Global Soybean Oil Market Share, Size, Price Trends, Outlook And Forecast To 2023

Global Soybean Oil Market Driven by Expanding Applications in Non-Food Industries

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Global Soybean Oil Market Driven by Expanding Applications in Non-Food Industries Soybean oil is a kind of vegetable oil which is extracted from the seeds of soybean. It is one of the most preferred edible oils holding more than a fifth of the total global consumption. Soybean oil is loaded with vitamin E, phytosterols, and omega-3 and omega-6 fatty acids. As a result, it provides several health benefits which include boosting immunity, regulating cholesterol levels, improving bone health, reducing the risk of heart diseases, preventing and controlling Alzheimer’s disease, and protecting the skin cell membranes from infections. Owing to the aforementioned factors, it finds versatile uses in both the food and non-food industries IMARC Group finds that the global soybean oil market has reached a volume of 48.8 Million Tons in 2017.

Regardless of the fact that soybean oil faces tough competition from palm oil, the global consumption of soybean oil is anticipated to surge steadily on account of its numerous benefits and rising industrial applications. By 2023, the market is expected to reach a volume of 55.3 Million Tons, exhibiting a CAGR of more than 2% during 2018-2023.

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Food industry exhibits a clear dominance in the market According to the global soybean oil market report, the majority of the soybean oil is consumed by the food industry as it is a nutritionally balanced oil with low saturated and high polyunsaturated fats. It is mainly used in the food sector for frying, cooking and in the production of other food products such as shortenings, margarine, non-dairy creamers, etc. Additionally, as it is tasteless and odourless, soybean oil is used for manufacturing non-dairy creamers, sauces, mayonnaise, dressings, potato chips, whipped toppings, baked goods, etc. Besides this, it can be easily blended with other oils so as to increase the volume. This property is used by several chefs and manufacturers in order to save cost of the ingredients.

The food sector is followed by the industrial sector which is also the fastest growing end-user of soybean oil.

As soybean is easily available across the globe, it represents a sustainable and viable replacement for petrochemicals and known carcinogens in numerous industrial applications. Soybean oil is used for manufacturing waxes, candles, adhesives, coatings, insecticides, hydraulic fluids, plastics, pharmaceutical products, printing inks, speciality products and lubricants. Further, it is also used as a feedstock for producing biodiesel as it makes the diesel safer to handle, use and store as compared to petroleum-based fuels. This diesel can be used solely or blended with petrol without modifying the engine

Read more here: https://foodanddrinksinsights.blogspot.com/2018/05/global-soybean-oil-market.html

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Moreover, soybean oil finds application in the animal feed industry which holds the rest of its consumption.

As soybean oil is a good source of fat, it can be easily digested by animals. The presence of a large amount of polyunsaturated fatty acids in soybean oil increases energy density of the feed and improves feed utilisation efficiency. Apart from this, the linoleic acid present in this oil enhances reproduction in dairy cattle.

China represents the leading producer and consumer Currently, China is both the largest producer and consumer of soybean oil, holding around 25% and 30% of the total global production and consumption, respectively. Some of the other major regions include Argentina, India, the European Union, the United States and Brazil.

Being highly fragmented in nature, the soybean oil market is surrounded by numerous national and international players. The larger producers of soybean oil have the leverage of large-scale production, processing, trading and marketing which they utilise according to their advantage. Some of the major international players include CHS, AGP, Bunge, Cargill and ADM.

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Want more information about this market? Request a free report sample About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the soybean oil industry, which has enabled the clients to successfully set up and expand their businesses. Some of the company’s offerings include: · Market Research · Plant setup · Plant Expansion · Marketing and sales · Procurement and Distribution · Innovation and Product Development

Browse Related Report Canola Oil Market: https://www.imarcgroup.com/canola-oil-market Rice Bran Oil Market: https://www.imarcgroup.com/rice-bran-oil-processing-plant

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