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Soybean Oil Market
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Soybean Oil Market

Author: Debadatta Patel - Senior Consultant, Report ID - DS1901086, Published - January 2025

Segmented in Application (Cooking, Industrial uses), Production Process (Cold Pressed, Refined, Partially Hydrogenated, Fully Hydrogenated), Packaging, Sales Channel, End Users and Regions - Global Industry Analysis, Size, Share, Trends, and Forecast 2024 – 2034

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Global Soybean Oil Market Outlook

Often referred to as the overlooked champion of cooking ingredients is soybean oil which holds a presence worldwide due to its versatile nature and cost effectiveness in culinary applications as well as its increasing role in the production of biodiesel. The market, for Soybean oil was estimated at $56.8 billion in 2024. It is anticipated to increase to $76.5 billion by 2030 with projections indicating a growth to around $98.1 billion by 2035. This expansion represents a compound annual growth rate (CAGR) of 5.1% over the forecast period. Signaling a promising shift, towards sustainable energy sources.


The popularity of soybean oil has risen significantly thanks to its health benefits and high smoking point that make it ideal for cooking methods like frying and sauteing—its derived from soybeans and plays a significant role in the trending shift towards green energy solutions, in the market today.


Market Size Forecast & Key Insights

2019
$56.8B2024
2029
$93.4B2034

Absolute Growth Opportunity = $36.6B

The Soybean Oil market is projected to grow from $56.8 billion in 2024 to $93.4 billion in 2034. This represents a CAGR of 5.1%, reflecting rising demand across Food Industry Usage, Cosmetics and Personal Care and Industrial.

The Soybean Oil market is set to add $36.6 billion between 2024 and 2034, with manufacturer targeting Refined & Partially Hydrogenated Production Process projected to gain a larger market share.

With Healthy eating trends, and Innovation in food industry, Soybean Oil market to expand 64% between 2024 and 2034.

Opportunities in the Soybean Oil Market

Food-grade Lubricants

A new trend involves using soybean oil to make lubricants suitable for food use because of its viscosity index and great lubricating abilities making it perfect for machinery, in the food processing industry.

Biofuel Production and Cosmetics and Personal Care Products

Soybean oil has a potential in the biofuel sector that hasnt been fully explored yet. With sustainability gaining importance in decision making processes both businesses and governments are showing growing interest in biofuels as an energy option. Because soybean oil is both biodegradable and renewable it offers a friendly substitute for conventional fossil fuels and has the potential to bring about significant changes, in the fuel industry.

The increasing use of soybean oil in beauty and personal care items because of its linoleic acid content is becoming more popular these days. Its properties enable it to enhance skin health reduce signs of aging and improve skin moisture. This trend could open up possibilities, for beauty companies seeking to offer natural and organic skincare solutions.

Growth Opportunities in North America and Asia-Pacific

Asia Pacific Outlook

In the soybean oil market in Asia Pacific region with China and India leading the way shows promising potential due to population growth and increasing income levels which are changing peoples eating habits and preferences. The competition, among international players is intense as they offer competitive prices shaping the market dynamic. There are opportunities to grow by increasing production capacities and reaching out to region's that have not only been explored yet.

North America Outlook

The soybean oil market in North America is mainly led by the United States because of a population that enjoys fast food and uses blended oils and processed foods regularly. Furthermore the increasing need for bio diesel plays a role in shaping the regional market trends. There is competition among various top manufacturers who are implementing creative strategies to gain more market share. Potential, for growth exists in developing value added products and promoting production methods.

North America Outlook

The soybean oil market in North America is mainly led by the United States because of a population that enjoys fast food and uses blended oils and processed foods regularly. Furthermore the increasing need for bio diesel plays a role in shaping the regional market trends. There is competition among various top manufacturers who are implementing creative strategies to gain more market share. Potential, for growth exists in developing value added products and promoting production methods.

Asia-Pacific Outlook

In the soybean oil market in Asia Pacific region with China and India leading the way shows promising potential due to population growth and increasing income levels which are changing peoples eating habits and preferences. The competition, among international players is intense as they offer competitive prices shaping the market dynamic. There are opportunities to grow by increasing production capacities and reaching out to region's that have not only been explored yet.

