Europe Soybean Oil Market Outlook, 2028

Europe is known for its rich and diverse culinary traditions. Each European country has its unique cuisine and cooking methods. Soybean oil, while not a traditional European oil, has gained acceptance and is integrated into various European dishes due to its neutral flavor and versatility in cooking. European consumers are increasingly health-conscious and are seeking cooking oils that align with their wellness goals. Soybean oil, with its low saturated fat content and high levels of unsaturated fats (such as omega-3 and omega-6 fatty acids), is often considered a healthy option. Soybean oil's light and neutral flavor profile makes it suitable for a wide range of European recipes, from sautéing and frying to baking and salad dressings. It allows the natural flavors of ingredients to shine through in dishes. Convenience plays a vital role in European cooking. Soybean oil's availability in a variety of packaging options, including bottles, pouches, and containers of different sizes, caters to consumers' convenience preferences. Soybeans are renowned for their high protein content. In Europe, they are primarily grown for their protein-rich meal, which is used as livestock feed. This use underscores their significance in the European agricultural sector. Europe is a major consumer of soybean meal, primarily for animal feed. Soybean meal is a valuable source of protein for livestock, including poultry, pigs, and cattle. Europe imports a significant quantity of soybean meal to meet the demands of its livestock industry. Europe relies heavily on soybean imports, particularly from countries like the United States, Brazil, and Argentina, to meet its needs for soybean meal and oil. The European Union (EU) has measures in place to ensure the sustainability of imported soybeans. While soybeans are primarily grown for animal feed in Europe, they are also used in human consumption. Soybean products like tofu, soy milk, and tempeh have gained popularity among health-conscious consumers and those following vegetarian or vegan diets. Soybean oil is used in European cuisine and food processing. It is often used for frying, baking, salad dressings, and as versatile cooking oil. Their light and neutral flavors make it suitable for various European recipes. European research institutions and companies are actively involved in developing new soybean-based products and innovative applications for soybeans in food processing, including plant-based meat alternatives. According to the research report, “Europe Soybean Market Outlook, 2028” published by Bonafide Research, the market is anticipated to add more than USD 3 Billion market size from 2023 to 2028. The primary driver of the European soybean market is the robust demand for soybean meal as a protein-rich component in animal feed. Soybean meal is an essential ingredient in the diets of livestock, including poultry, pigs, and cattle, supporting the region's meat and dairy industries. Europe's growing population and demand for animal-derived products, such as meat and dairy, have led to increased livestock production. This trend has resulted in higher demand for soybean meal as a protein source to meet the nutritional needs of animals. Sustainability concerns are driving the adoption of responsible sourcing practices in the European soybean market. The European Union (EU) has committed to sourcing sustainable soybeans to address deforestation and environmental issues associated with soybean cultivation in source countries. European consumers and regulations favor non-genetically modified organisms (GMOs) in food and feed production. As a result, there is a strong preference for non-GMO soybeans and soybean products, driving market segmentation European consumers are increasingly health-conscious, leading to greater interest in plant-based and protein-rich diets. Soy-based products, including tofu and soy milk, cater to health-conscious consumers and those following vegetarian or vegan lifestyles. Climate change and extreme weather events can affect soybean production and supply chains, leading to volatility in prices and availability. Educational campaigns and marketing initiatives promoting the nutritional benefits and versatility of soy-based products can influence consumer preferences and drive demand. Growing consumer interest in plant-based protein sources has led to the development and marketing of soy-based protein products, including plant-based meat alternatives and protein powders.

In terms of country the market is divided into Germany, United Kingdom, France, Italy, Spain and Russia. Germany has a large and economically prosperous population with a diverse diet. As a result, it is one of the largest consumers of soybean products, including soybean oil, soy milk, tofu, and meat substitutes, in Europe. Soybean oil is used extensively in the German food processing and industrial sectors. It is used in the production of baked goods, snacks, margarine, salad dressings, and other processed foods. Additionally, soybean oil is used in industrial applications, such as biodiesel production and the manufacture of industrial lubricants. The plant-based diet trend, which includes vegetarian and vegan lifestyles, has gained momentum in Germany. Soy-based products, such as tofu and meat alternatives made from soy protein, are popular choices among those following these diets. In addition, Russia has been steadily increasing its domestic soybean production in recent years. Favorable climate conditions in certain regions and government support for soybean cultivation have contributed to higher soybean yields. A strong domestic supply of soybeans can support a robust soybean oil industry. The increasing health consciousness of consumers in Russia and other European countries has driven the demand for healthier cooking oils. Soybean oil is often perceived as a healthier alternative due to its low saturated fat content and high levels of unsaturated fats, including omega-3 and omega-6 fatty acids. Beyond culinary use, soybean oil in Russia is utilized in various industrial applications, including biodiesel production and as a base for paints, coatings, and other non-food products. Soybean oil has found its way into traditional Russian dishes, such as blini (pancakes), piroshki (pastries filled with various ingredients), and vinaigrettes (vegetable salads). It imparts a light, neutral flavor to these dishes. Based on nature, the market is divided into conventional and organic in the European soybean oil market.

