Unlike many other industries, global oilseeds market didn’t decline and reported growth rate of around 5% in 2020 over that of 2019
Oilseed crops are mainly cultivated for the purpose of vegetable oils. There are large number of crops included in oilseeds crops from across the world. World oilseed production has been already reached over 620 million metric tons, while area under cultivation is approximately 300 million hectares. Oilseeds are one of the most traded agricultures crops internationally. Based on breeding type, oilseeds can be classified as conventional and genetically modified. Conventional oilseeds hold the largest share. However, increasing demand for vegetable oil, shrinking arable land, growing demand supply gap, etc. is forcing farmers to shift towards the genetically modified oilseeds that offer higher yield, need limited fertilizers and crop protection chemicals and have higher resistance to insecticides.
Global Oilseeds market is expected to witness CAGR of 5.13% during the forecast period. The revenue generated by the global Oilseeds market in 2021 was over USD 274.85 billion and expected to generate revenue worth USD 390.10 billion in 2028. The incremental growth opportunity offered by the global Oilseeds is estimated to be USD 2.36 trillion between 2022 and 2028.
Oilseeds are one of the most important agricultural commodity traded in international market. Ongoing Russia & Ukraine was is poised to influence supply of oilseeds in global market. Although, India, China, and Brazil are some of the major oilseeds production nations, the international trade is dominated by the Russia and Ukraine. With over 50% share in total oilseed export worldwide, Russia and Ukraine control the supply of oilseeds. However, due to ongoing war, Ukraine has shut down its ports and imposed ban on export of agriculture and food commodities. On the other hand Russia is facing various sanction including exclusion from SWIFT payment system, ban on import of any commodity from vast majority of countries around the world. This has significantly affected the supply of oilseeds in international market. Which in turn has created demand-supply gap. Despite of being the largest producer, India is largest importer of oilseeds and hence supply cut from Russia and Ukraine is likely to create crisis in world oilseeds market as well as vegetable oil industry.
India, China and European Union collectively consume over 60% oilseeds per annum. Despite of being leading producers, aforementioned countries/regions are leading importers of the oilseeds on the account of huge population, growing demand for vegetable oil and food as well as feed meals. India held over 15% share in import of oilseeds followed by China with over 8.27% in 2021. Netherland, Italy, Belgium, France, Spain and Germany are major importers of oilseeds in European Union. While, UK held over 2.7% share in total import of oilseeds. Per capita consumption of oilseeds in European union, UK and U.S. is way more higher than that of Asia Pacific, Latin America and rest of the world.
Soybean, Sunflower, Cottonseed, Palm kernel, Groundnut, Rapeseed, Copra and Others are some of the major oilseeds produced and consumed around the world. Among all, soybean is most widely produced and consumed oilseed. Soybean production has reached over 360 million tons in 2021. While, rapeseed is second largest consumed oilseeds in the world. Rapeseed production reached over 70 million tons in 2021. Rapeseed is closely followed by sunflower seeds, peanuts, cottonseeds, and palm kernel. There many other oilseeds are grown and consumed in different parts of the world including, sesame, safflower, niger, mustard, etc.
Oilseed Food Meal, Oilseed Feed Meal, Vegetable Oil and Industrial Products are major application of oilseeds. Vegetable oil dominated the demand for oilseeds with over 60% share in total consumption volume. Growing population is driving the demand for vegetable oils. Moreover, ever increasing population demands for higher volume of food commodities. Food meal is another important application of oilseeds. This in turn driving the demand for oilseeds.
ADM, AGT Food and Ingredients, Bora Agro Foods, Bühler Group, Bunge Limited, Cargill, CHS Inc., Cootamundra Oilseeds, ETG Agro Private Ltd, Kanematsu Corporation, Louis Dreyfus Company, Mountain States Oilseeds, Oilseeds International, Soni Soya Products Limited and Wilmar International are some of the major players in global oilseeds market.
Unlike many other industries, global oilseeds market didn’t decline and reported growth rate of around 5% in 2020 over that of 2019
Asia Pacific is the largest regional market with highest share in the total revenue generation of Oilseeds consumed in 2021
Huge demand for vegetable oil across the world is primary market growth driver for the global Oilseeds market
Soybean segment dominated the Oilseeds market in 2021 with over 30% share
Vegetable Oil was the largest Application of Oilseeds in 2021 with over 55% share
Report Attribute | Details |
---|---|
Market Value in 2021 | USD 274.85 billion |
Market Value in 2028 | USD 390.10 billion |
CAGR | 5.13% between 2022 and 2028 |
Report coverage | Market Size Valuation, Share Analysis and Growth Rate by Segments such as Breeding Type and Application, Company Share, Competitive Landscape and Trends Analysis |
Segments covered | Type Soybean Sunflower Cottonseed Palm kernel Groundnut Rapeseed Copra Others Breeding Type Conventional Genetically modified Application Oilseed Food Meal Oilseed Feed Meal Vegetable Oil Industrial Products Others |
Major Players Analysed | ADM, AGT Food and Ingredients, Bora Agro Foods, Bühler Group, Bunge Limited, Cargill, CHS Inc., Cootamundra Oilseeds, ETG Agro Private Ltd, Kanematsu Corporation, Louis Dreyfus Company, Mountain States Oilseeds, Oilseeds International, Soni Soya Products Limited and Wilmar International |