Soybean Oil Market By Product Type (Refined Soybean Oil, Crude Soybean Oil, Organic Soybean Oil, High-Oleic Soybean Oil, Others), By Distribution Channel (Online, Offline {Supermarkets, Specialty Stores, Others}), By End-User (Cosmetics & Personal Care, Energy & Fuel, Food Industry, Others), Global Market Size, Segmental analysis, Regional Overview, Company share analysis, Leading Company Profiles And Market Forecast, 2025 – 2035

Industry Outlook

The Soybean Oil market accounted for USD 53.65 Billion in 2024 and is expected to reach USD 80.86 Billion by 2035, growing at a CAGR of around 3.8% between 2025 and 2035.  The soybean oil market is mostly used in the edible oil segment, with significant uses including cooking, food processing, and biodiesel generation. Because of its high polyunsaturated fat content, it is valued for its quality, versatility, and health benefits, the most important of which is that it is cheap. The market has benefited from rising consumer awareness of healthy plant-based oils, and increased production in key markets such as the United States and Brazil. Furthermore, higher soybean crop efficiency and improved oil extraction methods have increased supply. Other factors driving the rising demand for soybean oil for food and non-food applications include the rise in popularity of plant-based diets and environmental concerns.

Report Scope:

Market Dynamics

Rising Demand for Healthy Cooking Oils Fuels Market Growth

The soybean oil market is driven by the growing demand for healthy cooking oils. As consumers become more health-conscious, they prefer cooking oils with lower saturated fat content and beneficial ingredients like omega-3 fatty acids, which are rich in soybean oil. This has resulted in a preference for soybean oil over other conventional oils, such as palm oil and coconut oil, which contain more hazardous lipids. Soybean oil is considered heart-healthy, has a moderate flavor, and is versatile, making it a good choice for a variety of culinary applications such as frying, baking, and salad dressing. The growing trend of utilizing healthier oils in everyday cooking is increasing demand for soybean oil in domestic and commercial food manufacturing.

As people become more conscious of the impact of dietary choices on long-term health, there is a trend toward oils that promote general well-being. Soybean oil, which includes polyunsaturated fats, particularly linoleic acid, is becoming more popular due to its ability to cut bad cholesterol and improve heart health. These health benefits, combined with the oil's inexpensive price and widespread availability, make it a popular choice for consumers wishing to adopt healthier eating habits without sacrificing taste or cost. As more health-conscious people, restaurants, and food firms add soybean oil to their ingredient lists, demand for soybean oil rises, propelling it to the top of the worldwide cooking oil market.

Increase in Health-Conscious Consumer Preferences for Plant-Based Oils

Higher demand for plant-based oils among customers willing to improve their health in the global soybean oil market is one of many factors that contribute to the industry’s development. With many people consuming plant-based foods or products with plant origins for their health benefits, vegetable oils such as soybean oil have found favor with consumers owing to their high-performing healthy fats. Soybean oil contains 60% polyunsaturated fatty acids, which are Omega-3 & Omega-6 that contribute to a healthy heart and body.

These oils are also considered to be healthier sources of the types of fats associated with dairy products like butter, or with animal fats like lard. Due to increased education about the health benefits of the soybean product, interest by the consumer in soybean oil used in cooking and preparation of foods raises the market demand.

The growing awareness of the environmental and ethical benefits of plant-based products is contributing to the rise in demand for soybean oil. Plant-based oils, such as soybean oil, are seen as more sustainable and environmentally friendly than animal fats since they use fewer resources to produce and have a lower carbon footprint. This appeal is aligned with the larger trend of sustainable consumerism, in which shoppers want products that are both healthy and environmentally responsible. As more people adopt plant-based diets, demand for soybean oil is likely to rise, presenting a huge potential opportunity in the worldwide edible oil market.

