Oil Crops - Worldwide

Worldwide

Gross production value in Oil Crops market is projected to amount to US$0.42tn in 2024. An annual growth rate of 5.48% is expected (CAGR 2024-2028), resulting in gross production value of US$0.52tn in 2028.
The import value in Oil Crops market is projected to amount to US$139.6bn in 2024. An annual growth rate of 12.62% is expected (CAGR 2024–2028).
The export value in Oil Crops market is projected to amount to US$108.9bn in 2024. An annual growth rate of 8.19% is expected (CAGR 2024–2028).

Key regions: Germany, Spain, Italy, Brazil, United States

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Analyst Opinion

The demand for oil crops has been increasing in recent years due to their versatility in various industries such as food, biofuels, and cosmetics. As a result, the oil crops market has been experiencing significant growth worldwide.

Customer preferences: Customers are increasingly looking for sustainable and environmentally friendly products, which has led to a rise in demand for organic oil crops. Additionally, there is a growing demand for non-GMO oil crops as consumers become more health-conscious and concerned about the impact of genetically modified crops on the environment.

Trends in the market: In the United States, the demand for soybeans has been increasing due to the growth of the biodiesel industry. In Europe, the demand for rapeseed oil has been rising due to its use as a biofuel. In Asia, palm oil remains the most widely used oil crop due to its affordability and versatility in various industries.

Local special circumstances: In Brazil, the world's largest producer of soybeans, the market has been impacted by political instability and trade tensions with China, a major importer of Brazilian soybeans. In India, the second-largest producer of rapeseed, the market has been affected by weather conditions and government policies.

Underlying macroeconomic factors: The global population is expected to reach 9.7 billion by 2050, which will drive the demand for food and fuel. Additionally, the growth of the middle class in developing countries has led to an increase in demand for products that use oil crops. Climate change and environmental concerns are also driving the demand for sustainable and eco-friendly products. These underlying macroeconomic factors are expected to continue to drive the growth of the oil crops market worldwide.

Methodology

Data coverage:

The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.