Rising demand for vegetable oils and the need for biofuels are expected to augment the OilSeeds Market at a healthy CAGR of 4.20% from 2023 to 2030

Oilseeds Market Insights

According to market research future insights analysis, the global oilseeds market is expected to register a CAGR of 4.20% from 2023 to 2030 and hold a value of over USD 243.542 billion by 2030.

The oilseeds market is anticipated to develop due to the increasing use of oilseeds in animal feed. Oilseeds are a great source of oil, fatty acids, fiber, protein, vitamins, and minerals used to extract oil. After oilseeds are harvested for their oil, the nutrient-rich pulp is processed into oilcake or meals and fed to dairy farm animals to increase milk production while lowering feed requirements. For instance, a report from the United States Department of Agriculture (USDA), a US-based agriculture service organization, states that in 2021, around 18.5 metric tonnes of oil meal were produced. About 70–80% of India’s entire supply of oilseeds are crushed to produce meals, and the resulting oil and meal are primarily used as farm animals’ food. As a result, the demand for oilseeds is being driven by the increasing use of these products in animal feed. In the oilseeds industry, rising government initiatives are a crucial trend that is becoming more well-liked. Governments worldwide are taking action to increase the production of oilseeds and reduce expensive imports of vegetable oil.

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Regional Analysis

North America led the oilseed market with a significant market share of 35% in 2021. This is brought on by the increased usage of cooking oil in everyday cooking, which boosts the production of oilseeds. Additionally, the United States has boosted its soybean production, which is causing the rise in soybean oil consumption to speed up market expansion. The world’s top soybean producer and second-largest exporter are the United States. 90% of the US oilseed production was soybeans.

Due to the expanding food processing sector and rising soybean output, the Asia-Pacific region is anticipated to have the fastest-growing market over the forecast period. In 2018, over 39.46 million tonnes of oilseeds were produced, placing India as the fourth-largest producer in the world. Additionally, 95% of the total crop production in India is made up of the most important crop, soybeans, which enhances the demand for soybean oil and propels market expansion.

Market Segmentation

The global oilseeds market has been segmented into category, oilseed type, and biotech trait.

Based on category, the market has been segmented into conventional and genetically modified. The conventional category held the most market share in the overall oilseeds market and is anticipated to keep doing so over the course of the industry’s projection. Conventional oilseeds are seeds that are produced through plant pollination in the wild and are easily accessible. These oilseeds extensively use energy and chemicals to produce the maximum potential crop yields. Although traditional agriculture was used to enhance productivity in response to rising food demand, doing so degrades soil quality and harms the environment.

Based on the oilseed type, the market has been segmented into soybeans, sunflower seed, cotton seed, and canola seed. In 2021, the soybean segment contributed the most to the market. Due to the high demand for animal feed, particularly in developing nations like China, Brazil, India, Korea, and others, where the rapid rise in living standards allows the typical consumer to eat more meat, the world’s soybean production has increased and is predicted to keep growing. Additionally, it is projected that a sizable demand for soybean-based vegetable oil as a biodiesel feedstock will increase soybean production, fueling the expansion of the oilseeds industry.

Based on the biotech trait, the market has been segmented into insecticide-resistant and herbicide-tolerant. The oilseeds market’s largest contributor in 2021 was the herbicide-tolerant sector. Oilseeds or other herbicide-tolerant crops are created to withstand a particular or broad range of herbicides, eliminating dangerous weeds in their immediate vicinity. Growing herbicide-tolerant crops gives farmers the freedom to spray herbicides on their crops anytime the weed population spikes noticeably, shielding the crops from the herbicide’s negative effects. Additionally, significant R&D expenditures are being made to add more seeds or crops to the herbicide-tolerant list, making them appropriate for use in all geographical areas. In light of the aforementioned issues, the market for oilseeds with herbicide tolerance is projected to rise.

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Key Players

Some of the key market players are BASF SE (Germany), Monsanto Company (US), Groupe Limagrain Holding (France), Syngenta (Switzerland), DuPont (US), Nuziveedu Seeds Ltd (India), Land O’Lakes Inc. (US), Cargill, Incorporated (US), Seed Co Limited (South Africa), and Mahyco Seeds Company Limited (India).

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