Oilseeds Market Estimated to Grow at a CAGR of 4.1% During the Forecast Period 2021-2026

Oilseeds Market
Rising Consumption of Soybean Oil Among the Population Has Evolved in the Demand for Oilseeds Which Is Driving the Growth of the Market.

The Oilseeds Market is set to register a CAGR of 4.1% with a market value of $201.1million in 2020 over the forecast period of 2021-2026. Oilseeds are seeds that are mainly grown to extract edible oil for human use. Oilseed crops are the primary source of omega 3 fatty acid DHA and EPA that provides various health benefits. In oilseeds, Erucic acid is a naturally occurring contaminant that includes oilseed rape and mustard. Helianthus annuus (sunflower), soybeans, rapeseed, etc. are considered as the major oilseed crops. Oilseeds as well as legumes are important dietary constituents to reduce chronic disease owing to the presence of important dietary macro-micro nutrients. Oilseeds are extracted with the help of mechanical and manual processing equipment. Oilseeds are also used for the production of bio-fuels owing to the demand for renewable energy sources increases. The majority of the population is using vegetable oil in their daily lifestyle that also increases the demand for oilseeds. The rising consumption of soybean oil among the population has increased the demand for oilseeds. Moreover, increasing demand for oil in the food industry is the major factor driving the growth of the oilseeds Market. Furthermore, the growing application of oilseeds in the cosmetic and pharmaceutical industry helps in enhancing the overall market demand for Oilseeds Market for the period 2021-2026. 

Oilseeds Market Segment Analysis – By Type

The Oilseeds Market based on Type can be further distributed into Copra, Cottonseed, Palm Kernel, Peanut, Rapeseed, Soybean, Sunflower, and Others. The sunflower segment is the major segment generating revenue in 2020. This is mainly owing to its high usage in the production of biofuel. Moreover, sunflower oil is mostly consumed among the population owing to its health benefits as it contains omega-6 fatty acids and is highly nutritious. Infeed the industry, sunflower seeds are extremely used as the powdered form that boosts the demand for the sunflower oilseed segment. The Soybean segment is estimated to register the fastest CAGR of 4.9% for the period 2021-2026. Soybeans contain fiber, protein and are cholesterol-free. Health-conscious people are rising on daily basis resulting in the increased consumption of soybean oil. In the food industry, the demand for soybean has increased over time owing to its nutritional benefits thereby surging in the production of soybean oil hence propelling the growth of Oilseed Market.

Oilseeds Market Segment Analysis – By End-Use

IndustryThe Oilseed Market based on End-Use Industry can be further segmented into Food Industry, Personal Care and Cosmetic, Pharmaceutical, and Others. The Food Industry segment registers for the highest Oilseeds Market share in 2020. Recently, the demand for edible oil has increased owing to its daily use. In various food products, edible oils are mostly used so, manufacturers are focusing on developing a variety of edible oils that have resulted in the surge of oilseed production. The Personal care and Cosmetic segment is forecasted to register the fastest CAGR of 5.1% over 2021-2026. In cosmetic and personal care products, sunflower seeds are used in the formulation of a wide variety of product types, including bath products, makeup, cleansing products, depilatories, hair conditioners, shampoos, other hair care products, skin care products, and suntan products that increases the demand of oilseeds in cosmetic and personal industry, therefore, propelling the growth of Oilseeds Market.

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Oilseeds Market Segment Analysis – By Geography

North America dominated the Oilseeds Market with a major share of 34% in 2020. This is owing to the increase in the use of edible oils in regular cooking escalating the production of oilseeds. Moreover, the production of soybean in the U.S. had increased, hence growing the consumption of soybean oil further escalates the market growth. The United States is the world’s leading soybean producer and the second-leading exporter. Soybeans comprise about 90% of U.S. oilseed production thus driving the growth of the oilseed market. However, Asia Pacific is projected to be the fastest-growing market during the forecast period 2021-2026 owing to rising growth in the food processing industry and increasing production of soybean. India is considered as the 4th largest oilseed production and approximately 39.46 million tonnes of oilseeds are produced in 2018. Moreover, Soybean is the most important crop grown in India accounting for more than 95% of total production which escalate the use of soybean oil and thus boosting the market growth.

Oilseeds Market Drivers

Rising consumption of soybean oil among the population has evolved in the demand for oilseeds which is driving the growth of the market

Soybean oil is considered the world’s widely produced and widely consumed vegetable oil. According to the US Department of Agriculture, soybean production is projected to increase 23 million tonnes to 386 million tonnes in 2021 which is rising the demand for soybean oil among the population. Moreover, the consumption of soybean oil increases among the health-conscious populations owing to its low cholesterol properties, so, manufacturers are focusing on developing soybean oil which sprang the demand for oilseeds. Also, oilseeds output is projected to increase 5% mainly from growth in soybean production in the United States and South America that escalates the growth of the Oilseeds Market during the forecast period 2021—2026.

Increasing demand for oil in the food industry driving the growth of the global oilseeds market

In the food sector, the demand for oil is growing owing to the consumption of oil in daily lifestyle. Moreover, a large number of the population is using edible oil for cooking and a variety of food products are cooked with the help of edible oil. This factor encourages manufacturers to produce a variety of edible oils that enhance the growth in the food industry. In 2021, the consumption of edible oil increased at a rate of 2% owing to its high usage in the various food sectors. This factor is escalating the growth of the Oilseeds Market.

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Oilseeds Market Challenges

Increasing Prices of Oilseeds is challenging the growth of the Market

In 2020, the prices of soy oil and sunflower oil increased more than 50% mainly due to less cultivation during nationwide lockdowns, and according to the Indian Ministry of Agriculture and Farmers’ Welfare, retail prices of oilseeds have gone up by Rs 10-15 per kg in mid-2020 in India. Thus, it is set to hinder the growth of the market during the forecast period 2021-2026.

Oilseeds Market Landscape

Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Oilseeds Market. Oilseeds top 10 companies include

1. Cargill
2. Archer Daniels Midland Company
3. Corteva
4. La Tourangelle
5. Ostro-Organic
6. OPW Ingredients
7. BIO PLANETE
8. Tovarna olja GEA
9. Roland Foods
10. Conagra Brands Inc

Developments:

In 2019, Corteva Agriscience™, Agriculture Division of DowDuPont, and ZeaKal, a plant science innovator focused on improving agricultural productivity, announced a strategic R&D collaboration. This will help to advance ZeaKal’s innovative technology to help improve Oilseed quality and increase crop yield by enhancing the photosynthetic capacity and efficiency of plants.

Key Takeaways:

In 2020, North America dominated the Oilseeds Market. This is owing to the increase in the use of edible oils in regular cooking escalating the production of oilseeds. Moreover, the production of soybean in the U.S. has increased resulting in the rise of consumption of soybean oil thereby escalating the growth of the oilseeds market.

The rising consumption of soybean oil among the population has given enormous growth to the demand for oilseeds and the increasing demand for oil in the food industry helps in improving the growth of the Oilseeds Market.

The prominent manufacturers operating in the Oilseeds market will be provided with a detailed analysis of Strengths, Weaknesses, and Opportunities in the Market report.

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