Global High Oleic Soybean Market Size, Share, Opportunities, And Trends By Product Type (High Oleic Soybean Seeds, High Oleic Soybean Oil), By Application (Food Industry, Foodservice, Industrial Uses), By Distribution Channel (Direct Sales To Farmers, Agribusiness And Distributors, Food Manufacturers And Processors), And By Geography - Forecasts From 2024 To 2029

The high oleic soybean market is expected to witness significant growth during the forecasted period of 2024 – 2029. 

Soybeans are a species of legumes that are native to East Asia and are widely known for products such as soy milk, soy sauce, and soybean oil. High oleic soybean varieties were introduced in 2012. These are said to contain higher levels of oleic acid, increasing stability and offering consumers more functional U.S.-grown products without having to sacrifice yield.  Normal soybean oils are said to contain only 22-28% oleic acid, but high oleic soybean oils contain around 70% oleic acid. This makes the high oleic soybean oil more stable in high temperatures and provides better food uses like baking and frying.

Introduction:

High oleic soybean varieties produce oil with increased functionality and provide benefits for food and industrial usage. The United Soybean Board is also said to have set a goal of reaching 18 million acres of high oleic soybean by 2023, which would result in an additional US$3.8 billion. High Oleic (HO) soybean oil has a wide variety of benefits that provide the soybean with value. This includes health benefits from 0 grams of trans fat, more than 20% reduction in saturated fats, and high levels of heart-healthy oleic fatty acid compared to that of olive oil, high Oxidative Stability Index (OSI), up to 2 to 3 times longer fry life and shelf life. It also has benefits like cleaner/ lighter flavor with less oily taste, Higher smoke point, easy cleaning of cooking surfaces from reduced polymer formation, and cleaner ingredient label opportunities by eliminating the need for synthetic antioxidants.  

Market Drivers:

• Increasing demands from health-conscious consumers: High oleic soybeans have been developed by the U.S. alongside collaboration with soybean farmers, the soybean processing industry, and seed companies. Partial hydrogenation was commonly used for the production of regular soybean oil. This gave it much greater functionality in frying and food manufacturing purposes. However, evidence has proven that partial hydrogenation may harm cardiovascular health, which made companies eliminate partial hydrogenation. High oleic soybean oil contains oleic acids of 75% and greater, with a significant reduction of polyunsaturated and saturated fats. Due to the health benefits provided by the introduction of high oleic soybean oil, the demand for more oleic oil has increased among health-conscious consumers. Due to this increase, companies like Sevita Genetics and Bayer AG introduced new high-yield producing oleic soybean varieties, which will provide farmers with profitability opportunities in the oleic soybean market.

Key Players:

• Bayer AG: A German multinational company that is known for its pharmaceuticals and biotechnology. They provide a variety of products that include agriscience products such as Visitive Gold Xtend Soybeans, which is an innovative high oleic soybean grain that produces high yield and provides farmers with more profitability opportunities.
• Corteva Agriscience: An American multinational company, that is a major player in agricultural chemicals and seeds. They provide a wide variety of products, which includes the Plenish high oleic soybean in the soybean market. Plenish is an oil that is made from high oleic soybeans and is known to be not hydrogenated. It provides a variety of health benefits including increased shelf-life and fry-life, and reduced amounts of trans fats and saturated fats. It also contains the highest amount of heart-healthy monounsaturated fat, that is available in soy.
• BASF SE: A German company and one of the leaders in the production of chemicals, crops, plastics, protection products, and performance products This include a wide variety of products in agriculture, energy and resources, nutrition, and many others.

Regional Analysis:

North America continues to be the top producer of soybeans in the global market and is expected to grow at a steady pace during the forecasted period of 2024 – 2029. As per the United Soybean Board in 2022, Farmers in 13 states have cultivated more than 800,000 acres of high oleic soybean. 70% of the oleic soybean oil has been used for food manufacturing and contains beneficial monosaturated fatty acids and less saturated fat. This makes it a healthy alternative for health enthusiasts in the U.S. Farmers are said to have access to 15 varieties of high oleic soybeans in 2023, which includes Visitive Gold from Bayer, Plenish from Corteva, and SOYLEIC. As demand for high oleic oil increases from health-conscious consumers in the market, it is expected to boost the growth of the oleic soybean market during the forecasted period.

Market Developments:

• May 2023: Sevita Genetics announced the launch of a non-GMO, high oleic soybean variety that will provide extremely high yields and support premiums for farmers with unique end-use characteristics, dubbed ALINOVA, and is best suited for cultivation in Ontario and Quebec. Sevita contracted production with Canadian Farmers and supplied food-grade soybeans to food manufacturers in Asia, Europe, and North America. Sevita has plans to create more high-oleic varieties in the coming years to take advantage of the global market of vegetable oils.
• May 2022: Bayer AG announced a collaboration with Perdue AgriBusiness, to launch a new type of soybeans seeds into the market, dubbed Visitive Gold Xtend Soybeans. Bayer commercialised Visitive Gold Xtend, whereas Perdue will offer high oleic oil premiums in contrast to their Visitive Gold Xtend grains in the mid-Atlantic region. This collaboration enabled farmers to access elite genetics and weed control flexibility of the Roundup Ready Xtend Crop System, alongside receiving premiums of the Visitive Gold Xtend seeds from Perdue AgriBusiness. They recognised the increasing demand for high oleic oil and provided a solution that provided profitability opportunities, filling the demand in the marketplace.

Global High Oleic Soybean Market Scope:

Segmentation:

• By Product Type:
  • High Oleic Soybean Seeds
  • High Oleic Soybean Oil
• By Application:
  • Food Industry
  • Foodservice
  • Industrial Uses
• By Distribution channel:
  • Direct Sales to Farmers
  • Agribusiness and Distributors
  • Food Manufacturers and Processors
• By Geography:
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others