The 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
 
Market Overview:
Soy oil and palm oil are primarily used for cooking purposes and as edible oils. They have benefits such as containing vitamins, minerals and healthy fats. Soy oil contains healthier fats such as polyunsaturated and monounsaturated fatty acids. It is widely used in mayonnaise, salad dressings and spreads due to its neutral taste. Palm oil contains saturated fats but is an inexpensive option and has a high smoke point making it suitable for frying foods.
 
Market key trends:
One of the major trends driving the growth of soy oil and palm oil market is the rising consumption in food processing industries. Food manufacturers are increasingly using these oils for baking, frying and as ingredients in packaged food products due to their versatility and affordability. Over the years, with changing lifestyles and food consumption patterns, demand for convenience and packaged food has grown substantially. This has boosted the use of soy oil and palm oil in food production. Furthermore, increasing health consciousness among consumers has led palm oil producers to launch healthier and sustainability sourced palm oil products, thus positively impacting the market growth.
 
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements for production facilities and distribution networks. Bargaining power of buyers: Buyers have moderate to high bargaining power due to the availability of substitute products like other types of vegetable oils. Bargaining power of suppliers: Suppliers have moderate bargaining power given the fragmented nature of farmers and dependence on weather conditions. Threat of new substitutes: Substitute oils like canola oil, sunflower oil pose a threat. Competitive rivalry: Intense competition exists among existing players.
 
SWOT Analysis
Strength: High demand for soy and palm oil globally due to wide range of applications. Abundant availability of raw materials. Weakness: Price volatility due to dependence on climatic conditions. Concerns around deforestation for palm oil cultivation. Opportunity: Growth in food processing and personal care industries driving demand. Shift towards organic and non-GMO oils presents an opportunity. Threats: Trade barriers and policies discouraging palm oil usage. Rising health consciousness and preference for vegetable oil alternatives.
 
Key Takeaways
The global Soy Oil And Palm Oil Market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand from food processing and personal care industries.
 
Regional analysis: Asia Pacific dominates the global market with highest consumption and is expected to maintain its leading position over the forecast period. Countries like Malaysia, Indonesia and Thailand are the major palm oil producers.
 
Key players analysis: 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. Price volatility and sustainability concerns are prompting key players to focus on researching organic and non-GMO varieties.
Read more
https://www.ukwebwire.com/soy-oil-and-palm-oil-market-size-share-growth-outlook-2023/
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