China Soybean Oil Market Outlook, 2028

China has a rich history of soybean cultivation that spans over 5,000 years. Soybeans are believed to have originated in China, and their domestication and cultivation have been central to Chinese agriculture for centuries. Soybean cultivation is widespread across China, with varying regional climates and growing conditions. Major soybean-producing provinces include Heilongjiang, Jilin, Liaoning, Inner Mongolia, Hebei, Henan, and Shandong, among others. Soybeans are often used in crop rotation with other staple crops like wheat, maize, and rice. This practice helps improve soil fertility and reduce pest pressures. Chinese farmers employ a mix of traditional and modern agricultural practices in soybean cultivation. These practices include no-till farming, precision agriculture, and the use of mechanized equipment. Soybeans are adaptable to different climates, and China's vast geographic diversity allows for year-round cultivation. Spring soybeans are planted in April-May and harvested in September-October, while winter soybeans are planted in September-October and harvested in June-July. China consistently ranks as one of the world's largest soybean producers. The country's soybean output is used for a variety of purposes, including food production, animal feed and industrial applications. Soybeans are a key ingredient in Chinese cuisine. Soybean products such as tofu, soy sauce, soybean paste, and various types of bean curd are staples in Chinese cooking. Soybean oil is widely used for frying, stir-frying, and in salad dressings. The soybean industry in China plays a significant role in the country's economy, providing employment opportunities for millions of farmers and supporting various related industries, including food processing, livestock, and aquaculture. According to the research report, “China Soybean Oil Market Overview, 2028" published by Bonafide Research, the market is expected to witness significant growth during the forecast period. China's large and increasingly urban population drives the demand for soybean products, including cooking oil, tofu, and animal feed, as urbanization often leads to changes in dietary preferences and habits. As incomes rise, Chinese consumers tend to seek a more diverse and protein-rich diet, leading to increased consumption of soy-based products and meat products from animals fed with soybean meal. Consumers in China are becoming more health-conscious and are looking for nutritious and low-cholesterol food options. Soybean products are often perceived as a healthy choice, influencing consumption. Consumers in China are becoming more health-conscious and are looking for nutritious and low-cholesterol food options. Soybean products are often perceived as a healthy choice, influencing consumption. Environmental issues, including soil degradation and water scarcity, pose challenges to soybean farming in China. Sustainable agricultural practices are being encouraged to address these concerns. The management of soybean diseases and pests is crucial to maintaining crop yields. Research and innovations in pest-resistant soybean varieties and integrated pest management strategies are essential drivers. Climate change, including shifts in temperature and rainfall patterns, can affect soybean yields and quality, necessitating adaptation strategies. China has been exploring the use of soybean oil as a feedstock for biofuel production, including ethanol and biodiesel. Government policies and incentives impact this use of soybeans. Sustainability certifications, such as organic and non-GMO labels, are sought after by both domestic and international consumers. Meeting these standards can drive demand for sustainably produced soybeans.

Conventional soybean oil has a well-established presence in the Chinese market. It has been staple cooking oil in China for many decades. As a result, consumers are highly familiar with it, and it enjoys a strong reputation for quality and reliability. Conventional soybean oil is generally more cost-effective to produce compared to organic alternatives. Conventional farming practices, which often involve larger-scale, mechanized agriculture, yield higher quantities of soybeans at a lower cost per unit. This cost advantage is passed on to consumers, making conventional soybean oil more affordable. Conventional soybean oil's affordability is a significant factor driving its market share. Chinese consumers, like consumers worldwide, are price-sensitive. The competitive pricing of conventional soybean oil makes it an attractive choice for a wide range of households, particularly those on a budget. Conventional soybean oil is the preferred choice for the food processing and restaurant industries in China. It is widely used in the production of processed foods, snacks, fried dishes, and restaurant cooking due to its cost-efficiency and versatility. Conventional soybean oil benefits from large-scale production in China. The country is one of the world's leading producers of soybeans, and this abundance of raw materials ensures a steady supply of conventional soybean oil at competitive prices. China's robust infrastructure and efficient logistics networks facilitate the distribution of conventional soybean oil across the country. This infrastructure ensures that soybean oil reaches consumers and businesses promptly and efficiently. China's foodservice industry has been rapidly expanding in response to changing consumer lifestyles, urbanization, and a growing middle class. This sector includes restaurants, fast-food chains, cafés, catering services, and more. As the foodservice industry grows, so does the demand for cooking oils like soybean oil. Soybean oil is versatile and suitable for a wide range of culinary applications, including deep-frying, stir-frying, sautéing, and general cooking. Its high smoke point and neutral flavor make it a preferred choice for cooking various Chinese dishes, such as stir-fried vegetables, fried rice, and deep-fried snacks. Soybean oil has a long shelf life, which is beneficial for foodservice establishments that use cooking oil in high quantities. It helps reduce the frequency of restocking and minimizes food wastage. Many consumers prefer the familiar taste and texture of dishes prepared with soybean oil, as it aligns with traditional and authentic flavors. This preference encourages foodservice establishments to continue using soybean oil in their recipes. Some foodservice businesses aim to offer healthier menu options to cater to health-conscious customers. Conventional soybean oil can be part of these efforts, especially when establishments choose low-fat or trans-fat-free varieties China's urbanization and rising disposable incomes have led to an increased dining out culture. People are dining at restaurants and foodservice establishments more frequently, which drives up the demand for soybean oil used in commercial kitchens. China has witnessed a significant surge in e-commerce activities, with millions of consumers shopping online for various products, including groceries and cooking essentials. This e-commerce boom is a driving force behind the expected high CAGR in the online distribution segment. Online shopping provides unparalleled convenience and accessibility to consumers. Shoppers can browse, compare prices, and place orders for soybean oil from the comfort of their homes or via mobile devices. This convenience aligns with the busy lifestyles of urban and tech-savvy consumers. China has a high rate of internet penetration, with millions of people having access to the internet. This widespread connectivity makes it easy for consumers in both urban and rural areas to shop for soybean oil online. The popularity of mobile shopping apps in China has further simplified the online shopping experience. Many consumers prefer to use mobile apps from e-commerce platforms to purchase soybean oil and other groceries, contributing to the growth of online sales. E-commerce platforms frequently offer discounts, promotions, and bundle deals on soybean oil products. These attractive offers encourage consumers to make online purchases, often resulting in higher sales volumes. E-commerce companies in China have established efficient and reliable delivery networks. Consumers can choose from various delivery options, including same-day or next-day delivery, making it convenient to receive soybean oil at their doorstep. For instance, some popular e-commerce and online shopping sites in China where consumers can purchase soybean oil and other groceries include Alibaba's Tmall, JD, Taobao, Pinduoduo, Suning, VIP, Amazon China, and many more.

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Manmayi Raval

Research Consultant

Considered in this report: • Geography: China • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report: • China Soybean Oil market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Nature • Conventional • Organic

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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 as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic 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 doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Soybean Oil industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.