“The global High Oleic Soybean market is projected to be US$ 376.5 Mn in 2018 to reach US$ 659.6 Mn by 2028 at a CAGR of 5.8%.”
Market.us announces the publication of its most recently generated research report titled, “Global High Oleic Soybean Market by Type (GMO, Non-GMO), By Application (Food Processing Industry, Restaurants & Hotels Industry and Petrochemicals Industry), and by Region – Global Forecast to 2029.”, Which offers a holistic view of the global High Oleic Soybean market through systematic segmentation that covers every aspect of the target market.
High oleic soybean varieties produce oil with increased functionality, which is beneficial for food and industrial users. In 2015, the FDA banned consumption and usage of trans-fats (also known as trans-fatty acids or partially hydrogenated oils) with a final deadline of June 2018. The industry-wide adoption of partially hydrogenated oils in cakes, cookies, pies, and pastries contributed to dramatic increases in intake, making partially hydrogenated oils the primary dietary source of industrially produced trans-fatty acids. Research showed a strong link between trans-fat intake and coronary heart disease. Trans-fats were seen to elevate LDL (bad cholesterol that promotes heart disease) and lower HDL (good cholesterol that protects against heart disease). This step resulted in decreased consumption of several oils and given significant traction to high oleic oils.
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Soybean oil has historically been partially hydrogenated to enhance its oxidative stability to increase shelf life and improve frying characteristics. Nonetheless, high oleic soybean is a major source for highly functional oils, which is an ideal replacement for partially hydrogenated oils in the food industry. High oleic soybeans are primarily grown in the U.S. across 13 states with a total acreage of 650,000 acres in 2017. The domestic soybean industry has set a goal of achieving plantation of 16 million acres by 2023, which is expected to provide a significant boost to the high oleic soybean market. In the U.S., high oleic soybeans are grown on contract with local processors, many of which offer both buyers’ call and harvest delivery options.
Increasing prevalence and growing health awareness among the population regarding heart diseases caused by consumption of unhealthy oils are expected to augment the market growth.
However, genetically modified crops involve significant health risk in humans such as antibiotic resistance, allergies, and certain carcinogen risk is expected to hamper the market growth to a certain extent. Nonetheless, regions such as Europe and some countries in the Asia Pacific have recently given approvals for import and usage of high oleic soybean. Consumption of high oleic soybean for food and other industrial uses in these countries that have a promising growth is also expected to boost the growth of the market.
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Global High Oleic Soybean market is segmented on the basis of product type, application and region. On the basis of product type, the market is segmented into GMO and Non-GMO. The GMO segment accounts for the majority share and is expected to register significant growth over the forecast period. On the basis of application, the market is segmented into Food Processing Industry, Restaurants & Hotels Industry and Petrochemicals Industry. The Food Processing Industry segment accounts for a majority share in the global High Oleic Soybean market.
On the basis of region, the market is segmented into North America, Europe, APAC, South America and Middle East & Africa. North America accounts for the majority share in the global High Oleic Soybean market, due to the ban of partially hydrogenated oils is expected to be a major factor fueling the growth of high oleic soybeans market in the region. North America is expected to register the highest growth rate over the forecast period. Regions such as Europe, South America and MEA are expected to register stable growth over the forecast period.
The research report on the global High Oleic Soybean market includes profiles of some of the major companies such as Bayer AG. (Monsanto), DowDuPont, Inc., Bunge limited, Cellectis S.A (Calyxt Inc), Archer-Daniels-Midland (ADM) and Ag Processing Inc.
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Key Market Segments:
- Food Processing Industry
- Restaurants & Hotels Industry
- Petrochemicals Industry
Key Market Players included in the report:
- Bayer AG. (Monsanto)
- DowDuPont Inc.
- Bunge limited
- Cellectis S.A (Calyxt Inc)
- Archer-Daniels-Midland (ADM)
- Ag Processing Inc