Global Soybean Oil Market Catalysed by Nutritional Advantages and Expanding Industrial Applications

ARLINGTON, Va. - Dec. 15, 2016 - PRLog -- Soybean oil is one of the most preferred vegetable oils worldwide accounting for more than a fifth of the total global edible oil consumption. As a result of its numerous functional properties, it finds several applications in the food and industrial sectors. In the food sector, it is used for basic cooking and frying as well as in the production of a number of other food products like non-dairy creamers, shortenings, margarine, etc. In the industrial sector, soybean oil is used to produce insecticides, biodiesel, plastics, resins, mastics, caulks and animal feed.

According to IMARC Group, the global soybean oil market reached a volume of 46.4 Million Tons in 2015, exhibiting a CAGR of around 4% during 2008-2015. Despite facing competition from palm oil, the global consumption of soybean oil is expected to rise steadily as a result of the numerous nutritional advantages and expanding applications in various industries.

Industrial applications represent the fastest growing segment

The food sector currently represents the largest consumer of soybean oil. The numerous health benefits and functional properties offered by soybean oil make it suitable for versatile applications in this sector. Soybean oil has a nutritionally balanced composition with low levels of saturated fats and high levels of polyunsaturated fats, Vitamin E, phytosterols, omega-3 and omega-6 fatty acids. Furthermore, as it is tasteless and odourless, soybean oil is also used in the production of shortenings, margarine, dressings, mayonnaise, sauces, non-dairy creamers, whipped toppings, potato chips and baked goods. It can easily be blended with other oils in order to increase the volume, this property is utilised to save ingredient costs by chefs and various manufacturers.

The industrial sector represents the second largest and fastest growing end-user of soybean oil. The worldwide availability of soybean makes soybean oil a viable and sustainable replacement for known carcinogens and petrochemicals in various industrial applications. It is used in the production of adhesives, candles, coatings, hydraulic fluids, insecticides, lubricants, plastics, pharmaceutical products, printing inks, speciality products and waxes. Soybean oil is used as a feedstock in the production of biodiesel as well. The biodiesel thus produced is safer to store, handle and use than petroleum-based fuels. It can be used solely or can be blended with petrol without modifying the engine.

Soybean oil is also used in the animal feed industry which accounts for the rest of its consumption.  It is a good source of fat which can be easily digested by animals. The large amount of polyunsaturated fatty acids present in soybean oil improve feed utilisation efficiency and increase the energy density of the feed. Besides, the linoleic acid present in soybean oil improves reproduction in dairy cattle.

China accounts for the largest market share

China currently represents the largest producer and consumer accounting for more than 25% and around 30% of the total global production and consumption, respectively. Other major regions include India, European Union, Argentina, Brazil and US.

As soybean oil is produced around the world, there are both national and international players operating in the market. The larger manufacturers of soybean oil have the leverage of large-scale production, processing, trading and marketing which they use to their advantage. Some of the international players include CHS, Bunge, AGP, ADM and Cargill.

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