Characteristics

Soy oil is the oil extracted from soybeans. Crude soybean oil undergoes further refinement- degumming, refining, bleaching, and deodorizing and forms refined soy oil. Soybean oil is the leading vegetable oil traded in the international markets, next only to palm oil. It has share of 24% in the total vegetable oil consumption. Soy oil accounts nearly 75% out of total vegetable oil in-take in US. Soy oil is cholesterol-free and high in polyunsaturated fat. Soy oil is light in flavor and has almost no odor.

Uses

Soybean oil is used as edible oil for cooking and salad dressings, as well as a component of butter substitutes such as margarine

Export and Import

Refined soy oil is one of the major consuming edible oil with market share of 15 -18% after palm oil (46%). Oilseeds contributed 7% of GDP and around 14 million farmers involved in oilseed cultivation. India is the world’s fifth largest edible oil economy after USA, China, Brazil and Argentina and largest importer of palm oil in the world. The total market size is at Rs. 600 billion and import-export trade is worth Rs. 130 billion. India mainly imports crude oil, Soybean oil mainly imported from Argentina, whereas palm oil is imported from Malaysia and Indonesia.

Factor Affecting

• Weather
• Price of substitute crop
• Pest and disease
• Demand and Supply
• Productivity