One of the key trends driving the growth of soy oil and palm oil market is the rising demand for plant-based oils from food processing and personal care industries. With growing health consciousness, there is increasing preference for vegetable oils over partially hydrogenated oils high in trans-fats. Soy oil and palm oil are cholesterol free and contain vitamins and phytonutrients making them suitable choices for various cooking applications. Rapid urbanization coupled with rising disposable incomes in developing countries is further fueling the demand for packaged and processed food products using soy oil and palm oil.

The global soy oil and palm oil market is segmented by product into soy oil and palm oil. The palm oil segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Palm oil has wide applications in food industry for cooking as well as in personal care and other industries. It is versatile and affordable oil, thus making it the most consumed vegetable oil globally.

The global soy oil and palm oil market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand for palm oil and soy oil in food industry for cooking and food processing.

Asia Pacific dominated the global soy oil and palm oil market in 2022 and is expected to continue its dominance during the forecast period. Countries like Indonesia, Malaysia, and India are the major producers of palm oil in the world. Indonesia and Malaysia account for over 85% of global palm oil production.

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