Increase in the global consumption of soybean has led to its higher production, especially in Brazil and Argentina driving the market growth during the forecast period Furthermore, rise in usage of oilseeds in animal feed and increase in application of vegetable oil in biodiesel are likely to escalate the demand for oilseeds.
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Oil seeds are crops or seeds cultivated for the extraction of edible oil for households and industrial purposes. The edible oil produced from oilseeds is used as feedstock for biodiesels production. The residual content of oilseeds is called as oil cake, and is used as animal feed. Copra, cottonseed, palm kernel, peanut, rapeseed, soybean, and sunflower seed are the major oilseeds used for extraction of oil.
Advancement in agricultural biotechnology has led to wider acceptance of genetically modified (GM) seeds, thereby increasing the area under cultivation of GM seeds across the globe. This helped to reduce the expenses to manage crop biotic stresses, such as weeds, insects, and microbial pests, leading to strong commercial success. Moreover, proactive government initiatives and surge in national & international associations to increase the agricultural production of oil to meet the need for food products are anticipated to fuel the oilseeds market growth.
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However, uncertainty in climatic conditions leads to the lower production of oilseeds resulting in fluctuation of prices. Thus, continued volatility in the prices of oilseeds is anticipated to restrain the growth of the market. Moreover, rise in demand for vegetable oil/edible oil produced from oil seeds in the manufacturing of biodiesel is expected to provide lucrative opportunities to the market players.
By region wise, LAMEA gained highest oilseeds market share after Asia-Pacific and is expected to sustain its share during the forecast period. Soybeans are the primary oilseed produced in Brazil. In addition, Brazil is among the major exporters of soybean in the global market. Strong demand for soybean from China is expected to lead to its higher production in Brazil. About 70% of the total soybean production in Brazil is exported to China. Increased consumption of vegetable oil in the production of biodiesel due to government mandates for biodiesel blending with petroleum diesel and strong demand from the domestic animal sector are expected to fuel the growth of the Brazil oilseeds market.
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The players operating in the oilseeds industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market.
The key players profiled in this report include Archer Daniels Midland Company, BASF SE, Bayer AG, Burrus Seed Farms, Inc, Cargill Incorporated, Corteva Agri science, Gansu Dunhuang Seed, Industry Group Co., Ltd., KWS SAAT SE & Co., Mahyco Seeds Ltd and Syngenta Crop Protection AG.
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