Soybean Oil Market – Global Industry Size, Share, Trends, Opportunity and Forecast, By Application (Household Cooking, HoReCa, Food Processing Industry, Others), By Sales Channel (Supermarkets/Hypermarkets, Convenience Stores, Online, Others), By Packaging Type (Pouches, Cans, Bottles), By Region & Competition, 2020-2030F

Market Overview

Global Soybean Oil Market was valued at USD 52.59 billion in 2024 and is expected to grow to USD 64.58 billion by 2030 with a CAGR of 3.53% during the forecast period. The global soybean oil market is experiencing steady growth, fueled by increasing demand for vegetable oils in food processing, biodiesel production, and industrial applications. As a versatile and affordable cooking oil, soybean oil is widely used in households, restaurants, and packaged food products. Health-conscious consumers are also driving interest due to its low saturated fat content and high polyunsaturated fat levels. Additionally, the rise of plant-based diets and sustainability concerns are encouraging the adoption of soybean oil over animal-based fats. Key producing regions include the United States, Brazil, and Argentina, with Asia-Pacific being a major consumer due to population growth.

Key Market Drivers

Rising Demand for Processed and Packaged Foods

One of the primary drivers of the global soybean oil market is the rising consumption of processed and packaged foods worldwide. Urbanization, changing lifestyles, and a growing working population have significantly increased the demand for ready-to-eat and convenience food products. Soybean oil, being a cost-effective and versatile cooking oil with a neutral taste, is widely used in the food processing industry for frying, baking, and as an ingredient in salad dressings, mayonnaise, margarine, and snack foods. According to the USDA, global food consumption of soybean oil is projected to reach over 58 million metric tons by 2025, up from 53.4 million metric tons in 2021, reflecting strong demand from the processed food industry.

Food manufacturers prefer soybean oil for its long shelf life, high smoke point, and ease of blending with other ingredients. Its emulsifying properties and ability to enhance texture and flavor make it suitable for a variety of food formulations. In addition, the rise in dual-income households and fast-paced urban lifestyles has led to increased reliance on packaged foods, particularly in developing countries like India, China, and Brazil, further fueling the demand for soybean oil globally.

Expansion of Biodiesel Production

Soybean oil plays a crucial role in the production of biodiesel, a renewable and environmentally friendly alternative to traditional petroleum-based diesel. With increasing awareness of climate change, carbon emissions, and the need for sustainable energy sources, the global biodiesel industry has been growing rapidly. Governments across several countries, especially in North America and Europe, have introduced mandates and incentives for blending biodiesel with conventional fuels.

The United States, one of the leading producers of soybean oil, has significantly increased its biodiesel production capacity, relying heavily on soybean oil as a feedstock. Policies like the Renewable Fuel Standard (RFS) in the U.S. and the Renewable Energy Directive (RED) in the European Union have boosted the demand for soybean oil in biofuel applications. This trend is expected to continue as countries work to meet climate targets and reduce their dependence on fossil fuels, making biodiesel a major growth avenue for the soybean oil market. According to the U.S. Energy Information Administration (EIA), soybean oil accounted for approximately 47% of total U.S. biodiesel feedstock use in 2023, highlighting its central role in renewable fuel production.

Health and Nutritional Benefits

The increasing focus on health and wellness is another major factor driving the global soybean oil market. Consumers are becoming more aware of the health implications of dietary fats and are seeking healthier alternatives to saturated and trans fats. Soybean oil is considered a heart-healthy oil due to its high content of polyunsaturated fats, omega-3 fatty acids, and vitamin E. It also contains minimal cholesterol and supports balanced cholesterol levels when used as a replacement for less healthy fats. According to the American Heart Association, replacing saturated fats with polyunsaturated fats such as those found in soybean oil can reduce the risk of heart disease by up to 30%, reinforcing its health-driven appeal.

