The global soy oil and palm oil market was valued at US$ 78,671.9 Million in 2017, according to Soy Oil & Palm Oil Market Report, by Source (Organic and Conventional), by Product type (Palm Oil, Palm Kernel Oil, Soy Oil, and Refined Oil), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa).
The global soy oil and palm oil market is projected to reach US$ 131,253.4 Million by 2026, exhibiting a CAGR of 6.1% during the forecast period (2018–2026). Health benefits of soy oil and palm oil coupled with its low cost is fueling growth of the soy oil and palm oil market. As per the United States Department of Agriculture, in 2012, the annual average price for rapeseed oil was US$ 1258/ton, sunflower oil was US$ 1254/ton, soybean oil was US$ 1241/ton, and palm oil was US$ 1032/ton. This exhibits that the price for soybean and palm oil are comparatively less than other substitute oils and therefore it is expected to witness high demand in terms of volume over the forecast period.
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Key Trends and Analysis of the Soy Oil and Palm Oil Market:
- Conventional segment among the source held the highest market share in 2017, in the global soy oil and palm oil market. This is owing to increasing industrial application of soy and palm oil.
- Organic source segment of soy and palm oil are expected to grow at faster pace over the forecast period, owing to growing consciousness among people for healthy, chemical-free products, which are major driving factor for growth of the organic soy and palm oil market.
Key Takeaways of the Market:
- Asia Pacific held the dominant market share of 50.1% in 2017, in the global soy oil & palm oil market, owing to the presence of major soy oil and palm oil producers in the region.
- In North America, the U.S. is the largest producer and exporter of soy oil. Growing demand for biofuels is expected to drive growth of the soy and palm oil industry in North America region. For instance, according to Food & Agriculture Organization, in 2016, biodiesel production in the U.S. was accounted for 2.5 billion gallons and expected to reach 4 billion gallons by 2022.
- Major players operating in the global soy oil and palm oil market include Cargill, Inc., PT Astra Agro Lestari Tbk, Wilmar International Ltd, Malaysian Palm Oil Council (MPOC), Carotino Sdn Bhd, Yee Lee Corporation Bhd, and IOI Corporation Berhad.