Industry Overview - The soybean oil industry relies on soybeans as raw material, producing oil through pressing or extraction processes, and is influenced by soybean yield, price fluctuations, and market demand [2][3] - The industry is categorized into pressing method soybean oil and extraction method soybean oil based on production processes [4][6] - Key characteristics of the industry include high dependence on raw materials, quality differences determined by production processes, and stable market demand [8][9][10][11][12] Industry Development Stages - The soybean oil industry has gone through four stages: germination (late 19th to early 20th century), initiation (early to mid-20th century), rapid development (mid-20th to late 20th century), and oscillation (early 21st century to present) [13][14][15][16][17][18] Industry Chain Analysis - The upstream of the soybean oil industry chain involves soybean supply, with unstable raw material supply and insufficient modernization [19][20] - The midstream faces overcapacity in processing, with state-owned oil companies lacking competitiveness [21] - The downstream experiences diversified consumer demand and increased market volatility [22] Industry Scale - The soybean oil industry market size grew from 133,093,200,000 yuan in 2018 to 164,590,000,000 yuan in 2023, with a compound annual growth rate of 4.34% [33] - The market size is expected to grow from 160,601,000,000 yuan in 2024 to 173,980,040,000 yuan in 2028, with a compound annual growth rate of 2.02% [33] Policy Analysis - The 2024 Central Document No. 1 emphasizes expanding soybean planting and supporting high-yield, high-oil varieties [38][43][44] - The "Soybean Revitalization Plan Implementation Plan" aims to improve soybean production conditions and increase yield and quality through subsidies and high-standard farmland construction [49] Competitive Landscape - The soybean oil industry is divided into three tiers based on sales, with fierce brand competition and high industry concentration [51] - Leading companies include Jinlongyu (Yihai Kerry) and COFCO in the first tier, Shandong Luhua Group and Changshouhua in the second tier, and Xiamen Zhongsheng and Chongqing Oil in the third tier [51][52] - Large enterprises continue to expand, squeezing the survival space of small and medium-sized enterprises, leading to a more concentrated competitive landscape [54] Company Analysis - Yihai Kerry Arowana (300999) achieved a total revenue of 257.485 billion yuan in 2022, with a year-on-year growth of 13.82% [52] - COFCO Technology (000930) has improved soybean oil yield and quality through new pressing and refining technologies, consolidating its leading position in the industry [52] - Cofco Fulinmen Food Marketing Co., Ltd. has a registered capital of 100 million yuan and is headquartered in Tianjin [58] - Yihai Kerry Arowana Food Group Co., Ltd. has a registered capital of 5.421591536 billion yuan and is headquartered in Shanghai [59] - Sinograin Oils Corporation has a registered capital of 5.0658078 billion yuan and is headquartered in Beijing [62]
豆油产业全景：全球供需动态与健康饮食趋势解析 头豹词条报告系列
Tou Bao Yan Jiu Yuan·2024-11-22 12:13