by The global Soy Oil And Palm Oil Market is estimated to be valued at US$ 109724.12 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Soy oil and palm oil are the two major edible oils consumed worldwide. They have a long shelf life and provide various health benefits such as lowering cholesterol levels and reducing the risk of heart disease.
Market key trends:
The increasing demand for healthy and natural oils for cooking purposes is a key trend fueling the growth of the soy oil and palm oil market. Soy oil and palm oil are rich sources of antioxidants and vitamins that help support cardiovascular health. They are considered heart-healthy substitutes for butter, lard, and other saturated oils. Changing consumer preferences towards plant-based and organic oils is also driving the market growth.
Market Key Trends:
One of the key trends in the soy oil and palm oil market is the increasing demand for sustainable and deforestation-free palm oil. Major companies in food and consumer goods industries have committed to sourcing only certified sustainable palm oil due to concerns over deforestation caused by palm oil plantations. This has driven palm oil producers to obtain sustainability certifications like Roundtable on Sustainable Palm Oil (RSPO) certification and develop technologies for traceability of palm oil.
SWOT Analysis
Strengths: Soy oil and palm oil are versatile vegetable oils used extensively in food industries due to their functionality and pricing. They have high oxidation stability and can withstand high temperatures during cooking.
Weaknesses: Large-scale cultivation of oil palm has led to deforestation and loss of biodiversity. There are also social issues related to land acquisition for plantations. Soybean cultivation is dependent on weather conditions.
Opportunities: Developing technologies for traceability and tracking deforestation-free palm oil presents opportunities for palm oil producers. Growth of food processing industry in emerging economies increases demand for versatile vegetable oils.
Threats: Stringent environment regulations and commitments from major companies to source only certified sustainable palm oil pose threats unless producers improve sustainability practices. Fluctuations in global commodity prices of soybean and palm fruit affects profitability.
Key Takeaways
The Global Soy Oil and Palm Oil Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand for cooking oil and vegetable oil in food processing industry. The market size for 2023 is estimated to be US$ 109724.12 Mn.
Regional analysis: Asia Pacific dominates the global soy oil and palm oil market currently due to large production and consumption of palm oil in Indonesia and Malaysia. Indonesia and Malaysia together account for over 80% of global palm oil production. China is also a major soybean producer and consumer globally.
Key players: Key players operating in the soy oil and palm oil market are Cargill, Inc., PT Astra Agro Lestari Tbk, Wilmar International Ltd, Malaysian Soy oil & palm oil Council (MPOC), Carotino Sdn Bhd, Yee Lee Corporation Bhd, IOI Corporation Berhad, Archer Daniels Midland Company, Dow DuPont Inc., and Guangxi Long’an Ruifeng Industrial & Trading Co., Ltd. These companies have extensive supply and distribution networks globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
