Project report for Soybean Oil

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Introduction

Soybean oil currently represents the second most consumed edible in India after palm oil. Some of the key factors driving the demand of soybean oil in India includes its large population, rising disposable incomes, growth of the food services sector and increasing demand in non-food applications. Soybean oil is a vegetable oil extracted from the seeds of the soybean. It is one of the most widely consumed cooking oils and the second most consumed vegetable oil.  As a drying oil, processed soybean oil is also used as a base for printing inks and oil paints. Soybean oil is one of the most important edible oil used in India. Soybean oil in its crude form is the second most traded oil in international market after palm oil. Degummed and Refined soy oils are the two traded forms of the commodity in the spot as well as futures markets.

Soybean oil refers to a yellowish vegetable oil that is naturally extracted from the seeds of soybean. To produce soybean oil, the soybeans are cracked, adjusted for moisture content, heated to between 60 and 88 °C (140–190 °F), rolled into flakes, and solvent-extracted with hexanes. The oil is then refined, blended for different applications, and sometimes hydrogenated. Soybean oils, both liquid and partially hydrogenated are sold as "vegetable oil", or are ingredients in a wide variety of processed foods. Most of the remaining residue is used as animal feed.

Market potential & Strategy

The global soybean oil market reached a volume of 57.3 Million Tons in 2020. In India, the changing consumer dietary habits are primarily augmenting the demand for soybean oil based on its neutral taste, high smoke point, and low saturated fat content. Moreover, rising consumer health concerns have led to the introduction of healthy product variants for managing heart health and lowering blood cholesterol levels. Additionally, the high penetration of international food trends in India has led to the increasing utilization of soybean oil in preparing condiments, dressings, mayonnaise, non-dairy creamers, margarine, shortenings, whipped toppings, etc. Besides this, the rising consumer sedentary lifestyles and their hectic work schedules are also augmenting the demand for soybean oil in processed food items. Moreover, soybean oil also finds several applications in the personal care industry based on its high content of vitamin E that prevents skin inflammation and helps in retaining skin moisture. Western and Central India currently represent the biggest markets for soybean oil in the country as they also represent the key regions where the domestic soybean crop is grown. Additionally, there is also a strong household demand for soybean oil in Western and Central India. One of the major factors driving the demand for soybean oil worldwide is its affordable price. Soybean oil is relatively less expensive than most other edible oils such as olive oil, canola oil, coconut oil, and groundnut oil. As a result, it is immensely popular in price sensitive markets, particularly in the developing regions.

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