Soybean Oil Market Set to Reach $57.66 Billion by 2031 Amid Renewable Diesel Boom

The global soybean oil market is projected to reach $57.66 billion by 2031, driven by rising demand for renewable diesel and biofuels. The European Union's Deforestation Regulation is also pushing retailers and processors to secure traceable, certified supply chains.

Renewable energy mandates across the US, Canada, Brazil, and the EU are guaranteeing a structural demand floor for soybean oil as a biofuel feedstock, buffering the market against cyclical swings in food consumption. Demand is broadening further as plant-based food manufacturers and industrial oleochemical producers add to the feedstock's traditional edible-oil base.

The EPA finalized record-high Renewable Fuel Standard volumes for 2026 and 2027 in March 2026, with biodiesel and renewable diesel production projected to grow more than 60% versus 2025 levels. The rule strengthens the policy floor under soybean oil demand and is reinforcing crush margins for domestic processors.