The oilseed processing market is projected to grow at a CAGR of 7.37% from 2016 to 2022, to reach USD 344.37 Billion by 2022. Due to the growing health awareness among consumers, the demand for healthy oil in the preparation of foods is increasing. The change in the dietary habits of consumers has also led to an increase in demand for oilseeds.
By category, the oilseeds market is segmented into conventional and genetically modified. The demand for genetically modified or transgenic seeds remains high due to characteristics such as higher levels of disease resistance, high output, and quality. Countries in the South American and Asia Pacific regions witness high demand for oilseeds that are genetically modified, to cater to the domestic market.
Based on application, the oilseed market is segmented into vegetable oil and oilseed meal. The oilseed meal segment is further segmented into food, feed, and industrial products. The food products segment is further segmented into bakery & confectionery products, sauces, spreads, and dressings, meat products, and others, which include baby food, isolated proteins, and cereals. The vegetable oil segment is further segment into food products and industrial products.
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The food products segment in the vegetable oil segment is further segmented into bakery & confectionery products and sauces, spreads, and dressings. The market for oilseeds is growing at a high rate due to the changing consumer preferences from animal to plant products. In addition, soy-based products are a major source of protein for vegans worldwide. The high nutritional profile, low carbon footprint, and low price of plant-sourced products are projected to encourage the consumption of oilseeds in food applications. The demand for healthy and organic oilseed-processed products, public-private partnerships in varietal development, and molecular breeding in oilseeds are some of the factors driving the growth of the oilseeds market.
Oilseeds are increasingly finding applications in the feed industry due to the growing preference for natural and organic sources of oilseeds among the feed manufacturers. The market is also witnessing increased demand from the biodiesel sector. With the increasing demand for non-GMO oilseeds in various sectors, the oilseeds market is projected to witness significant growth. However, the market also faces various challenges such as new entrants in the market and poor post-harvest management in developing countries.
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The major players such as Bunge Limited (US), Cargill (US), Archer Daniels Midland (US), and Wilmar International (Singapore) in the oilseeds market are focusing on new product launches, expansions & investments, acquisitions, agreements, joint ventures, and partnerships to expand their global footprint.