Growth Opportunities in North America and Asia-Pacific

Established and Emerging Market's Growth Trend 2025–2034

1

Major Markets : United States, Brazil, China, Argentina, India are expected to grow at 3.3% to 4.9% CAGR

2

Emerging Markets : Nigeria, Philippines, Kenya are expected to grow at 5.9% to 7.0% CAGR

Market Analysis Chart

The demand for soybean oil remains high across the food and industrial industries due to its versatility and cost effectiveness, in cooking and food production processes.

Recent Developments and Technological Advancement

December 2024

Global Agritrade Inc has increased its production capacity, in the Soybean oil sector by expanding their facility output to double its original capacity.

November 2024

The Vegoil Corporation has transitioned to sustainable production practices by reducing water usage, in soybean oil production by 30%.

October 2024

A fresh range of high quality soybean oils crafted for experts was launched by Bunge Limited.

The soybean oil industry has undergone advancements in the past few years due largely to its growing utilization in food and industrial sectors alike. In the field specifically soybean oil is gaining popularity for its positive impact on health. Its abundance of fats vitamin E and omega 3 fatty acids have led to a rise in its usage as a healthier substitute, for traditional cooking oils.

Impact of Industry Transitions on the Soybean Oil Market

As a core segment of the Food & Beverage industry, the Soybean Oil market develops in line with broader industry shifts. Over recent years, transitions such as Shift towards High Oleic Soybean Oil and Rise of Bio-based and Environment-friendly Products have redefined priorities across the Food & Beverage sector, influencing how the Soybean Oil market evolves in terms of demand, applications and competitive dynamics. These transitions highlight the structural changes shaping long-term growth opportunities.

1

Shift towards High Oleic Soybean Oil:

Due to the rising knowledge regarding the impacts of trans fats on human well being​​​ consumers and food producers are showing a growing preference for high oleic soybean oil​​​ This variety of soybean oil is free from trans fats. Possesses a longer shelf life​​​ increased heat resistance​​​ and enhanced nutritional benefits​​​ rendering it more appealing for household and business applications​​​ This change is causing a transformation, in the soybean oil industry as companies adjust their manufacturing methods to satisfy this increasing need

2

Rise of Bio-based and Environment-friendly Products:

The pressing and immediate necessity to embrace eco methods is leading to a significant shift, in the soybean oil industry.

Global Events Shaping Future Growth

The chart below highlights how external events including emerging market developments, regulatory changes, and technological disruptions, have added another layer of complexity to the Food & Beverage industry. These events have disrupted supply networks, changed consumption behavior, and reshaped growth patterns. Together with structural industry transitions, they demonstrate how changes within the Food & Beverage industry cascade into the Soybean Oil market, setting the stage for its future growth trajectory.

Market Dynamics and Supply Chain

Driver: Healthy Eating Trends, and Adoption of Biofuels

Consumers are also increasingly recognizing the health advantages of including plant based products in their diets leading to a demand for soybean oil due, to its abundance of omega three fatty acids and low cholesterol levels making it a healthier option.
The rise in the use of biofuels driven by worries and governmental regulations is also boosting the demand for soybean oil, in the production of biodiesel fuel.
The increasing trend of incorporating ingredients in the food and beverage industry has also led to a rise in the demand, for soybean oil which is also now widely used in making sauces and snacks as well as in baking and confectionery items.

Restraint: Increasing Health Concerns

The growing recognition of the impact of high omega 5 fatty acid levels in soybean oil for heart health is a major concern for the soybean oil market. The public is increasingly choosing oils with a favourable omega 2 to omega 5 ratio due to concerns about potential cardiovascular issues. This trend is dampening the demand, for soybean oil.

Challenge: Growing Popularity of Alternatives

The rise and increasing favor of oils like olive oil, coconut oil and palm oil are posing a significant challenge to the soybean oil industry. These oils are being promoted as more ecologically friendly choices changing consumer tastes away, from soybean oil and hindering its market expansion.

