by Soy oil and palm oil are edible vegetable oils that are derived from soybeans and oil palms respectively. Soy oil and palm oil find applications in food processing industries as cooking oils and in industries such as personal care, cosmetics, biofuels and others due to their various properties like high smok point and cost effectiveness. The global soy oil and palm oil market provides essential benefits in industrial applications and meets the nutritional requirements of the food industry.
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 key trends:
Increasing demand for industrial applications of soy oil and palm oil is a major trend driving the market growth. Soy oil and palm oil has wide industrial applications due to its cost effectiveness and properties like high melting point. It is used in production of biodiesel, lubricants, soaps, perfumes and others. The favorable properties of soy oil and palm oil makes it an ideal choice for industrial applications. Growing demand from biofuel industry is propelling the demand for soy oil and palm oil significantly.
SWOT Analysis
Strength: Soy oil and palm oil have high yield per hectare compared to other vegetable oils. They are also suited for various food applications.
Weakness: Large-scale cultivation of oil palm has been linked to deforestation and biodiversity loss. There are also health concerns associated with excessive consumption of palm oil.
Opportunity: Increasing global demand for edible oils provides scope for market expansion. Growing health awareness is pushing demand for healthier oil alternatives like soy oil.
Threats: Price volatility of agricultural commodities poses risks. Stringent sustainability standards and regulations can limit cultivation and trade.
Key Takeaways
The Global Soy Oil And Palm Oil Market is expected to witness high growth over the forecast period. 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.
The Asia Pacific region currently dominates the market, driven by strong demand from India, China, and other developing countries. Indonesia and Malaysia are the top producers of palm oil globally.
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 players are focusing on capacity expansions and partnerships to strengthen their positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
