Soy oil and palm oil have high nutritional value and functionality making them suitable for various food applications. Soy oil contains healthy unsaturated fats and vitamin E while palm oil provides required nutrients. They are used in producing foods like dairy alternatives, packaged snacks, margarines etc. rising in popularity due to health, sustainability and vegan attributes. The global demand for plant-based dairy and meat substitutes is propelling the soy oil and palm oil market.

The Soy Oil And Palm Oil Market is estimated to be valued at US$ 126402.19 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Soy Oil And Palm Oil market are Barambah Organics Pty Ltd., Blue Diamond Growers, Daiya Foods Inc. (Otsuka Pharmaceutical Co. Ltd.), Dean Foods (Dairy Farmers of America), General Mills Inc., Granarolo S.P.A., The Hain Celestial Group Inc., Vitasoy, White Wave Foods (Danone), Danone S.A., Oatly A.B., Forager Project, Coyo Pty Ltd., Chobani Global Holdings, and Kite Hill. The major players are focusing on strategic partnerships to expand their product portfolios as well as global footprint.

Rising health consciousness among consumers is driving the demand for plant-based foods which is expected to boost the soy oil and palm oil market in the forecast period. With growing vegan population worldwide, the sales of plant-based meat and dairy alternatives are increasing exponentially propelling market growth.

The soy oil and palm oil market is expanding globally with growing exports from key producing countries. North America and Europe region are major importers of soy oil and palm oil due to increasing demand from fast expanding food processing industry. The Asian countries especially China and India are also showing significant growth in imports.

Market key trends

Growing popularity of flexitarian and reduced consumption diets is one of the key trends in the Soy Oil And Palm Oil Market Size. Many consumers are opting for flexitarian lifestyle where they are reducing meat intake and replacing it with plant-based options on certain days. This trend is well supporting the growth of soy oil and palm oil market.

Porter’s Analysis

Threat of new entrants: Low capital requirement for soy oil and palm oil production but established players have economies of scale and brand recognition.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but differentiated products of major players.

Bargaining power of suppliers: Suppliers have moderate-high bargaining power as key inputs like soyabeans and palm are globally traded agricultural commodities subject to climatic conditions.

Threat of new substitutes: Substitutes like canola oil, sunflower oil pose threat but soy oil and palm oil have established uses in food industries globally.

Competitive rivalry: Intense competition among major multinational companies controlling global supply and smaller regional players.

Geographical regions with high concentration: Southeast Asia accounts for over 85% of global palm oil production led by Indonesia and Malaysia. South America is the largest producer of soybean oil dominated by Argentina, Brazil and Paraguay.

Fastest growing region: South Asia is witnessing highest growth in demand for soy oil and palm oil driven by increasing consumption in populous nations like India, Pakistan and Bangladesh amid rising incomes and expanding food processing industries in the region.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it