Increasing Awareness about Benefits of Soybean Oil to Fuel its Demand, Reports TMR
A study by Transparency Market Research (TMR), titled “Soybean Oil Market – Global Industry Size, Market Share, Trends, Analysis, and Forecast 2016 – 2023,” presents a comprehensive assessment of this market on the basis of market trends, growth prospects, driving forces, restrictions, and opportunities.
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According to the study, the increasing awareness among consumers regarding the benefits of soybean oil compared to traditional edible oil has driven its demand significantly. It further states that the popularity of soybean oil has been increasing remarkably due to its good emulsifying ability and low-calorie content. As a result, it is witnessing a higher demand than other vegetable oils available globally. The absence of trans-fat and the minimal presence of saturated fat is also boosting its adoption among consumers considerably.
Going forward, the surge in health-related concerns among consumers is likely to shift their food preferences towards healthy products. Soybean oil, being a key source of Vitamin E and omega 3-fatty acids, is expected to gain significant momentum globally over the forecast period.
On the other hand, the availability of substitutes in abundance is limiting the demand for soybean oil. However, the versatility of this oil is anticipated to attract a large number of food product manufacturers across the world, creating growth opportunities for the market, notes the research study.
In this report, the global market for soybean oil has been analyzed on the basis of application and its geographical spread. Based on application, the market can be categorized into salad dressing preparation, frozen foods, meat products, mayonnaise preparation, shortenings and margarine preparation, and the preparation of commercially baked goods. Based on geography, the market has been segmented into Asia Pacific, Eastern Europe, Western Europe, North America, Latin America, and the Middle East and Africa.
The study also presents the analysis of the competitive landscape in the global market for soybean oil by reviewing profiles of key players in order to determine the prevalent market hierarchy. As per the report, the market is moderately fragmented. Leading producers are concentrating on product innovations and advancements in current offerings in order to strengthen their positions in this market. Adani Wilmar Ltd., Cargill Foods Inc., and Ruchi Soya Industries Ltd. are the key producers of soybean oil across the world, states the report.
The main objective of this research report is to provide a better understanding of the existing as well as the future status of the worldwide market for soybean oil to market players and assist them in making gainful strategies for the further expansion of their business.