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Manmayi Raval

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European consumers are becoming more health-conscious and environmentally aware. They are actively seeking food products that are perceived as healthier and produced sustainably. Organic soybean oil aligns with these consumer preferences as it is perceived as a healthier and more environmentally friendly option compared to conventionally produced oils. Organic farming practices prioritize sustainability and environmental responsibility. European consumers are increasingly concerned about the ecological impact of food production. Organic soybean oil is seen as a more sustainable option because it is typically produced using practices that reduce the use of synthetic chemicals and promote soil health. Organic soybean oil is subject to strict certification standards that ensure adherence to organic farming practices. These standards provide consumers with confidence in the authenticity and quality of organic products, which can drive demand. The growth of organic soybean farming in Europe contributes to the availability of organic soybean oil. As more farmers transition to organic practices, the supply chain for organic soybean oil becomes more robust and competitive. Organic products often command a premium price in the market due to the higher production costs associated with organic farming practices. However, European consumers are willing to pay a premium for products they perceive as healthier and environmentally responsible. Organic products have gained the trust of consumers who view them as a safer and more wholesome choice for themselves and their families, further driving demand. In terms of end User the market is divided into household, industrial and food service. The household segment is expected to have the highest market share in the Europe soybean. Soybean oil is versatile cooking oil with a mild flavor and a high smoke point, making it suitable for various culinary applications. European households commonly use soybean oil for frying, sautéing, baking, and salad dressings. Its neutral taste allows it to blend well with different cuisines and recipes, catering to diverse consumer preferences. Soybean oil has a relatively long shelf life when stored properly, which is advantageous for households that do not use large quantities of oil regularly. This long shelf life reduces the risk of oil spoilage and wastage. European households often prefer lighter cooking oils with a mild taste that doesn't overpower the natural flavors of dishes. Soybean oil fits this preference and can enhance the overall dining experience. Soybean oil is often the go-to cooking oil for households in Europe due to its widespread availability and recognition as a reliable and versatile option. It is a staple in many kitchens, making it a preferred choice for everyday cooking needs. Europe is home to households of various sizes, from singles and couples to large families. Soybean oil is available in different packaging sizes, catering to the needs of households with varying consumption levels.

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Based on distribution channel, the market is divided into convenience store, hypermarket/supermarket, direct sales, online and others. Hypermarkets and supermarkets offer a wide range of cooking oils, including soybean oil, in various sizes and packaging options. This variety allows consumers to choose products that best suit their needs, whether they are looking for a small bottle for home use or a bulk purchase. These retail outlets often run promotions, discounts, and special offers on cooking oils, including soybean oil. These promotions attract price-conscious consumers and encourage them to purchase larger quantities. Major soybean oil brands often have a strong presence in hypermarkets and supermarkets. Their products are prominently displayed, which increases brand visibility and consumer recognition. Hypermarkets and supermarkets typically stock products from well-established brands and suppliers. Consumers often trust the quality and safety of products sold in these stores, which is crucial for food products like soybean oil. Many consumers prefer to buy soybean oil in larger quantities, especially families and households with higher consumption rates. Hypermarkets and supermarkets offer larger-sized containers and bulk options, catering to this demand. These retail outlets serve as one-stop shopping destinations, where consumers can buy not only cooking oils but also other essential groceries, household items, and even non-food products. This convenience encourages customers to consolidate their shopping trips. Hypermarkets and supermarkets have an increasingly strong online presence, allowing consumers to browse and purchase cooking oils, including soybean oil, through their e-commerce platforms. This provides additional convenience, especially for those who prefer online shopping. Considered in this report • Geography: Europe • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Europe Soybean market Outlook with its value and forecast along with its segments • Country-wise Soybean Oil market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Country covered in the report: • Germany • United Kingdom • France • Italy • Spain • Russia By Nature • Conventional • Organic By End User • Household • Industrial • Food Service Distribution Channel • Convenience store • Hypermarket/Supermarket • Direct Sales • Online • Others The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Starch industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.