and population in the region.
Key players
Key players operating in the soy oil and palm oil market are Cargill, Inc., PT Astra Agro Lestari Tbk, Wilmar International Ltd, Carotino Sdn Bhd, Yee Lee Corporation Bhd, IOI Corporation Berhad, Archer Daniels Midland Company, Dow DuPont Inc., and Guangxi Long'an Ruifeng Industrial & Trading Co., Ltd. Cargill, Inc. and Wilmar International Ltd. are the global leaders in the palm oil production and trade.
For more insights, read- https://www.marketwebjournal.com/growing-edible-oil-consumption-across-the-globe-share
The global Soy Oil & Palm Oil market report provides insight into the current situation of the market and predicts the recent future over the duration of 2020 to 2025.
The information mentioned in the report helps to decide the marketing strategies, wheatear to enter in the market, and to know the financial condition of the key players operating in the market for quite some time.
Additionally, it helps to decide the target audience and to strategies the marketing to seize the opportunities at right time.The report includes data from authentic sources and projections about market size.
The report covers all crucial parameters like manufacturing volume, raw material sourcing approaches, value chain alliance, organizational structure, global presence, market performance, distribution network, and market size.
Based on past trends, research information will help to provide Forecasts about the market in terms of revenue and volume growth.For Right Perspective & Competitive Insights, Request a Sample @: https://introspectivemarketresearch.com/request/13713Key Player Mentioned: IOI Corporation Berhad, Archer Daniels Midland, Malaysian Palm Oil Council (MPOC), T Astra Agro Lestari Tbk, Cargill, Wilmar International, Yee Lee Corporation, Carotino, BungeProduct Segment Analysis: Palm Oil, Soy OilApplication Segment Analysis: Food, Feedstuff, Personal Care and Cosmetics, Biofuel, Pharmaceutical, OthersRegional Segment Analysis: North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain etc.
)The report is focused on qualitative and quantitative insights by industry analysts, inputs from industry experts and industry participants across the value chain.
