Oilseeds are agricultural commodities that are grown specifically for the extraction of oil from their seeds. Some of the major oilseeds include soybean, oil palm, rapeseed (canola), sunflower, cottonseed, corn, and peanuts. Factors such as growing demand for cooking oil due to increasing population, expanding food processing industry, increasing consumer preference for biofuels and expanding applications in industrial as well as feed industries are expected to drive the global oilseed market during the forecast period. However, factors like fluctuating crude oil prices and availability of substitutes may pose challenges to market growth.
Market Dynamics:
The global oilseed market growth is driven by growing demand for edible vegetable oils across the food industry. Over the past few decades, demand for cooking oil has increased significantly with population growth and dietary changes. Oilseeds provide vital vegetable oils for cooking purposes and as ingredients in various food products. Another major factor fueling the market is the expanding applications of oilseeds in industrial uses such as lubricants, coatings, biodiesel and bio-based chemicals. The growing focus on biofuels as an alternative to conventional fossil fuels has also augmented the demand for oilseed crops worldwide. However, fluctuating prices of crude oil directly impact the prices of vegetable oils, thereby affecting market revenue. Availability of substitute vegetable oils and growing consumption of alternative cooking fats are also expected to restrain market growth during the forecast period. Furthermore, technological advancements in new product development and cultivation techniques present lucrative opportunities for market players.
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