Healthcare professionals and nutritionists are recommending plant-based oils like soybean oil for cooking and food preparation, which has led to its widespread use in households and food service establishments. Moreover, with the rise of non-communicable diseases such as obesity, diabetes, and cardiovascular disorders, consumers are actively shifting toward oils that offer functional health benefits. This trend is especially pronounced in health-conscious markets such as North America, Europe, and parts of Asia-Pacific, where dietary awareness is increasing rapidly.

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Key Market Challenges

Volatility in Raw Material Prices and Supply Chain Disruptions

One of the most significant challenges in the global soybean oil market is the volatility in soybean prices, which directly affects the cost of soybean oil production. Soybeans are a globally traded commodity, and their prices are highly sensitive to a range of factors, including weather conditions, planting patterns, pest infestations, and geopolitical developments. For instance, droughts in major producing countries like the United States, Brazil, or Argentina can lead to poor harvests, thereby reducing the supply of soybeans and causing price spikes.

Additionally, global trade tensions such as the U.S.-China trade war can disrupt the flow of soybeans and soybean oil, affecting both availability and pricing in various regions. The COVID-19 pandemic also exposed the vulnerability of global supply chains, resulting in logistics delays, port congestions, and labor shortages. These supply chain disruptions make it difficult for producers to ensure timely delivery and cost-effective operations, ultimately impacting market stability and profitability. For businesses operating on thin margins, such unpredictability can result in financial losses and hinder long-term planning.

Health Concerns Related to GMO and Trans Fat Content

Although soybean oil is widely marketed as a healthier alternative to animal fats, it still faces scrutiny due to its genetic modification and trans fat content. A large portion of the soybeans used globally are genetically modified (GMO), especially in the United States and Brazil. This has led to consumer skepticism and regulatory challenges in certain regions where GMO foods face strict labeling laws or are viewed unfavorably by the public.

Moreover, traditional methods of hydrogenating soybean oil to increase shelf life can create trans fats, which have been linked to cardiovascular diseases, obesity, and other health issues. Despite recent advancements in producing trans-fat-free and low-saturate variants of soybean oil, the lingering negative perception continues to affect consumer confidence. In many developed markets, health-conscious consumers are shifting toward non-GMO, cold-pressed, or organic alternatives such as olive oil, avocado oil, and coconut oil. This rising competition from perceived “healthier” oils poses a direct threat to soybean oil’s market share.

Key Market Trends

Rising Adoption of High-Oleic Soybean Oil

A prominent trend in the soybean oil market is the increasing demand for high-oleic soybean oil, which is gaining popularity due to its enhanced nutritional profile and functional benefits. Traditional soybean oil contains polyunsaturated fats that are less stable during high-heat cooking, making it more prone to oxidation. High-oleic variants, however, have a higher concentration of monounsaturated fats, offering improved oxidative stability, longer shelf life, and resistance to rancidity.

These attributes make high-oleic soybean oil particularly attractive to food service providers, fast food chains, and packaged food manufacturers. Additionally, it aligns well with consumer preferences for heart-healthy oils, as high-oleic versions contain no trans fats and lower saturated fats. Major producing countries such as the United States are investing in the development and cultivation of high-oleic soybean varieties through partnerships with biotechnology firms and agricultural cooperatives. This trend reflects a broader shift toward functional, value-added oils in both retail and industrial markets.

Growing Popularity of Plant-Based and Vegan Diets

The increasing global interest in plant-based and vegan lifestyles is significantly influencing the soybean oil market. Consumers are seeking plant-based alternatives to animal-derived fats and oils due to ethical, health, and environmental concerns. Soybean oil, derived entirely from plant sources, fits well into these diets and is often used in vegan food formulations such as meat alternatives, dairy-free spreads, salad dressings, and baked goods.

This trend is particularly strong among Millennials and Gen Z consumers, who are driving the growth of vegan and flexitarian eating habits. As a result, food manufacturers are reformulating existing products and launching new ones that prominently feature plant-based oils like soybean oil. The shift is not just consumer-driven but also supported by advocacy from health organizations and environmental groups, reinforcing soybean oil’s role in the expanding plant-based food ecosystem. According to a 2023 report by The Vegan Society, over 65% of global consumers aged 18–35 are actively reducing meat and dairy intake, accelerating demand for plant-based products and ingredients like soybean oil.

