Soybean Oil Market Set to Reach $57.66 Billion by 2031 Amid Growing Demand for Renewable Diesel

The global soybean oil market is expected to grow from $43.87 billion in 2026 to $57.66 billion by 2031, with a compound annual growth rate (CAGR) of 5.62%.

This growth is driven by the increasing demand for renewable diesel and biofuel, which is anchored by mandates across major economies such as the United States, Canada, Brazil, and the European Union.

The EU Deforestation Regulation is also reshaping the sourcing and traceability requirements for soybean oil, with large and medium operators facing a compliance deadline of December 30, 2026.