The Oilseeds Market Size was valued at USD 190.27 billion in 2023. The oilseeds market industry is projected to grow from USD 197.10 Billion in 2024 to USD 260.08 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.53% during the forecast period (2024 - 2032). The rising need for biofuels in developing and developed countries is the key market driver enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Governments worldwide are taking action to increase the production of oilseeds and reduce expensive imports of vegetable oil. For instance, the Indian government established the National Mission on Oilseeds and Oil Palm in August 2021 to boost domestic oilseed production and achieve edible oil self-sufficiency. The government would spend over 110 billion rupees ($1.48 billion) through the National Mission on Oilseeds and Palm Oil to give farmers everything they require, including better seeds and technology.
The seeds division of Bayer AG was purchased by India-based agrochemical company Crystal Crop Protection Ltd in December 2021 for an unknown sum. The purchase comprises hybrid grain sorghum, cotton, mustard, pearl millet, and seeds. With this purchase, Crystal Crop hopes to be among the leading corporations' seed businesses. And also, the acquisition would strengthen the field crop seed business and make it a strong integrated Agri-Input player. Bayer AG is a Germany-based company that produces better oilseeds, which helps to meet consumer demand for healthy, great-tasting foods. Therefore, the oilseeds market grew from $268.13 billion in 2022 to $290.01 billion in 2023 at a market CAGR of 8.2%.
However, the growing usage of oilseeds in animal feed is another factor driving the growth of the Oilseeds market revenue.
Based on the category, the Oilseeds market segmentation, the market is divided into Conventional, Genetically Modified. The conventional category was the most significant contributor to the market % during the forecast period due to its increased application in animal feed. Conventional oilseed meal, a by-product of processed oilseeds after oil extraction, is widely utilized in animal feeds and is a vital economic aspect of oilseed production. As a result, the conventional category experienced the highest traction in the Oilseeds market revenue.
The Oilseeds market segmentation, based on type is divided into Soybeans, Sunflower Seed, Cotton Seed, and Canola Seed. The soybean segment contributed the most to the market. Due to the high demand for animal feed, particularly in developing nations like China, Brazil, India, Korea, and others, where the rapid rise in living standards allows the typical consumer to eat more meat, the world's soybean production has increased, and is predicted to keep growing. Also, a sizable demand for soybean-based vegetable oil as a biodiesel feedstock is projected to increase soybean production, fueling the expansion of the oilseeds market growth.
Figure 1: Oilseeds Market, by Type, 2022 & 2030(USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Oilseeds market data has been divided into Insecticide-Resistant and Herbicide-Tolerant based on biotech traits. The herbicide-tolerant segment was the most significant contributor to the oilseeds market during the forecast period. Herbicide-tolerant oilseeds or crops are engineered to endure a particular or broad range of herbicides, eliminating dangerous weeds in their immediate vicinity. Growing herbicide-tolerant crops gives farmers the flexibility to apply herbicides to their crops anytime the number of weeds increases significantly, Shielding the crops from the effects of the herbicide. Also, significant R&D expenditure activities are underway to add more seeds or crops to the herbicide-tolerant list, making them appropriate for use in all geographical areas. Hence, the above factors are likely to contribute to the growth of the oilseeds market through the herbicide-tolerant segment.
In 2019: Corteva Agriscience, a plant science pioneer, concentrated on increasing its agricultural output and chose a strategic partnership for its expansion. ZeaKal will be able to improve the yield and quality of the oilseeds thanks to this relationship. Using this technology will enhance the photosynthesis process, which will broaden the growth opportunity for the oilseeds industry
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Oilseeds market accounted for USD 182.6 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The increased use of cooking oil in regular cooking increases oilseed production. Moreover, soybean production in the United States has increased, so the growth in soybean oil consumption continues to accelerate the market's growth.
Further, the significant countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Oilseeds Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Oilseeds market accounts for the second-largest market share. This is brought on by the increased usage of cooking oil in everyday cooking, which boosts oilseed production. Europe also holds a substantial market share with significant canola and sunflower seed production.
Further, the Germany Oilseeds market held the largest market share, and the UK Oilseeds market was the fastest-growing market in the European Region.
