The commercial utilization of soybean results in the economic stability of soy production as a meal, a whole food or an oil. There are tremendous health benefits offered by soybean when used in regular diet. On a commercial scale, soybean oil market is a lucrative market holding a lot of potential worth investing. The rise in yield per hectare production for soybean in developed economies gains a lot of traction for producers, thus exhibiting untapped potential and opportunities in the near future.
The market is majorly driven by manufacturer’s inclination towards development of novel products in order to fulfil consumer dietary needs and rise in awareness among end-user to supply quality animal fodder in order to have a better yield. In addition, emergence of advanced technologies in biotechnology results in enhancement of quality and yield of soybeans. Further, use of advanced tools for growth of crops results in efficiency. Hence, these improvements converge to result in a strong market growth in the near future.
The soybean oil market is home to several applications such as aqua feed, animal, biofuel, pharmaceuticals, hydraulic fluids, dietary supplements, coatings, paints, industrial solvents, building materials, adhesives and sealants, food and beverages, personal care and coatings. Conventional and organic source are the basic forms to obtain soybean oil on a commercial scale.
For end-users, the market several products such as fermented soy food that comprise natto, soy sauce, tempeh and miso whereas non-fermented soy food comprises soy milk, tofu, vegetable soybean and soy sprouts. In terms of meal products, the market includes soy fiber, soybean flour and protein concentrates. Oil products include lecithin, soy biodiesel and soybean oil.
Asia-Pacific has a higher dominance in terms of rise in demand for animal feed. Increasing awareness by end-users for nutrition food and expanding scope of animal feed and rising production of nutraceuticals. North America and Europe market have a steady market demand in terms of exports. Increasing of use of soybeans as petrochemicals fuel the market growth in these regions resulting in a significant market share. MEA market have registered a stable growth rate since three decades. The wave of free economy in 1991 have resulted in economic stability and competitive prices. At present, the MEA market is a huge market for end-user as well as manufacturers in terms of supply and demand.
Prominent players in the soybean oil market include Kerry Inc, Fuji Oil Group Inc, The White Wave Foods Company, E.I. Du Pont de Nemours & Co, Cargill Inc, The Scoular Company and Archer-Daniels Midland Co.