Soybean oil is extracted from soya plants and can be used in multiple cuisines and recipes. To extract the oil soybeans are run through catalytic cracker in a refinery and the extracted oil is sold as soybean oil whereas the by-product is turned in to soybean meals in form of soya chunks or granules. Soybean oil is good source of omega-3 fatty acids and vitamin E which helps in maintaining the body. The soybean oil is used for baking, frying, cooking, garnishing salads, resins, mastics, plastics, caulks, biodiesel, insecticides animal feed, drying oil and as raw material in paint industry. Soybean oil helps in treatment of osteoarthritis, lower low-density cholesterol (LDL) and acts as a mosquito & insect repellent. The current market has high demand of soybean oils as is the next substitute to palmolein oil and are healthy for consumption than palmolein. Soybean oil is commonly used for household cooking and have high demand from restaurants and hotels.
COVID-19 Scenario Analysis:
The manufacturers are facing problems as the raw materials supply has been affected due to lockdown of international boundaries.
The market will grow significantly once the restrictions are lifted as demand of soybean oils will rise after the lockdown as consumers will demand to eat outside foods.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The edible vegetable oils market has grown significantly because of rise in awareness among the consumers toward consumption of healthy oils which have zero trans-fat and low saturated fats. Moreover, the demand from increasing population, expansion of distribution channel, rapid urbanization, increasing yield of soy crop and awareness about healthy vegetable oils are the factors that drive the growth of the global soybean oil market. However, the major constraints of the market are availability of cheap alternatives from local players and competition from other oils such as rice-bran oil, sunflower oil and olive oil. Innovations and development are related to use of soybean oil for animal feed.
The global soybean oil markettrends are as follows:
New product launches to flourish the market
Research and development in the soybean oil market has helped to develop various uses of soybean oil. The manufacturers gave found out new varieties of seed that has improved nutrients and other benefits. High oleic soybeans were developed by seed companies to produce a trans-fat-free soybean oil which has more nutritional benefits than the traditional soybean. In addition, the soybean oils are also used for bio-diesel fuel.
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Good Year has developed a new range of tire that are made using soybean oil. The product under the brand name “Assurance Weather Ready” is an all-season tire that gives better grips in road and performs well and fine in dry, wet and cold weather conditions. The competitive advantage of the tire is it provides excellent traction control among all the competitors in the market.
Surge in usage as bio-diesel infuel industry
Manufacturers have been focusing on producing new bio-diesels using soybean oil that can be available as an alternate to fossil fuels. The most common procedure for producing bio-diesel using vegetable oils and animal fats using methanol or ethanol in the presence of sodium hydroxide which acts as a catalyst. The successful commercial use of bio-diesel using soybean oil has not been introduced to the market but the soybean oil has fuel capabilities which have been proved under prototype and pilot projects which has made many fuel companies to invest in the research and produce bio-diesels that could be the next alternative to fossil fuels.
Key Segments Covered:
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Questions Answered in the Soybean Oil MarketResearch Report:
What are the leading market players active in the soybean oilmarket?
What the current trends will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What future projections would help in taking further strategic steps?
Companies covered: Archer Daniels Midland Company (ADM), Bunge, Cargill, Louis Dreyfus, Ruchi Soya Industries Limited, LE GROUP INDUSTRIES, AGRO FOOD GROUP, IB Group, FEDIOL, Aceitera General Deheza, Harvest Brand, Granol and Wilmar International Ltd.
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