Soybean Oil Market
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 growth to around $98.1 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Soybean Oil Market Outlook
Revenue, 2024
$56.8B
Forecast, 2034
$93.4B
CAGR, 2025 - 2034
5.1%
The Soybean Oil industry revenue is expected to be around $59.7 billion in 2025 and expected to showcase growth with 5.1% CAGR between 2025 and 2034. 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 Key Insights
- 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.
- Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated are among the leading players in this market, shaping its competitive landscape.
- U.S. and Brazil are the top markets within the Soybean Oil market and are expected to observe the growth CAGR of 3.3% to 4.9% between 2024 and 2030.
- Emerging markets including Nigeria, Philippines and Kenya are expected to observe highest growth with CAGR ranging between 5.9% to 7.0%.
- Transition like Shift towards High Oleic Soybean Oil has greater influence in United States and Brazil market's value chain; and is expected to add $2 billion of additional value to Soybean Oil industry revenue by 2030.
- 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
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.
Growth Opportunities in North America and Asia-Pacific
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.
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.
Market Dynamics and Supply Chain
01
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.
02
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.
03
Opportunity: 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.
04
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
1
Cultivation & Harvesting
MonsantoSyngentaCargill
2
Oil extraction & refining
Archer Daniels MidlandBungeCargill
3
Distribution & Wholesale
CargillWilmar International
4
End user applications
UnileverNestle
1
Cultivation & Harvesting
MonsantoSyngentaCargill
2
Oil extraction & refining
Archer Daniels MidlandBungeCargill
3
Distribution & Wholesale
CargillWilmar International
4
End user applications
UnileverNestle
Use Cases of Soybean Oil in Food Industry Usage & Cosmetics
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.
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.
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.
Recent Developments
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.
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.
Impact of Industry Transitions on the Soybean Oil Market
As a core segment of the Packaged & Processed F&B 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 Packaged & Processed F&B 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.
01
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
02
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.