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| Soy Oil And Palm Oil Market |
Soy oil and palm oil are widely used edible vegetable oils extracted from soybeans and palm fruit respectively. They are a rich source of nutrients and find applications in various food products like baked goods, spreads and desserts due to their neutral taste. The increasing demand for healthy and affordable cooking oils from the burgeoning food industries has stimulated the growth of the soy oil and palm oil market globally.
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
2023-2030.
Market key trends:
The growing health awareness among consumers regarding the consumption of
trans-fat-free vegetable oils is one of the key trends driving the demand for
soy oil and palm oil. Soy and palm oils are naturally devoid of trans-fat and
are considered healthier alternatives to partially hydrogenated vegetable oils.
Furthermore, the shift towards plant-based diet has accelerated the use of soy
and palm oils in various vegan food products. Their versatility, affordability
and neutral taste make them suitable for substituting animal fats and tropical
oils in food applications. Leading manufacturers are focusing on fortifying soy
and palm oils with vitamins and other nutrients to attract health-conscious
consumers. The rising demand for functional edible oils is expected to support
the robust growth of the soy oil and palm oil market over the forecast period.
Segment
Analysis
The global soy oil and palm oil market is segmented based on source,
application, and geography. By source, soybean oil is the dominating
sub-segment accounting for around 60% of the total market share. Soybean oil
continues to dominate due to its suitability for various food applications like
bakery products, confectionery, and processed food which are majorly consumed
by the growing population globally.
Key Takeaways
The global Soy
Oil And Palm Oil Market Trends is expected to witness high growth. During the
forecast period of 2023-2030. 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 2023-2030.
Regional analysis
Asia Pacific accounts for around 65% share of the total soy oil and palm oil
market globally. Indonesia and Malaysia are the largest producers of palm oil
globally. The supportive climatic conditions and huge cultivation of oil palm
trees have made these countries dominant in the palm oil production. China and
India are also emerging as high growth markets due to rising food processing
industries and growing health-conscious population.
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 Ltd
are the global leaders due to their expansive supply chain and distribution
network.
For more insights, read- https://www.ukwebwire.com/soy-oil-and-palm-oil-market-trends-size-and-share-analysis/
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