SOY OIL AND PALM OIL MARKET ANALYSIS

Soy Oil And Palm Oil MarketSize and Trends

Global Soy oil & palm oil market-Insights

Global Soy oil & palm oil market was valued at US$ 103,230.9 Million in 2022 in terms of revenue, and is expected to exhibit a CAGR of 6.29 % and reach at 168,226.5 Million during the forecast period (2023 to 2030).

Market Trends

Growing demand for fast food across the world increasing demand for edible oils.

Health benefits of soy oil & palm oil such as the development of body immune system, maintains steady blood pressure is fueling the growth of the soy oil & palm oil market. For instance, according to the U.S. Department of Agriculture, in 2020-21, out of the total global consumption of vegetable oils, soy oil & palm oil constituted the largest share of 33%, followed by soy oil & palm oil, rapeseed oil, sunflower oil, and others having a share of 26%, 15%, 8%, and 18%, respectively. The health benefits related to soy oil and soy oil & palm oil and their increasing year-on-year demand is expected to drive the growth of the global soy oil & palm oil market during the forecast period.

Soy oil & palm oil offers several health benefits that help in enhancing energy levels, preventing premature aging, improving eye vision, boosting the immune system, and reducing the risk of cancer and heart diseases. The increasing awareness regarding these health benefits among consumers is one of the primary factors contributing to the market growth. Furthermore, the thriving food industry is driving the product demand as it is extensively utilized for frying and as a key ingredient in the preparation of healthy food recipes. Apart from this, soy oil & palm oil is readily replacing petroleum-based products as an effective alternative in the transportation and energy industries. It is also employed as a substitute for mineral oil in power stations for energy production. Moreover, initiatives undertaken by governments of various countries, such as Denmark and other western European nations, along with awareness campaigns by the World Health Organization to curb trans-fat consumption, are envisaged to boost the market growth.