SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Soybean Oil Market – Procurement Intelligence Report.
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The necessity of maintaining healthy eating habits is driving buyers from the food processing industry to prefer edible oils such as soybean oil, olive oil, canola oil, and others. Being an inexpensive alternative, soybean oil is one of the highly preferred edible oils across regions which will drive the spend growth of this market. Between 2019-2024, the spend growth of the soybean oil market is projected to reach a value of over USD 2 billion with a spend momentum accelerating at a CAGR of more than 3%.
The US is home to one of the substantially sized soybean oil markets. The extensive industrial applications of soybean oil such as in lubricants, fluids, paints, coatings, and biodiesel will contribute to this market size. The soybean oil market in APAC is characterized by an intensifying competition between the consumption of palm oil and soybean oil for edible applications. While suppliers in Indonesia and Thailand are heavily investing to boost their production capacities of palm oil, the imports in China for soybean oil is a dominant trend in APAC. However, India is among the leading importers of soybean oil in APAC, followed by China, owing to the decline in prices of soybean oil in the country.
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What do the soybean oil price trends indicate?
- The soybean oil price trends hint at a significant increase in buyer’s procurement spend. This increase will be directly attributed to the steady increase in the utility’s prices which will make significant additions to suppliers’ OPEX.
- While suppliers are engaging in new manufacturing techniques to increase production and provide quality soybean oil, these initiatives are increasing their R&D expenses to a significant extent. Their increasing R&D expense will have a major impact on the buyer’s procurement spend.
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How to identify soybean oil suppliers who can cater to your procurement needs while adding value to your business?
Strategic supplier selection is the key to optimizing procurement spend in the soybean oil market. In view of this, this report has enlisted the key soybean oil suppliers selection criteria, the leading supplier names, the SLA terms, among others that will aid buyers to make the most of their partnership and achieve cost-savings during the contract tenure with the soybean suppliers.
Partner with suppliers who have access to high-quality transportation and logistics providers
The transportation process for soybean oil is complex and requires a good understanding of the properties of the oil. Buyers in the soybean oil market must ensure that the transportation and logistics partners of oil manufacturers are well-equipped and have prior experience of transporting traditional or vegetable oils.
Sourcing and procurement network of suppliers
Soybean oil suppliers must have prominent and scalable sourcing and procurement process for soybeans. For instance, suppliers who have a diversified supplier base and access to overseas procurement routes are capable of responding to better issues arising from natural and man-made disasters. The back-end process for ensuring the continuous availability of soybeans for extraction and processing of oil requires mapping of production hubs, analysis of potential risks/threats, clear understanding of the regulatory framework in regional markets, and effective supplier management practices in the soybean oil market.
To know the best performing procurement strategies and the regional and global spend dynamics in the soybean oil market, Request a free sample of this soybean oil market intelligence report.
Some of the key topics covered in this report are:
- Soybean oil market spend segmentation by region
- Total cost of ownership analysis in the soybean oil market
- Regional spend opportunity for soybean oil suppliers
- Soybean oil suppliers cost structure
- Soybean oil suppliers selection criteria
- Soybean oil suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the soybean oil market
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