Russia – Ukraine War and Its Impact Analysis on Global Oilseeds Market Over the Forecast Period
The latest market report published by Credence Research, Inc. “Global Oilseeds Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Oilseeds Market generated revenue of around USD 274,850 million in 2021 and is anticipated to grow a CAGR of over 5.13% during the forecast period from 2022 to 2028 to reach around USD 390,100 million in 2028. While, cumulative growth opportunity presented by the global Oilseeds is around USD 2.63 trillion during 2022 to 2028.
Global Oilseeds Market, 2021 – 2028 (USD Million)
Browse the full report at Oilseeds Market: Growth, Future Prospects, Impact of Russia – Ukraine War, and Competitive Analysis, 2016 – 2028 | Credence Research
Oilseed crops are mainly cultivated for the purpose of vegetable oils. There are large number of crops included in oilseeds crops from across the world. World oilseed production has been already reached over 620 million metric tons, while area under cultivation is approximately 300 million hectares. Oilseeds are one of the most traded agricultures crops internationally. Based on breeding type, oilseeds can be classified as conventional and genetically modified.
Russia – Ukraine War Impact on Global Oilseeds Market
Russia – Ukraine war is reshaping the market dynamics of oilseeds market. Russia and Ukraine are significant players in oilseeds. With their vast arable land, Russia and Ukraine are among the top 10 countries in agricultural produce. Together they control over 50% share in export of oilseeds. However, ongoing war has been resulted into decline in export of oilseeds from Ukraine and Russia. Ukraine has closed its ports and imposed ban on export of agricultural produce. While, Russia is facing international trade barrier with exclusion of its banks from SWIFT payment system. This is likely to have severe impact on the supply of oilseeds across many countries around the world.
Genetically Modified Seeds to Grow in Demand
Conventional and Genetically modified are two major types of oilseeds that farmers grow. At the moment, conventional seeds dominate the demand with over 80% share in the world. However, GM seeds are growing in adoption owing higher yield, less or no requirement of crop protection chemicals, etc. Moreover, growing population demands for higher volume of oilseeds. This in turn likely force the farmers to adopt GM seeds in the years to come.
Vegetable Oil Segment to Exhibit Rapid CAGR
Oilseed Food Meal, Oilseed Feed Meal, Vegetable Oil and Industrial Products are major application markets for Oilseeds. Oilseeds demand in vegetable oil industry accounted for over 60% share in 2021. While, food meal, feed meal and industrial application segment anticipated to exhibit rapid CAGR over the forecast period. Food meal and Feed meal are also expected to increase in their market share over the forecast period.
Soybean to Lead the Production and Consumption
Soybean, Sunflower, Cottonseed, Palm kernel, Groundnut, Rapeseed, Copra and Others are major oilseeds grown and consumed around the world. However, soybean is widely been cultivated and consumed oilseed in every corner of the world. Soybean is most popular oilseed with over 40% share overall oilseeds industry. In 2021, soybean production reached over 360 million tons worldwide. Soybean is followed by rapeseed which stood five times less than soybean in annual production volume. Rapeseed is closely followed by sunflower seeds.
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Asia Pacific is Largest Consumer of Oilseed
Although Russia and Ukraine dominate world export of oilseeds, India is largest producer of oilseeds followed by China and European Union. Over 60% of oilseeds are consumed in India, China and European Union. Netherland, UK, France, Germany, Italy and Spain are leading consumer as well as exporter of oilseeds in Europe apart from Russia and Ukraine.
Key players operating in the global Oilseeds market include ADM, AGT Food and Ingredients, Bora Agro Foods, Bühler Group, Bunge Limited, Cargill, CHS Inc., Cootamundra Oilseeds, ETG Agro Private Ltd, Kanematsu Corporation, Louis Dreyfus Company, Mountain States Oilseeds, Oilseeds International, Soni Soya Products Limited and Wilmar International.
Market Segmentation
Global Oilseeds Market by Type, 2016 – 2028
Global Oilseeds Market by Breeding Type, 2016 – 2028
Global Oilseeds Market by End-user, 2016 – 2028
Global Oilseeds Market by Company, 2016 – 2028