The Asia-Pacific Oilseeds Market is expected to grow at the fastest CAGR from 2022 to 2030 due to the growing food processing industry and increasing soybean production. Moreover, the China Oilseeds market held the largest market share, and the India Oilseeds market was the fastest-growing market in the Asia-Pacific region.
For instance, the India Oilseeds market is considered the 4th largest producer; about 39.46 million tons of oilseeds were produced in 2018. Furthermore, soybean is the most important crop grown in India and hit 95% of the total production, increasing the use of soybean oil and thus driving market growth.
Oilseeds Key Market Players& Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Oilseeds market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the oilseeds industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers adopt in the oilseeds industry to benefit clients and expand the market sector. In recent years, Despite the ongoing health crisis, organic, vegan, bio-based, clean label, and sustainable are the highest-selling categories in the Oilseeds industry due to rising health, ingredient, and environmental concerns. The Oilseeds market major player such as BASF SE (Germany), Monsanto Company (US), Groupe Limagrain Holding (France), Syngenta (Switzerland), DuPont (US), Nuziveedu Seeds Ltd (India), Land O'Lakes Inc. (US), Cargill, Incorporated (US), Seed Co Limited (South Africa), Mahyco Seeds Company Limited (India).
The seeds division of Bayer AG was purchased by India-based agrochemical company Crystal Crop Protection Ltd for an unknown sum. The purchase comprises hybrid grain sorghum, cotton, mustard, pearl millet, and seeds. Crystal Crop hopes to rank among the top organizations in the seed industry with this acquisition. Additionally, by strengthening the field crop seed industry, the acquisition would transform it into a powerful integrated Agri-Input player. Better oilseeds are produced by Bayer AG, a German corporation, helping to satisfy consumer demand for wholesome, delectable foods.
Sodrugestvo is currently the largest oilseed crusher in Russia. Sodrugestvo has developed a unique network of storage and distribution facilities. Sodrugestvo Group purchased a multi-oilseeds processing plant in Turkey in December 2018. With this acquisition, Sodrugestvo can provide better service to its clients in Turkey and the Middle East/North Africa.
Oilseeds Industry Developments
September 2019: ASTON and Vandeputte Huilerie SA established a joint venture to conduct linseed processing and oil-producing activities in the Russian Federation's territory.
October 2022: India-based agrochemical company Crystal Crop Protection Ltd purchased the seeds division of Bayer AG for an unknown sum. This purchase includes hybrid grain sorghum, cotton, mustard, and pearl millet seeds. With this acquisition, Crystal Crop hopes to rank among the major corporations' seed businesses. Additionally, the acquisition would enhance the field crop seed business and transform it into a powerful integrated Agri-Input player.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 190.27 billion |
| Market Size 2024 | USD 197.10 billion |
| Market Size 2032 | USD 260.08 billion |
| Compound Annual Growth Rate (CAGR) | 3.53% (2024-2032) |
| Base Year | 2024 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2020- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Category, By Oilseed Type, By Biotech Trait, and By Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | BASF SE (Germany), Monsanto Company (US), Groupe Limagrain Holding (France), Syngenta (Switzerland), DuPont (US), Nuziveedu Seeds Ltd (India), Land O'Lakes Inc. (US), Cargill, Incorporated (US), Seed Co Limited (South Africa), Mahyco Seeds Company Limited (India) |
| Key Market Opportunities | Rising need for biofuels in developing as well as developed countries |
| Key Market Dynamics | Growing demand for vegetable oils in households |
Oilseeds Market Highlights:
Frequently Asked Questions (FAQ) :
The Oilseeds market size was valued at USD 190.27 Billion in 2023.
The market is projected to grow at a CAGR of 3.53% during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in the market are BASF SE (Germany), Monsanto Company (US), Groupe Limagrain Holding (France), Syngenta (Switzerland), DuPont (US), Nuziveedu Seeds Ltd (India), Land O'Lakes Inc. (US), Cargill, Incorporated (US), Seed Co Limited (South Africa), Mahyco Seeds Company Limited (India).
The oilseed market is segmented into products, breeding types, biotech traits, and Regions.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.
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