Plant-based Oils is Fastest Growing Segment Fueling the Growth of Soy Oil and Palm Oil Market

 

Soy Oil And Palm Oil Market

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 Overview:

Soy oil and palm oil are the two most widely consumed vegetable oils in the world. They are used in various food processing applications such as cooking oil, bakery products, and confectionery due to their stability during frying. They are also used as substitutes for partially hydrogenated oils which are known to be high in trans-fatty acids.

 

Market key trends:

One of the key trends driving the growth of soy oil and palm oil market is the rising demand for plant-based oils from food processing and personal care industries. With growing health consciousness, there is increasing preference for vegetable oils over partially hydrogenated oils high in trans-fats. Soy oil and palm oil are cholesterol free and contain vitamins and phytonutrients making them suitable choices for various cooking applications. Rapid urbanization coupled with rising disposable incomes in developing countries is further fueling the demand for packaged and processed food products using soy oil and palm oil.

Segment Analysis

The global soy oil and palm oil market is segmented by product into soy oil and palm oil. The palm oil segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Palm oil has wide applications in food industry for cooking as well as in personal care and other industries. It is versatile and affordable oil, thus making it the most consumed vegetable oil globally.

 

Key Takeaways

The global soy oil and palm oil market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand for palm oil and soy oil in food industry for cooking and food processing.

 

Regional analysis

Asia Pacific dominated the global soy oil and palm oil market in 2022 and is expected to continue its dominance during the forecast period. Countries like Indonesia, Malaysia, and India are the major producers of palm oil in the world. Indonesia and Malaysia account for over 85% of global palm oil production.

 

Key players

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. Cargill and Wilmar International are the market leaders due to their global footprint and wide product portfolio of soy and palm oil products.

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https://www.dailyprbulletin.com/soy-oil-and-palm-oil-market-size-share-growth-outlook-2023/


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