Global Oilseeds Market Size, Share, Growth Analysis, By Type(Soybean, Rapeseed), By Application(Food, feed) - Industry Forecast 2023-2030

Global Oilseeds Market size was valued at USD 241.90 billion in 2022 and is poised to grow from USD 258.28 billion in 2023 to USD 436.19 billion by 2031, growing at a CAGR of 6.77% during the forecast period (2024-2031).

Oilseeds have emerged as a swiftly expanding segment within the global agricultural domain, propelled by the escalating demand to cater to the burgeoning global populace. However, this sector has encountered tumultuous periods in recent years, marked by supply deficits stemming from climate fluctuations in major oilseed-producing regions, consequently leading to erratic oilseed prices. A significant catalyst for this market's notable expansion is the surging need for vegetable oil in the biodiesel industry, driven by a collective push to diminish dependence on conventional fuels. This trend has bolstered demand for vegetable oil and, consequently, oilseeds. Anticipated growth in the global oilseed industry is chiefly expected in emerging economies such as China, Brazil, India, Malaysia, and Indonesia, accounting for a substantial portion of the projected expansion. According to the FAO Agricultural Outlook, global oilseed production is forecasted to witness a remarkable increase of approximately 23% by 2020. Leading the production front is the United States, trailed by Brazil, China, Argentina, India, and the European Union. Emerging economies like India, Brazil, and Eastern European nations such as Poland and Russia are expected to drive much of this growth. Soybeans presently dominate global oilseed production, followed by rapeseed, cottonseed, groundnuts, sunflower, palm kernels, and copra. Soybeans are poised to retain their status as the fastest-growing oilseed variety over the next several years, owing to their escalating utilization in meeting the needs of the expanding global populace.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Oilseeds Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Oilseeds Market Segmental Analysis

Global Oilseeds Market is segmented by type, application, and region. Based on type, the market can be segmented into soybean, rapeseed, sunflower, and palm. Based on application, the market is segmented into food, feed, and industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Oilseeds Market

A key factor fueling the global oilseeds market is the rising need for vegetable oil driven by the biodiesel sector. The surge in demand for renewable energy alternatives, alongside the diminishing dependence on traditional fuels, has propelled the expansion of biodiesel production. Consequently, there's an increased requirement for vegetable oil, sourced primarily from oilseeds, as a vital component in biodiesel manufacturing. Thus, the biodiesel industry plays a pivotal role in fostering the worldwide growth and utilization of oilseeds.

Restraints in the Global Oilseeds Market

A significant limitation within the global oilseeds market arises from supply volatility induced by shifting climate patterns. Regions renowned for oilseed cultivation confront adverse weather phenomena, including droughts, floods, and erratic temperature changes, leading to shortages and interruptions in supply chains. Such climate-related hurdles directly affect oilseed output and availability, amplifying supply-demand imbalances that trigger price oscillations and hinder market equilibrium. Therefore, it is imperative to address and alleviate the risks associated with climate change to ensure the sustainable progression of the oilseed market.

Market Trends of the Global Oilseeds Market

A significant trend in the global oilseeds market is the heightened emphasis on sustainable and responsible sourcing practices, driven by growing awareness among consumers and stakeholders regarding the environmental and social implications of oilseed production. This awareness has spurred an increased demand for oilseeds sourced responsibly and with traceability. Market participants are increasingly embracing sustainable farming techniques, advocating biodiversity, minimizing pesticide usage, and ensuring fair labor standards. This trend underscores the industry's dedication to environmental conservation and meeting consumer demands for ethically produced and environmentally sustainable oilseed products.