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:
Key Takeaways of the Market:
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