Global Soybean Oil Market Size to Exceed USD 73.50 Billion by 2035 | CAGR of 3.23%
Category: Food & BeveragesGlobal Soybean Oil Market Size to Exceed USD 73.50 Billion by 2035
According to a Research Report Published by Spherical Insights & Consulting, The Global Soybean Oil Market Size is expected to Grow from USD 51.80 Billion in 2024 to USD 73.50 Billion by 2035, at a CAGR of 3.23% during the forecast period 2025-2035.
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Browse 210 Market Data Tables And 45 Figures Spread Through 190 Pages and In-Depth TOC On the "Global Soybean Oil Market Size, Share, and COVID-19 Impact Analysis, By Application (Cooking & Frying, Margarine & Shortening, Salad Dressings & Mayonnaise, Bakery Products, and Non-Food Applications), By End-Use Industry (Food, Biofuel, Animal Feed, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 – 2035." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/soybean-oil-market
The soybean oil market is the industry encompassing the production, processing, and trading of soybean oil, which is widely used in food and industrial applications, as well as in pharmaceutical & cosmetic industry. Soybean oil is the second most consumed vegetable oil extracted from soybean (glycine max) legumes, also used as a base for printing inks (soy ink) and oil paints. The upsurge in sustainable agriculture practices, along with increasing health awareness, is providing growth opportunities in the soybean oil market. The increased use of soybean oil in the production of biodiesel, as well as in food products like shortenings, margarines, and salad dressings, is primarily driving the market demand. The development of soybean cultivars with high-oleic acid content and low palmitic acid content enhances nutritional and functional properties, contributing to market growth. On the contrary, the availability of alternative oils like palm oil, olive oil, rapseed oil, sunflower oil, and canola oil, as well as changing climatic conditions, are challenging the market growth.
The cooking & frying segment dominated the market with a significant share of 31.6% in 2024 and is projected to grow at a substantial CAGR during the forecast period.
Based on the application, the soybean oil market is divided into cooking & frying, margarine & shortening, salad dressings & mayonnaise, bakery products, and non-food applications. Among these, the cooking & frying segment dominated the market with a significant share of 31.6% in 2024 and is projected to grow at a substantial CAGR during the forecast period. Soybean oil is most commonly used in cooking and frying due to various reasons like omega-3 fatty acids & vitamin E content, and long shelf life. The surging trend towards dining out due to consumers’ increasing disposable income is contributing to driving the market demand.
The food segment accounted for a major market share of about 60.5% in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the end-use industry, the soybean oil market is divided into food, biofuel, animal feed, and others. Among these, the food segment accounted for a major market share of about 60.5% in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period. In the food industry, soybean oil is the main ingredient among other vegetable oils, used as a cooking oil and as salad dressings. The surging trend towards vitamin fortified, organic, non-GMO oils, with an emphasis on developing innovative food products, is driving the market in the food segment.
Asia Pacific is expected to hold the majority share of the global soybean oil market during the forecast period.
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Asia Pacific is expected to hold the majority share of about 41.5% of the global soybean oil market during the forecast period. China is leading the soybean oil market in the Asia Pacific region, accounting 64-65% of total soybean oil consumption in the Asia Pacific region and 79% regional production volume. Industry’s increased emphasis on expanding renewable fuel production and application in bio-based industrial products is responsible for driving the soybean oil market.
Middle East & Africa is anticipated to grow at the fastest pace of 5.52% CAGR in the global soybean oil market during the forecast period. Saudi Arabia is leading the Middle East and Africa soybean market, driven by increased import and export of soybean oil. With the growing foodservice industry and Western dietary influences, the increasing initiatives to promote collaborative platforms are driving the soybean oil market.
Major vendors in the global soybean oil market are Cargill Incorporated, Bunge Limited, Wilmar International Ltd, Richardson International Limited, CHS Inc., The Scoular Company, Archer-Daniels-Midland Company,, Apical Group, Granol S/A, COFCO Group, SD Guthrie Berhad, AG Processing Inc., MWC Oil, CJ Cheiljedang Corporation, Nordic Soya Oy, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In June 2025, Olam Agri, a leading agribusiness in food, feed, and fibre, entered a strategic partnership with IDH and Arzikin Noma, a Nigerian agricultural development firm driving innovation and partnership in rural farming communities, to strengthen soybean production in Kwara State.
- In July 2025, the Federal Government launched the National Soybean Production Policy and Strategy to achieve food sovereignty, economic diversification, as well as harness the opportunities linked to the soybean value chain.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the Soybean Oil market based on the below-mentioned segments:
Global Soybean Oil Market, By Application
- Cooking & Frying
- Margarine & Shortening
- Salad Dressings & Mayonnaise
- Bakery Products
- Non-Food Applications
Global Soybean Oil Market, By End-Use Industry
- Food
- Biofuel
- Animal Feed
- Others
Global Soybean Oil Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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