Market Research Report
Global Soybean Oil Market 2019-2023
|Global Soybean Oil Market 2019-2023|
Published: May 17, 2019
TechNavio (Infiniti Research Ltd.)
Content info: 115 Pages
Delivery time: 1-2 business days
Globally, soybean oil is gaining popularity owing to its nutritional benefits and its use as an alternative to cooking oil. As a result, vendors offering soybean oil are expanding their soybean production capacities. Soybean acreage expansion by vendors can increase the production of soybean and soybean oil and drive the global soybean oil market during the forecast period. Government agencies in many key soybean oil producing countries are undertaking initiatives to increase soybean acreage. The expansion of acreage can be attributed to the increasing exports and consumption of soybean products, including soybean oil. Government initiatives to expand soybean acreage, therefore, can increase the production of soybean and improve soybean oil production during the forecast period. Technavio's analysts have predicted that the soybean oil market will register a CAGR of about 4% by 2023.
The increasing number of product launches can have a positive impact on the global soybean oil market during the forecast period. Product launches help vendors improve the sales of soybean oil and increase the market share. Vendors operating in this market attract consumers by introducing new types of soybean oils. Companies are introducing new soybean oils, which is used in applications such as cooking, salad dressing, and sauces. Vendors are also launching new organic soybean oil for product differentiation.
Climate is a major factor that affects soybean production. Unfavorable climatic conditions can lead to serving monetary losses to sectors such as the soybean sector. Extreme climatic changes can considerably reduce soybean production. One such condition is drought which is caused by the increase in atmospheric temperature, which is expected to impact the soybean yield during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the soybean oil market during 2019-2023, view our report.
The market appears to be moderately fragmented. The presence of several companies, including Archer Daniels Midland Co. and Bunge Ltd., makes the competitive environment quite intense. Factors such as increasing preference for healthy food ingredients and product launches will provide significant growth opportunities to soybean oil manufacturers. Cargill Inc., DowDuPont Inc., and Louis Dreyfus Co. BV. are some of the major companies covered in this report.