Supply Chain Landscape

Cultivation & Harvesting

Monsanto

Syngenta

Cargill

Oil extraction & refining

Archer Daniels Midland

Bunge

Cargill

Distribution & Wholesale
Cargill / Wilmar International
End user applications
Unilever / Nestle
Cultivation & Harvesting

Monsanto

Syngenta

Cargill

Oil extraction & refining

Archer Daniels Midland

Bunge

Cargill

Distribution & Wholesale

Cargill

Wilmar International

End user applications

Unilever

Nestle

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Leading Providers and Their Strategies

Application AreaIndustryLeading ProvidersProvider Strategies
Cooking Oil
Food and Beverage
Cargill Inc., Archer-Daniels-Midland Company
Cargill emphasizes on quality assurance and transparency, whereas ADM invests in R&D for maintaining product quality and diversifying their product range.
Industrial Lubricants
Manufacturing
ExxonMobil, Chevron
ExxonMobil focuses on innovation and environmental sustainability whereas Chevron concentrates on performance, consistency, and reliability of their products.
Biodiesel
Energy
Bunge, Renewable Energy Group
Both Bunge and Renewable Energy Group leverage technological advancements for enhancing the efficiency of their products. Bunge adopts innovative strategies to grow their presence across the globe whereas Renewable Energy Group invests in R&D for product improvement.
Bio-Plastics
Plastics
BioLogiQ, NatureWorks
Companies like BioLogiQ focus on improving sustainability and reducing carbon footprint. On the other hand, NatureWorks prioritizes innovation and collaboration to diversify its product offerings.

Elevate your strategic vision with in-depth analysis of key applications, leading market players, and their strategies. The report analyzes industry leaders' views and statements on the Soybean Oil market's present and future growth.

Our research is created following strict editorial standards. See our Editorial Policy

Applications of Soybean Oil in Cosmetics and Personal Care, Industrial and Food Industry Usage

Cosmetics and Personal Care

This oil is also utilized in the beauty and personal care sector for its emollient qualities. Can be found in items such, as soaps and lotions to moisturize and nourish the skin without causing pore blockages.

Industrial

In industries like bio diesel production and making eco friendly paints and lubricants alike industries utilize soybean oil as a renewable option compared to conventional petroleum based products, for its sustainable advantages that contribute to environmental friendliness. Bunge Limited and CHF Inc are entities leveraging the industrial capabilities of soybean oil effectively.

Food Industry Usage

Soybean oil is an edible oil appreciated for its health benefits and adaptability in various dishes such as salads and baked goods. It is commonly used for frying and cooking due to its smoke point. Its low saturated fat content and richness in Omega fatty acids make it a good choice for heart health. Big players, in the soybean oil industry include Archer Daniels Midland Company and Cargill.

Soybean Oil vs. Substitutes:
Performance and Positioning Analysis

In health markets where people value nutritious options and cooking versatility in their ingredients selection soybean oil is gaining popularity due to its subtle taste and ability to withstand high temperatures during cooking compared to other oils like olive or coconut that have stronger flavors. Additionally its Omega. 5 Fatty acid content makes it a sought after choice, for those seeking fats in their diet.

Soybean Oil
  • Canola Oil /
  • Olive Oil /
  • sunflower oil
    High in Omega-3 fatty acids, Inexpensive compared to other edible oils
    High in Omega-6 fatty acids,
    High in essential nutrients, affordable pricing
    Can have a strong flavor, high in saturated fats

Soybean Oil vs. Substitutes:
Performance and Positioning Analysis

Soybean Oil

  • High in Omega-3 fatty acids, Inexpensive compared to other edible oils
  • High in Omega-6 fatty acids,

Canola Oil / Olive Oil / sunflower oil

  • High in essential nutrients, affordable pricing
  • Can have a strong flavor, high in saturated fats

In health markets where people value nutritious options and cooking versatility in their ingredients selection soybean oil is gaining popularity due to its subtle taste and ability to withstand high temperatures during cooking compared to other oils like olive or coconut that have stronger flavors. Additionally its Omega. 5 Fatty acid content makes it a sought after choice, for those seeking fats in their diet.

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Research Methodology

This market research methodology defines the Soybean Oil market scope, gathers reliable data, and validates findings using integrated primary and secondary research. Our systematic framework ensures precise market sizing, growth trend analysis, and competitive benchmarking.


