The unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.
The report offers actionable and valuable market insights of Soybean Oil. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Soybean Oil Market across various industries and regions.
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The global sales of soybean oil are expected to grow moderately in 2021 with sales of just over 57 Mn tons in 2020. While Fact.MR still expects the market for soybean oil to grow slightly, however, the decade long compound annual growth rate (CAGR) remains positive at 5%.Retail sales are projected to remain elevated throughout the forecast period. Currently, this segment accounts for a little over 38% revenue share, projected to reach a worth of US$ 8.1 Bn by 2022. Meanwhile, the foodservice segment is estimated to retain its second spot.
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Soybean Oil market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Soybean Oil
This newly published and insightful report sheds light on Market Insights of Soybean Oil, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Soybean Oil Market.
Key Question answered in the survey of Soybean Oil market report:
- Sales and Demand of Soybean Oil
- Growth of Soybean Oil Market
- Market Analysis of Soybean Oil
- Market Insights of Soybean Oil
- Key Drivers Impacting the Soybean Oil market
- Which are the Key drivers impacted by Soybean Oil market
- Restraints Shaping Market Growth
- Market Survey of Soybean Oil
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Key Segments Covered
- Product Type
- Processed Soybean Oil
- Virgin Soybean Oil
- End User
- Soybean Oil for Foodservice
- Soybean Oil for Food Processor
- Soybean Oil for Retail
- Distribution Channel
- Soybean Oil Sales via Modern Trade Channels
- Soybean Oil Sales via Franchise Outlets
- Soybean Oil Sales via Speciality Stores
- Soybean Oil Sales via Online Distribution Channels
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Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In December 2019, Patanjali Ayurveda completed its acquisition of bankrupt Ruchi Soya at INR 4350 Crores through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
- In May 2021, Archer Daniels Midland Company announced the manufacture of North Dakota’s first dedicated soybean crushing and refinery plant to meet fast-growing demand from biofuel, food, feed, and industrial customers, including producers of renewable diesel.
Following are the key projections from Fact.MR’s forecast on the global market for soybean oil.
- Based on product type, the processed soybean oil segment is projected to remain dominant throughout the forecast period. Consumption of processed soybean oil is relatively higher than the virgin variant. Currently, the former command for over two-third revenue share of the market. Most consumers prefer processed soybean oil for cooking as it is more refined, which in turn continues to drive its global demand.
- Based on end use, the retail segment is projected to exhibit impressive growth between 2017 and 2022. In terms of revenue, this segment currently commands for around 38% share of the market and is anticipated to stand at US$ 8,156 Mn towards the end of the forecast period. Foodservice segment is expected to remain the second largest end use segment.
- On the basis of distribution channel, the modern trade segment is projected to retain its top position over 2022. Presently, the segment commands for nearly one-third revenue share of the market. Meanwhile, the online retail store segment is also reflecting a steady growth as well.
- Among regions, Europe will continue to be the largest market for soybean oil and exhibit lucrative growth opportunities over the next couple of years. The market in the region is expected to register a relatively higher CAGR as compared to other region.
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