Oilseeds Market Size, Share, Growth Analysis, By Type(Soybean, Rapeseed, Sunflower, and Palm), By Application(Food, feed, and Industrial), By Region - Industry Forecast 2024-2031

Global Oilseeds Market size was valued at USD 241.90 billion in 2022 and is poised to grow from USD 258.28 billion in 2023 to USD 436.19 billion by 2031, growing at a CAGR of 6.77% during the forecast period (2024-2031).

Oilseeds have become a rapidly expanding crop in the global agricultural industry due to the rising demand to meet the needs of the growing global population. However, the oilseeds market has faced turbulent times in the past few years due to supply shortages caused by changing climate conditions in major oilseed-producing countries. This volatility in supply and demand has manifested in fluctuating oilseed prices. One of the key drivers for the significant growth of the global market is the increasing demand for vegetable oil from the biodiesel sector. The shift towards reducing reliance on conventional fuels has propelled the biodiesel industry, thereby fueling the demand for vegetable oil and, consequently, oilseeds. The expansion of the global oilseed industry is expected to predominantly occur in emerging economies such as China, Brazil, India, Malaysia, and Indonesia, accounting for around two-thirds of the growth. According to the FAO Agricultural Outlook, global oilseed production is projected to increase by approximately 23% by 2020. The United States leads as the top oilseed producer, followed by Brazil, China, Argentina, India, and the European Union. The growth in oilseed production will be primarily driven by emerging economies like India, Brazil, and Eastern European nations such as Poland and Russia. Soybeans currently dominate global oilseed production, followed by rapeseed, cottonseed, groundnuts, sunflower, palm kernels, and copra. Soybeans are expected to remain the fastest-growing type of oilseed over the next five to six years, owing to their increasing utilization in meeting the demands of the expanding global population.

US Oilseeds Market is poised to grow at sustainable CAGR for the next forecast year.