Secondary Research Approach


We begin secondary research by defining the targeted market at macro and micro levels. As part of the Food & Beverage ecosystem, we analyze Soybean Oil across Individuals, Restaurants, and Food Processors Applications. Our team gathers data systematically from country level ministerial sources, industry associations & federations, trade databases, company annual & quarterly reports and other credential sources, enabling us to map global and regional market size, pricing trends, regulatory standards, and technology advancements.



Key Sources Referenced:

Food and Agriculture Organization (FAO)

Food Substances - FDA

Prodcom / Census US / Statcan / e-stat Japan / ABS Australia / KOSIS Korea

USA Trade Census

DEFRA UK / Ifastat

Climate.gov

Annual Reports / Industry Magazines / Country Level Ministerial Sources

We benchmark competitors such as Archer Daniels Midland Company, Bunge Limited, and Cargill Incorporated by reviewing company financial statements, and regulatory filings. Our secondary insights identify key market drivers and constraints, forming the analytical foundation for primary research.


Primary Research Methods


We conduct structured interviews and surveys with industry stakeholders, including Cultivation & Harvesting, Oil extraction & refining, and Distribution & Wholesale. Our geographic coverage spans Americas (40%), Europe (30%), Asia-Pacific (25%) and Middle East & Africa (5%). Our online surveys generally achieve a response rate of above 65%, and telephone interviews yield 60%, resulting in above 92% confidence level with a ±7% margin of error.


Through targeted questionnaires and in-depth interviews, we capture purchase intent, adoption barriers, brand perception across Segment Type. We use interview guides to ensure consistency and anonymous survey options to mitigate response bias. These primary insights validate secondary findings and align market sizing with real-world conditions.


Market Engineering & Data Analysis Framework


Our data analysis framework integrates Top-Down, Bottom-Up, and Company Market Share approaches to estimate and project market size with precision.


Top-down & Bottom-Up Process


In Top-down approach, we disaggregate global Food & Beverage revenues to estimate the Soybean Oil segment, using historical growth patterns to set baseline trends. Simultaneously, in Bottom-up approach, we aggregate Country-Level Demand Data to derive regional and global forecasts, which provide granular consumption insights. By reconciling both approaches, we ensure statistical precision and cross-validation accuracy.


We evaluate the supply chain, spanning Cultivation & Harvesting (Monsanto, Syngenta), Oil extraction & refining (Archer Daniels Midland, Bunge), and Distribution & Wholesale. Our parallel substitute analysis examines Canola Oil, Olive Oil, and sunflower oil, highlighting diversification opportunities and competitive risks.


Company Market Share & Benchmarking


We benchmark leading companies such as Archer Daniels Midland Company, Bunge Limited, and Cargill Incorporated, analyzing their capabilities in pricing, product features, technology adoption, and distribution reach. By assessing company-level revenues and product portfolios, we derive market share comparisons, clarifying competitive positioning and growth trajectories across the ecosystem.


Our integration of data triangulation, supply chain evaluation, and company benchmarking, supported by our proprietary Directional Superposition methodology enables us to deliver precise forecasts and actionable strategic insights into the Soybean Oil market.


Quality Assurance and Compliance


We cross-reference secondary data with primary inputs and external expert reviews to confirm consistency. Further, we use stratified sampling, anonymous surveys, third-party interviews, and time-based sampling to reduce bias and strengthen our results.


Our methodology is developed in alignment with ISO 20252 standards and ICC/ESOMAR guidelines for research ethics. The study methodology follows globally recognized frameworks such as ISO 20252 and ICC codes of practice.

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Soybean Oil Market Data: Size, Segmentation & Growth Forecast

Report AttributeDetails
Market Value in 2025USD 59.7 billion
Revenue Forecast in 2034USD 93.4 billion
Growth RateCAGR of 5.1% from 2025 to 2034
Base Year for Estimation2024
Industry Revenue 202456.8 billion
Growth OpportunityUSD 36.6 billion
Historical Data2019 - 2023
Growth Projection / Forecast Period2025 - 2034
Market Size UnitsMarket Revenue in USD billion and Industry Statistics
Market Size 202456.8 billion USD
Market Size 202765.9 billion USD
Market Size 202972.8 billion USD
Market Size 203076.5 billion USD
Market Size 203493.4 billion USD
Market Size 203598.1 billion USD
Report CoverageMarket revenue for past 5 years and forecast for future 10 years, Competitive Analysis & Company Market Share, Strategic Insights & trends
Segments CoveredApplication, Production Process, Packaging, Sales Channel, End Users
Regional scopeNorth America, Europe, Asia Pacific, Latin America and Middle East & Africa
Country scopeU.S., Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE and South Africa
Companies ProfiledArcher Daniels Midland Company, Bunge Limited, Cargill Incorporated, Wilmar International Limited, Louis Dreyfus Company, CHS Inc, Ag Processing Inc, DuPont Nutrition & Biosciences, Mazola Oils, ACH Food Companies Inc, SunOpta Inc and Marico Ltd
CustomizationFree customization at segment, region or country scope and direct contact with report analyst team for 10 to 20 working hours for any additional niche requirement which is almost equivalent to 10% of report value

