The worldwide Oilseeds Market was estimated to account for approximately $244,115.11 million of the market size in 2020 and is further projected to reach USD 243.542 Billion by 2031. Further, the same market is anticipated to acquire a market value of a CAGR of 4.20% during the assessment period of 2022 to 2030.
The global market for oilseeds growth is driven due to the rising demand for oilseed products and the growth in the livestock sector. Moreover, the global market has significant opportunities for the key players due to the emerging economies in Brazil, India, and China.
However, the fluctuating prices of the oilseeds segments are predicted to hamper the growth of the global Oilseeds Market during the forecast period.
As per the Oilseeds Market Report, the global market has been segmented based on category, biotech trait, and oilseed type.
Based on the category segment, the global market for Oilseeds has been classified into genetically modified and conventional. The conventional segment is anticipated to lead the global market for oilseeds throughout the review period. The global Oilseeds Market has been segregated into herbicide-tolerant, insecticide-resistant, and other stacked traits in the biotech trait segment.
Based on the oilseed type segment, the worldwide market for Oilseeds has been categorized into sunflower seed, soybeans, canola seed, cotton seed, and others. Sunflower seeds are predicted to be the fastest-growing segment in the global market for oilseeds during the assessment period. The global market has been segmented into vegetable oil and oilseed meal, depending on the application segment. The vegetable oil segment is estimated to register the largest market share in the research period.
Geographically, the global Oilseeds Market Research report has been segmented based on different locations such as the Middle East, Asia, North America, Europe, Asia Pacific, and the rest of the world.
Among all, the regional market of North America is anticipated to lead the global market for oilseed in the forecast period. Countries like the US and Canada are considered the major contributor to this region. The Canadian oilseed market is estimated to register the fastest-growing market from 2019 to 2024. Along with this region, the Asia Pacific regional market is estimated to be the fastest-growing regional market during the forecast period due to the rising demand for biofuel and cooking oil among the large population in the countries like India and China. The European region is also considered to generate a substantial market share during the review period due to the rising production of sunflower seeds and canola. A region like Argentina and Brazil are also considered the major contributor to the expansion of the global market for Oilseeds.
According to the European Commission report, soybean production is projected to grow in the countries like Brazil, the US, and Argentina from 2022 to 2023. In this global market, major key players like Cargill (US), Archer Daniels Midland (US), and Wilmar International (Singapore) are playing an important role in enhancing market growth on a large scale.