Environmental Concerns Over Soybean Farming and Deforestation Issues

There are several market barriers for soybean oil, the majority of which are related to environmental sustainability issues. One of the most serious issues with soybean production is the removal of trees for cropland, particularly in areas like the Amazon where large-scale farming occurs, resulting in loss of landscape, biodiversity, and carbon emissions. This is complicated further by the widespread participation of governments and non-governmental groups, which increases pressure on these firms' supply chains to follow policies that avoid deforestation and promote responsible sourcing.

Changes in climate, agricultural production, and commerce all contribute to soybean oil price volatility. Further, the increased supply of non-organic or genetically modified vegetable oils, such as palm and sunflower oil, along with shifting customer tastes for healthier products, challenges market growth. All of these factors provide hurdles to the growth of soybean oil markets, highlighting the need for reform and the development of an environmentally sensitive approach.

Technological Advancements in Biodiesel Production Create New Demand

Current advances in improved biodiesel technology are reversing past feedstock availability trends, with rising demand for feedstock, particularly soybean oil, which is becoming the dominant feedstock in biodiesel production. As global efforts against carbon reluctance embrace greater carbon offset sources such as biodiesel, there is an increased need for research and development of greener, cleaner, and more cost-effective manufacturing technologies.

Because of its high calorific content and chemical makeup, soybean oil is an excellent oil for biodiesel production. As these technologies improve, soybean oil's economic appeal grows, opening up new market opportunities. Moreover, the growing practical use of biodiesel in these countries' transportation and industrial sectors, due to government policies promoting environmentally friendly energy, increases the chances of soybean oil being used for energy generation. This trend creates demand and enables growth in both agricultural and energy markets.

Untapped Markets in Emerging Economies for Soybean Oil Consumption

New developing countries are opening up huge opportunities in Asia, Africa, and Latin America's soybean oil markets. Consumable oil consumption, such as soybean oil, increases as these economies become more industrialized and urbanized. The modern lifestyle and the growing middle-class population have resulted in a significant demand for processed and packaged goods containing soybean oil.

Due to the health dangers connected with traditional oils, soybean oil is gradually replacing them in many of these nations. With these countries expanding, there is a lot of growth potential for soybean oil consumption that will go untapped until corporations enter these markets or just aim to improve their market share within them.

Another potential market is for biodiesel goods in underdeveloped nations where the government promotes sustainable energy. Most of these countries are implementing regulations and incentives to reduce their reliance on fossil fuels and hence view soybean oil in biodiesel production as critical.

Therefore, soybean oil is increasingly employed in the energy industry and food products. This two-for-one opportunity, which is required for both edible oil and biodiesel, allows market players to capitalize on the soybean oil possibility. To unlock development, this paper advises that enterprises extend their emphasis by investing in production facilities and distribution channels within emerging economies to attract a new market of environmentally concerned consumers.

Industry Experts Opinion

"Soybean oil continues to play a pivotal role in global food production due to its versatility, cost-effectiveness, and nutritional profile. However, the market faces increased competition from other vegetable oils, and volatility in soybean crop yields due to weather patterns could affect pricing. Moving forward, sustainability in sourcing practices and innovations in processing technologies will be key to driving long-term growth."

• Michael Thompson, Global Oilseed Analyst, Cargill, Inc.

"The future of the soybean oil market is closely tied to innovations in production and processing. With emerging trends such as organic and non-GMO products gaining traction, there are clear opportunities for market players to cater to these niche segments. Companies should also focus on improving traceability and sustainability in their supply chains to build trust with both consumers and regulators."

• Natalie Brown, Chief Marketing Officer, Olam International.

Segment Analysis

Based on product type, the soybean oil market is classified into Refined Soybean Oil, Crude Soybean Oil, Organic Soybean Oil, and Others. Refined soybean oil has the biggest market share because it is widely used in cooking and food processing and has a clean and neutral flavor. Crude soybean oil is used in a variety of industrial and refinery activities.

Organic soybean oil is becoming increasingly popular, particularly with health-conscious customers looking for non-GMO and chemical-free alternatives. Refined soybean oil's versatility and long shelf life contribute to its sustained market leadership. Further, the growing popularity of plant-based diets is driving up sales of organic soybean oil as consumers seek healthier alternatives to traditional cooking oils.