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Table of Contents

Industry Insights Report - Table Of Contents

Chapter 1

Executive Summary

Major Markets & Their Performance - Statistical Snapshots

Chapter 2

Research Methodology

2.1Axioms & Postulates
2.2Market Introduction & Research MethodologyEstimation & Forecast Parameters / Major Databases & Sources
Chapter 3

Market Dynamics

3.1Market OverviewDrivers / Restraints / Opportunities / M4 Factors
3.2Market Trends
3.2.1Introduction & Narratives
3.2.2Market Trends - Impact Analysis(Short, Medium & Long Term Impacts)
3.3Supply Chain Analysis
3.4Porter's Five ForcesSuppliers & Buyers' Bargaining Power, Threat of Substitution & New Market Entrants, Competitive Rivalry
Chapter 4

Soybean Oil Market Size, Opportunities & Strategic Insights, by Application

4.1Cooking
4.2Industrial uses
Chapter 5

Soybean Oil Market Size, Opportunities & Strategic Insights, by Production Process

5.1Cold Pressed
5.2Refined
5.3Partially Hydrogenated
5.4Fully Hydrogenated
Chapter 6

Soybean Oil Market Size, Opportunities & Strategic Insights, by Packaging

6.1Bottled
6.2Bulk
Chapter 7

Soybean Oil Market Size, Opportunities & Strategic Insights, by Sales Channel

7.1Online
7.2Offline
Chapter 8

Soybean Oil Market Size, Opportunities & Strategic Insights, by End Users

8.1Individuals
8.2Restaurants
8.3Food Processors
8.4Cosmetic Manufacturers
Chapter 9

Soybean Oil Market, by Region

9.1North America Soybean Oil Market Size, Opportunities, Key Trends & Strategic Insights
9.1.1U.S.
9.1.2Canada
9.2Europe Soybean Oil Market Size, Opportunities, Key Trends & Strategic Insights
9.2.1Germany
9.2.2France
9.2.3UK
9.2.4Italy
9.2.5The Netherlands
9.2.6Rest of EU
9.3Asia Pacific Soybean Oil Market Size, Opportunities, Key Trends & Strategic Insights
9.3.1China
9.3.2Japan
9.3.3South Korea
9.3.4India
9.3.5Australia
9.3.6Thailand
9.3.7Rest of APAC
9.4Middle East & Africa Soybean Oil Market Size, Opportunities, Key Trends & Strategic Insights
9.4.1Saudi Arabia
9.4.2United Arab Emirates
9.4.3South Africa
9.4.4Rest of MEA
9.5Latin America Soybean Oil Market Size, Opportunities, Key Trends & Strategic Insights
9.5.1Brazil
9.5.2Mexico
9.5.3Rest of LA
9.6CIS Soybean Oil Market Size, Opportunities, Key Trends & Strategic Insights
9.6.1Russia
9.6.2Rest of CIS
Chapter 10

Competitive Landscape

10.1Competitive Dashboard & Market Share Analysis
10.2Company Profiles (Overview, Financials, Developments, SWOT)
10.2.1Archer Daniels Midland Company
10.2.2Bunge Limited
10.2.3Cargill Incorporated
10.2.4Wilmar International Limited
10.2.5Louis Dreyfus Company
10.2.6CHS Inc
10.2.7Ag Processing Inc
10.2.8DuPont Nutrition & Biosciences
10.2.9Mazola Oils
10.2.10ACH Food Companies Inc
10.2.11SunOpta Inc
10.2.12Marico Ltd