Business Plan for Soybean Oil Manufacturing

What is Soybean Oil

Soybean oil is a vegetable oil extracted from the seeds of the soybean (Glycine max).

Uses of Soybean Oil

It is one of the most widely consumed cooking oils and the second most consumed vegetable oil. As a drying oil, processed soybean oil is also used as a base for printing inks (soy ink) and oil paints. It is also used for medicine and in insect repellants.

Customer Analysis

The main users of Soybean oil in Nigeria are households and manufacturers of snacks, cosmetics, printing ink and oil paints. Internationally users include:

Industry

The main producers of Soybeans oil in Nigeria are: Grand pure soya oil,  Golden penny soya oil, Bow soya bean oil.

The Business Opportunity

In the 2002–2003 growing season, 30.6 million tons (MT) of soybean oil were produced worldwide, constituting about half of worldwide edible vegetable oil production, and thirty percent of all fats and oils produced, including animal fats and oils derived from tropical plants.

Nigeria produces about 158,000 MT, consume about 160,000 MT, export 0, import 1000 MT, of Soybean oil annually making it the largest producer of the product on the African continent. Source:(indexmundi.com).