The soybean oil market is classified into Online and Offline based on distribution channels. The offline distribution channel in the soybean oil market might be considered the largest and most dominating. Supermarkets, grocery stores, hypermarkets, and the like remain critical vehicles for accessing consumers at large, especially those that are growing markets. Consumers would rather buy soybean oil from supermarkets due to either experience, reliability of the establishment, or originality of the products.

However, offline media has stronger pricing methods with fantastic deals through price discounts, which appeal to the greatest number of consumers by allowing for better bulk purchasing. Although some companies have expanded their market from online to offline, offline retail remains dominant worldwide.

Regional Analysis

The North American soybean oil market is dominant due to large soybean production and efficient manufacturing technologies. The U.S. tops the chart as the largest exporter of soybean oil due to extensive demand for the product in food and the biodiesel market. Moreover, the change in the consumer’s lifestyle, especially towards taking plant-based foods and people's knowledge of healthy fats, boosts the market for refined and organic soybean oil.

The availability of large industry players like Cargill and ADM and robust distribution channels continue to strengthen the growth of this market in this region. The biofuel business, notably biodiesel manufacturing, is the most active segment in North America, as governments implement more stringent policies to promote the use of renewable energy.

The Asia-Pacific soybean oil market is expanding, particularly in China and India, due to urbanization, rising disposable incomes, and the development of refined products and plant-based diets. Soybean oil is one of the most imported products in China, and India is at the moment experiencing growing demand in its food and industrial subsectors.

The region's population has shifted to healthier cooking methods, and as the food sector has grown, soybean oil has become a key component of food goods. The Middle East and Africa are other emerging markets, with food industry needs and critical uses of biodiesel fuel. Prospects for soybean oil production and processing appear to be bright as a result of the region's expanding agricultural sector, favorable trade agreements, and technological advancements in agriculture.

Competitive Landscape

The soybean oil market is divided into multinational corporations, regional firms, and special producers. Few big business players have a commanding position in the global market, including Cargill Company, Archer Daniels Midland Company, Bunge Limited, Wilmar International, and Olam International, as they own key production facilities and distribution networks and capture the classical market positions in food and biodiesel segments. These mega corporations’ benefit from the rising demand for soybean oil in the food, bioenergy, and industrial sectors, taking into account the sustainability factor and research on the product.

IOI Group, Sime Darby Plantation, and Groupe Avril are leading producers, particularly in Southeast Asia and Europe. People's healthier living choices are also encouraging market producers to shift toward organic and non-GMO items. This encourages firms to diversify their products, enhance their oil and product processing methods, and create new and sustainable sources of resources. Furthermore, the use of soybean oil increases competition because it is one of the most often utilized biofuels in the form of biodiesel, particularly in the American and European markets.

Soybean Oil Market, Company Shares Analysis, 2024

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Recent Developments:

• In March 2023, Bunge Limited and Corteva Agriscience announced significant advancements in the development of more nutritious soybean meals for the animal feed industry, specifically suited for poultry, swine, and aqua feed.

Report Coverage:

By Product Type

• Refined Soybean Oil
• Crude Soybean Oil
• Organic Soybean Oil
• High-Oleic Soybean Oil
• Others

By Distribution Channel

• Online
• Offline
  • Supermarkets
  • Specialty Stores
  • Others

By End-User

• Cosmetics & Personal Care
• Energy & Fuel
• Food Industry
• Others

By Region

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Singapore
• Rest of Asia Pacific

Latin America

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC Countries
• South Africa
• Rest of the Middle East & Africa

List of Companies:

• Cargill, Inc.
• Archer Daniels Midland Company
• Bunge Limited
• Wilmar International Limited
• Royal DSM
• Olam International
• China National Petroleum Corporation
• Sime Darby Plantation
• Viterra Inc.
• Louis Dreyfus Company (LDC)
• COFCO Corporation
• Kernel Holding S.A.
• Groupe Avril
• Olejówka S.A.
• Marico Limited

Frequently Asked Questions (FAQs)