Oilseeds Market: Current Analysis and Forecast (2022-2028)

Oilseeds Market: Current Analysis and Forecast (2022-2028)

Oilseeds like sunflower, groundnut and soybean are mainly used as vegetable oil in households. People use these oilseeds as they are very beneficial to health and also they generate income and employment. These crops are not only limited to domestic use; they can also be applied in various other industry sectors like food, pharmaceuticals, cosmetics and animal feed. Because of this versatility of oilseeds, they are now in more demand and for that reason the market is booming worldwide. The oil produced from oilseed is used in human food products, while the oil residue is used as animal feed.

The Global Oilseeds Market Size is estimated to registering a CAGR of 4.2% from 2022 to 2030 owing to surge in nutritional benefits among individuals, rising soybean production, and others. Rising government initiatives are a key trend gaining popularity in the oilseeds market. Governments across the world are taking an indicative to improve the production of oilseeds and cut costly vegetable oil imports. For instance, in August 2021, the government of India launched a National Mission on oilseeds and oil Palm, a strategy to increase local oilseed output and become self-sufficient in edible oil. Through the National Mission on oilseeds and Palm oil, the government will invest more than 110 billion rupees (USD1.48 billion) to provide farmers with everything they need, including better seeds and technology. In December 2021, Crystal Crop Protection Limited, an India-based agrochemical company, acquired the seeds business of Bayer AG for an undisclosed amount. The acquisition includes seeds of cotton, mustard, pearl millet, and grain sorghum hybrids. Through this acquisition, Crystal Crop aims to be among the leading corporations' seed businesses. And also, the acquisition would strengthen the field crop seed business and make it a strong integrated Agri-Input player.

• Based on oilseeds type, the market is segmented into copra, cottonseed, palm kernel, peanut, repeseed, soybeans, and sunflower seed. The soybean segment was the highest contributor to the market. Global soybean production has increased, and is expected to continue to grow, owing to strong demand for animal feed, especially in emerging economies such as China, Brazil, India, Korea, and others, where the rapid increase in standard of living allows the average consumer to eat more meat. In addition, substantial demand for soybean-based vegetable oil as a biodiesel feedstock is anticipated to boost the production of soybean, thereby driving the growth of segment during the forecast period.
• On the basis of product type, the market is segmented into animal feed and edible oil. The animal feed segment was the highest contributor to the market in 2020. Meat, seafood, poultry, and milk continue to make vital contributions to global food supply and, as a result, animal feeds have become a significant component of the integrated food chain. Oilseed meal, which is a by-product of processed oilseeds after extraction of oil, is used extensively in animal feeds, and is therefore a vital economic aspect of oilseed production. Animal feed is produced from large varieties of oilseeds, which include copra, cottonseed, palm kernel, peanut, rapeseed, soybean, and sunflower seed. Thus, animal feed segment gained the highest traction in the oilseeds market.
• Based on breeding type, the market is categorized into genetic manipulation and conventional. The conventional segment was accounted for the highest share in the global oilseeds market and is expected to sustain its share throughout the oilseeds market forecast period. Conventional oilseeds are seeds that are cheaply available and are produced through natural pollination of plants. These oilseeds utilize significant amount of energy inputs and chemicals to produce highest possible yields of crops. Though conventional agriculture was adopted to maximize the production, owing to increase in food demand, the use of this method deteriorates the soil quality, thereby altering the natural environment. Product innovation and modernization of conventional farming techniques are major factors, which are expected to drive the demand for conventional oilseeds across the globe.
• For a better understanding of the market adoption of the All-Terrain Vehicle industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific has the largest share of the oilseeds market and is likely to maintain that share over the projection period. In terms of value and volume, Asia is regarded as the largest market in 2020, with a considerable CAGR from 2022 to 2028. World's largest market of oilseeds is of China, with over two-sevenths of the worldwide market in terms of capacity, and is predicted to keep its authority over the estimated period. In the Asia-Pacific area, India is expected to grow at the fastest rate.
• Some of the major players operating in the market include ADM, BASF SE, Bayer AG, Burrus Seed, Cargill Incorporated, Corteva, Gansu Dunhuang Seed Industry Group Co., Ltd., KWS SAAT SE & Co. KGaA, Mahyco Seeds, Syngenta Crop Protection AG.