- Sustainable growth rate in food industry anticipated to fuel the global soya stand oil market over the forthcoming years.
- Increased popularity of new food products and the high demand for packaged and ready-to-eat food is act as a key trend for the soya stand oil market.
- Asia Pacific region is accounting significant share in term of both production and consumption of soya stand oil.
Edible oil has been witnessing the considerable demand gains in the past few years owing to the increase its penetration in numerous applications. In order to cater the upswing demand for edible oils, the industry players are emphasizing to produce the economically and conventionally profitable oils such as soya stand oil, palm stand oil, caster stand oil, sunflower stand oil, etc. Stand oils are usually thickened, produced from the base-oils with the help of heating processes. Soya stand oil is a type of vegetable oils, is basically extracted from soya seeds, and thickened with the help of the heating process. Soya stand oil plays a crucial role in the global food chain, act as a protein source for humans and other living organisms.
Further, soya stand oil is utilized for numerous applications such as, to improve dispersion of pigments & adhesion rate of particles, increases the de-hydrophobicity of the resins, and among others. Moreover, soya stand oils are widely used in numerous end-use industries such as paints & coatings, food & beverages, cosmetics, biofuel, resin industry, candle industry, and among others
Sustainable growth rate in food industry anticipated to fuel the global soya stand oil market over the forthcoming years. The consumption of soya stand oil has seen a steady rise over the years due to the increased per capita consumption of edible oil. Additionally, soya stand oil is key source of protein. As a result, the increased health- consciousness among the consumers, is key factor for the soya stand oil industry players to hold the lion’s share in editable oil market. Further, the relatively lower prices of soya stand oil coupled with easy availability is expected to give push to global soya stand oil market. Apart from food industry, new opportunities for the growth of soya stand oil is expected from non-edible product manufacturing such as cosmetics, and paints with these industries witnessing an manifold increase in growth.
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Furthermore, new initiatives by government authorities of developed or developing economies to regulate the use of mineral oils in food products is expected to drive the demand for vegetable oils such as soya stand oil, globally. However, consumers are more emphasizing on their diet plans owing to the demand for low-fat containing oil and chronically food is upsurges. This factor expected to hinder the demand for soya stand oil market in near future.
Meanwhile, increased popularity of new food products and the high demand for packaged and ready-to-eat food is act as a key trend for the soya stand oil market.
Global soya stand oil market can be segmented on the basis of application, end-use industry, and regions. On the basis of applications, global soya stand oil market can be segmented as mentioned below:
- Paints & coatings
- Food & Beverages
- Resol & Resins
- Candle Industry
On the basis of end-use industry, global soya stand oil market can be segmented as mentioned below:
Soybean cultivation is highly concentrated geographically, mainly, Asia Pacific region is accounting significant share in term of both production and consumption of soya stand oil. Owing to the presence of a high population in the region, increased industrial infrastructure in economies such as China, India, South Korea, etc. is anticipated to grow the demand for soya stand oil at a healthy growth rate by end of 2028
As the regulatory authorities of North American and European countries continue to implementing various regulations to regulate the excess usage of mineral oils. As a result, North America and Europe soya stand oil estimated to gain high traction in the global market during the forecast period.
Global Soya stand oil Market: Key Participants
The global soya stand oil market is expected to be the consolidated market, owing to the relatively low presence of small scale manufactures at a regional level. Few of the key players are identified across the value chain of the global soya stand oil market are as – Industrial Oleochemical Products (IOP), MPD Industries Pvt. Ltd, Vandeputte, Oleon, Stan Chem International, Avril Group, Ruchi Soya Industries, Cargill Foods Inc., Adani Wilmar Limited, FEDIOL, and among others