Technological Advancements in Processing and Extraction

Advancements in processing technologies are transforming the way soybean oil is extracted, refined, and utilized. Traditional solvent extraction methods are increasingly being replaced or supplemented by cold pressing, expeller pressing, and enzymatic extraction, which are perceived as cleaner and more environmentally friendly.

Additionally, new refining techniques are helping producers create oils with specific attributes, such as low-linolenic or low-saturate profiles, without the need for hydrogenation. These methods help avoid trans fat formation while preserving key nutrients like vitamin E and omega-3 fatty acids. There is also growing interest in non-GMO and organic processing technologies, with demand for identity-preserved soybean oil rising in markets where transparency and sustainability matter.

Segmental Insights

Application Insights

The household segment dominated the global soybean oil market, driven by its widespread use as a primary cooking oil in homes across both urban and rural areas. Soybean oil is favored for its affordability, neutral flavor, and versatility in various culinary applications such as frying, sautéing, and baking. As dietary habits shift toward healthier options, households increasingly prefer soybean oil for its heart-friendly properties, including low saturated fat and high polyunsaturated fat content. The growth of nuclear families, rising disposable incomes, and increasing awareness about nutritional benefits continue to strengthen the household segment’s leading position in the global market.

Sales Channel Insights

Supermarkets/hypermarkets represent the dominating segment in the global soybean oil market due to their extensive distribution networks, wide product variety, and strong consumer reach. These retail formats offer consumers convenient access to various brands and packaging options of soybean oil at competitive prices. Their prominence in both developed and developing regions, coupled with frequent promotional activities and private label offerings, has significantly contributed to high sales volumes. Additionally, supermarkets and hypermarkets provide a platform for brand visibility and impulse purchases, further solidifying their position as the primary sales channel in the global soybean oil retail landscape.

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Regional Insights

North America was the dominating region in the global soybean oil market, primarily due to the United States being one of the largest producers and consumers of soybean oil. The region benefits from advanced agricultural practices, a strong soybean supply chain, and well-established food processing industries. High awareness of health and nutrition among consumers has further driven the preference for soybean oil as a heart-healthy option. Additionally, the growing use of soybean oil in biodiesel production, supported by favorable government policies and renewable energy mandates, contributes to its market dominance. Robust retail infrastructure also enhances product accessibility across the region.

Recent Developments

• ​In March 2023, Mintec has launched new daily Mintec Benchmark Prices (MBP) for Argentinian soybean oil, marking a move to enhance transparency and accuracy in price tracking for this major export commodity.

• In July 2024, Louis Dreyfus Company relaunched its edible oil brand Vibhor in North India, offering soybean, palmolein, cottonseed, mustard oils and premium vanaspati fortified with vitamins A and D. The rollout focuses on major states, with national expansion by 2026

Key Market Players

• Archer Daniels Midland Company
• Associated British Foods, plc
• Bunge Global SA
• Cargill, Inc.
• Louis Dreyfus Company
• Wilmar International Limited
• DuPont de Nemours, Inc.
• Unilever plc
• AMAGGI Group
• SunOpta, Inc.

Report Scope:

In this report, the Global Soybean Oil Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

•   Soybean Oil Market, By Application:

o   Household Cooking

o   HoReCa

o   Food Processing Industry

o   Others

• Soybean Oil Market, By Sales Channel:

o   Supermarkets/Hypermarkets

o   Convenience Stores

o   Online

o   Others

• Soybean Oil Market, By Packaging Type:

o   Pouches

o   Cans

o   Bottles

• Soybean Oil Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  Japan

§  India

§  South Korea

§  Indonesia

o   South America

§  Argentina

§  Colombia

§  Brazil

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Soybean Oil Market.

Available Customizations:

Global Soybean Oil Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).