Global Soybean Oil Market Forecast and Trends: Market Increasing at a CAGR of 2.78% from 2024 to 2029

Global Soybean Oil Market Overview

According to Global Market Monitor, the global soybean oil market size will be $64.58 billion in 2024 with a CAGR of 2.78% from 2024 to 2029.

Soybean oil has a variety of health benefits, such as maintaining heart health, lowering cholesterol levels, boosting immunity, reducing cognitive impairment, preventing osteoporosis, and promoting skin and eye health.

China, the US, Brazil, and India are the Leading Consumers.

Soybeans are planted on a much larger area than other oil crops and can be used as a biofuel feedstock, so there are many benefits to using soybean oil in biodiesel production. U.S. soybean growers have greatly influenced the use of soybean oil in biodiesel through the promotion of the Joint Soybean Board (USB) and the subsequent establishment of the National Biodiesel Board (NBB), which has led to an increase in soybean oil consumption in the country. Weak food demand has been offset by increased production of biodiesel in the United States, which uses soybean oil as its main feedstock.

In February 2024, the U.S. Department of Agriculture released its Agricultural Outlook 2024 Report. With the recovery of consumption in the global market, especially in the Chinese market, US soybean exports will maintain steady growth in the outlook period. The US share of global soybean trade is expected to decline from 28% to 26% between 2024 and 2034, while Brazil's share is expected to grow. U.S. soybean oil exports are expected to remain low in the early part of the outlook due to strong U.S. domestic demand. U.S. soybean crushing capacity has improved, crushing volumes have increased, and soybean meal exports are expected to begin to show growth from the beginning of the outlook. Argentina, Brazil, the European Union, and the United States are the world's four major soybean oil exporters, it is expected that by 2033, the total soybean oil exports of the four countries in the world will account for about 70%, of which Argentina's soybean oil exports in the global total is expected to be 46%, while Brazil, the European Union and the United States accounted for nearly 11%, 8% and 5.4% respectively.

In the next decade, the United States and Brazil are expected to increase the use of soybean oil in domestic biofuel production, which will reduce U.S. soybean oil exports in the short term. Argentina is a major exporter of soybean oil and has a large production capacity, but the domestic soybean oil market is limited. Although exports are still growing, Argentina's soybean oil export growth has slowed due to the increased use of soybean oil in domestic biodiesel production.

With the increase of health-conscious consumers, the demand for healthy cooking oil has also increased greatly. A healthy balance of fatty acids in soy oil ensures that the body gets essential fatty acids from the diet and regulates cholesterol levels. The high concentration of vitamin E in soy oil acts as a powerful antioxidant that can protect the skin from damage caused by free radicals and sunburn. Therefore, the shift towards healthy food ingredients is expected to increase the demand for soybean oil and drive the global soybean oil market over the forecast period. Rising consumer awareness of the advantages of soybean oil compared to other plant oils has greatly boosted its demand. The low cost, availability, and environmental protection of soybean oil further promote its use in various fields such as food, industry, and feed. Soybean oil is also used in a variety of food and industrial applications, such as in the production of caulks and adhesives, which can be used as adhesives or sealants.

By Type	Food Grade
	Industrial Grade
By Application	Food
	Lubricants
	Bio-diesel

For more industry information, please refer to our latest released "2023 Global Soybean Oil Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".