Soy oil is a vegetable oil derived from seeds of the soybean. It is used in the cooking of food. Palm oil is edible oil which is derived from the reddish pulp of the fruit of the oil palms. These oils are widely used as cooking/frying oil, margarine, shortenings, and confectionery fats. Palm oil is derived from palm trees and it can be found in several different grades. The most common grades are from around 30% palm oil, which is a popular ingredient in cosmetics, hand lotions, detergents, shampoos, shaving gels, lotions, and other products. Soy is extracted from soybeans. In recent years, soy has become more popular in the U.S. market and the price has dropped substantially.
High demand for palm and soy oil from the food industry is a prime factor driving market growth of soy oil & palm oil. Expansion of the food industry due to increasing spending and population is playing a significant role in the overall development of soy oil & palm oil. Also, the high demand for organic and natural food ingredients is further projected to foster market growth. According to the Organic Trade Association, in 2019, the U.S. Organic food sales hit $50.1 billion, up 4.6 percent. Moreover, growing health conscious consumer around the globe coupled with the increasing demand for palm oil from agrochemicals, motor oil, and animal feed is again anticipated to augment the market growth of soy oil & palm oil.
North America is expected to gain significant growth over the forecast period and this is attributed to increasing spending on a food product in the region. According to the Economic Research Service United States Department of Agriculture, in 2019, food spending by U.S. consumers, businesses, and government entities totaled $1.77 trillion. Food away-from-home accounted for 54.8 percent of total food expenditures, up from 50.1 percent in 2009. Also, the high demand for organic and natural food ingredients in the region is further propelling the regional market growth of soy oil & palm oil.
Key Developments:
In November 2020, the National Stock Exchange of India Limited (NSE) launched its first agricultural commodity futures contract for crude degummed soybean oil
In June 2017, The National Commodity and Derivatives Exchange (NCDEX) announced the launch of degummed soy oil futures
In July 2020, Amul has entered the edible oils business with the launch of a range of edible oil under Janmay brand in Gujarat.
In August 2020, CME Group, the most diverse derivatives marketplace, today announced it will launch South American Soybean (Platts) Futures
In December 2019, the Korean food processor announced that it has launched a high oleic soybean oil line and partnering with a U.S. supplier to import oil from the United States.
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