Oilseeds Market Dynamics Forecasted to Attain USD 243.542 Billion by 2030, Growing at 4.20% CAGR
Oilseeds Market Highlights
The Oilseeds Market Size was valued at USD 243.542 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.20% during the forecast period (2023–2030). Oilseed crops are one of the important determinants of an agricultural economy. Thus, emphasis is laid on the quality of oilseeds used to cultivate oilseed crops. The extraction of harvested oilseed is used in various industries such as food, oleochemicals, biofuel, and animal feed. The various types of oilseeds include sunflower seed, soybean, canola seed, and cotton seed.
The global oilseeds market has been segmented based on category, oilseed type, biotech trait, and region.
The global Oilseeds Market has been segregated, by category, into conventional and genetically modified. The conventional segment is expected to dominate the global oilseeds market during the assessment period and is expected to register the higher CAGR during the forecast period owing to the high production cost of genetically modified seeds. However, to respond to the growing demand for oils, farmers are gradually adopting seeds with biotech traits to improve the yield effectively which is expected to lead to the growth of the genetically modified segment in the future.
On the basis of oilseed type, the global oilseeds market has been divided into soybeans, sunflower seeds, cotton seeds, canola seeds, and others. The soybean segment is expected to dominate the global oilseeds market and is projected to have a substantial growth rate during the assessment period with yield improvement in the US and expansion of soybean production area in Brazil, China, and India. However, the sunflower oil segment is expected to exhibit the highest CAGR during the forecast period due to the growing demand for sunflower oil as a cooking oil in the escalating number of households.
The global market for oilseeds has also been classified, by biotech trait, as insecticide-resistant, herbicide-tolerant, and other stacked traits. The herbicide-tolerant segment is expected to dominate the market. However, the insecticide-resistant segment is expected to register the highest CAGR during the forecast period.
Key Players
Some of the key players oilseeds 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), and Mahyco Seeds Company Limited (India)
Regional Analysis
On the basis of region, the global oilseeds market has been segmented into North America, Europe, Asia-Pacific, and RoW. North America is expected to dominate the global oilseeds market with the US being the major contributor to the growth of the market. Moreover, the growing adoption of genetically modified seeds by US farmers is expected to fuel the growth of the North American market during the review period. Asia-Pacific also held a significant share of the global oilseeds market in 2022 and the regional market is expected to register the highest CAGR during the forecast period. The growing demand for vegetable oil and increasing demand for soymeal in the feed industry are driving the growth of the oilseeds market in Asia-Pacific. Europe is also estimated to hold a prominent share of the global oilseeds market. In the rest of the world, Brazil is expected to hold the majority share of the oilseeds market.
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