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Oilseed Market Segmented By Sunflower, Soybean, Sesame, Cottonseed and Rapeseed type in Business to Business and Business to Consumers distribution channel
The oilseed is considered to be one of the fastest-growing crops in the global agricultural market owing to its wide applicability in the food industry, pharmaceutical industry, cosmetic industry, and animal feed industry. Oilseeds were mainly grown for extracting edible oils, but now oilseed has attracted more attention due to its industrial use.
The oil extracted from oilseed is used in food products for human consumption, whereas residue of oil is used as animal feed. The major oilseeds crops are sunflower, cottonseed, rapeseed, soybeans, linseed, and canola. Vegetable oil is the most valuable commodity in world trade. Increased acceptance and large area under cultivation of oilseeds are anticipated to supplement the market.
Soybean shows the largest market share and is expected to show exponential growth in the subsequent years. Soybean stands out because of its high protein and high oil content. Soybean is originally native to South East Asia, today it is mainly grown in the United States, Brazil, and Argentina.
The edible oil extracted from oilseed is used as feedstock for biodiesel production. The production of soybean is increased owing to its increased demand in the production of edible oil.
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The oilseed market is expected to witness growth owing to its health benefits. The oilseed is rich in essential fatty acid which contains linoleic acid, vitamins and many other valuable nutrients which is the reason oilseed are applicable in many industries.
Oilseeds are used for the production of cooking oil, as an active ingredient in cosmetics, a beneficial ingredient in many pet food. Many oilseeds are used in the cosmetic industry as skincare and body care products. The industrial usage of oilseed includes paint binders, varnishes and printer inks.
The overall trend in the oilseed market has been positive due to several factors such as increasing consumption of edible oil and high growth in the livestock sector.
Changing lifestyle followed by changing food preference and experimenting with the number of new food varieties is driving the demand for the oilseed market globally. In European countries, rapeseed oil, sesame oil, and many other oilseeds are preferred as marinades and dressings.
Increasing demand for biofuels in vehicles and other machinery would boost the demand for oilseed in the global oilseed market. Meals that come from oilseeds are used as a protein supplement for entire classes of dairy cattle.
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The market participants operating in the global oilseed market are identified across the value chain include Bayer AG, Corteva, Archer Daniels Midland Company, La Tourangelle, Ostro-Organic, BIO PLANETE, OPW Ingredients, Tovarna olja GEA, Roland Foods among the other oilseed manufacturers.
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The leading oilseed produced is soybean followed by rapeseed, sunflower, palm kernels groundnuts, cottonseed, and others. The global oilseed market is expected to witness significant growth mainly due to the increasing demand for vegetable oil from the biodiesel industry. Organic oilseeds are nutritious which may attract consumers suffering from health problems related to digestion, cholesterol, and blood pressure.
Growth in retail and modern oilseed processing technologies has triggered the availability of the product in the global market. The pharmaceutical industry is using oilseeds for dermatological products. Many countries are now commercially cultivating oilseeds.
For instance, Safflower belongs to the sunflower family originally cultivated in Egypt and the Middle East to Central Europe, but now it is cultivated in the United States, Latin America, and Australia.
The agriculture sector across the globe as witness the sudden increased demand from the consumers amid ongoing COVID-19 crises in the world. But this outbreak of coronavirus has an indirect impact on the global oilseed market.
The production of oilseed will not experience any impact but the demand for oilseeds will decrease from the vegetable oil manufacturers as the production facilities may stop their production owing to the total lockdown and shutdown of the industry opted by many countries as the precautionary measures for COVID-19.
But the market is anticipated to witness the spike in the demand once the situations in the world begin to normalize.
