大豆油市場レポート：用途別、地域別、2024-2032

世界の大豆油市場規模は2023年に6,120万トンに達しました。IMARC Groupは、2024年から2032年にかけての成長率（CAGR）は1.7％で、2032年には7,190万トンに達すると予測しています。個人の間で食用油の需要が高まっていること、さまざまな産業用途での利用が増加していること、世界中の大衆の間で健康に対する意識や意識が高まっていることが、市場を推進している主な要因の一部です。

大豆油は、Glycine maxとして知られるダイズ植物の種子から得られる植物油です。マイルドな風味と高い発煙点を持ち、調理、揚げ物、焼き物によく使われます。ニュートラルな味わいで、食品の自然な風味を損なわない、コストパフォーマンスの高い食用油です。マーガリン、マヨネーズ、サラダドレッシング、ソース、スナック菓子の製造に広く利用されているため、大豆油の需要は世界中で増加しています。

現在、より健康的で持続可能な食品を選びたいという個人需要の高まりが、市場の成長を強めています。これに伴い、保湿性に優れていることから化粧品業界で大豆油の採用が増加していることも、市場の成長に寄与しています。これとは別に、世界中のレストラン、カフェ、ホテル、その他のファーストフードチェーンの増加による大豆油の需要の増加が、市場にプラスの影響を与えています。さらに、ローション、クリーム、石鹸など、保湿や肌の健康増進を目的としたスキンケア製品への大豆油の利用が増加していることも、市場の成長を後押ししています。さらに、世界中のオンラインやオフラインの流通チャネルで大豆油を幅広く入手できることが、市場の成長を支えています。

大豆油市場の動向と促進要因：

食用油需要の増加

世界中の大衆の間で、大豆油などの食用油の需要が増加しています。体に害がなく、健康を維持できる安全な食品を好む人が増えています。また、世界中の大衆の間で様々な食品に対する需要が高まっているため、食品・食用油の採用が増加しています。人々は、調理や炒め物に食用油の使用を必要とすることが多い、便利で加工された食品を好むようになっています。個人の食生活パターンの変化に伴い、食用油の消費量が増加しています。さらに、世界各国の料理やファストフード・チェーンの人気が高まっていることも、市場にプラスの影響を与えています。

個人の健康意識と意識の高まり

世界中の消費者の健康意識の高まりにより、大豆油の需要が増加しています。栄養価の高い食品を好む傾向が強まっており、市場の見通しは明るいです。大豆油は、その良好な脂肪酸組成により、より健康的な選択肢と考えられています。大豆油には、多価不飽和脂肪、一価不飽和脂肪、低レベルの飽和脂肪がバランスよく含まれています。加えて、大豆油はコレステロール値を下げ、炎症を抑え、心臓の健康を改善する効果があります。また、フリーラジカルによるダメージから体内の細胞を守る抗酸化物質も含まれています。その結果、消費者は他の食用油に代わる健康的な油として、大豆油を急速に採用しています。

産業用途での利用拡大

大豆油は、バイオディーゼル製造の原料など、さまざまな産業用途に利用されています。化石燃料の代替としてのバイオディーゼル需要が増加しており、市場の成長に寄与しています。大豆油は、その高い油分含有量と良好な特性により、バイオディーゼルの主要な原料となっています。二酸化炭素排出量を削減し、持続可能な環境を維持するため、人々はますます再生可能エネルギー源に注目するようになっています。これとは別に、大豆油は潤滑油、塗料、インク、コーティング剤など、さまざまな工業製品の生産に広く使用されています。大豆油は汎用性が高く、入手しやすいため、さまざまな産業分野に適した魅力的な選択肢となっています。

目次

第1章 序文

第2章 調査範囲と調査手法

• 調査目的
• 利害関係者
• データソース
  • 一次情報
  • 二次情報
• 市場推定
  • ボトムアップアプローチ
  • トップダウンアプローチ
• 調査手法

第3章 エグゼクティブサマリー

第4章 イントロダクション

• 概要
• 主要産業動向

第5章 世界の大豆産業

• 市場実績
  • 数量動向
  • 金額動向
• 市場：最終用途別
• 市場：地域別
• 市場予測

第6章 世界の食用油産業

• 市場実績
• 市場：地域別
• 市場：油種別
• 市場予測

第7章 世界の大豆油産業

• 市場概要
• 市場実績
• COVID-19の影響
• 価格分析
  • 主要価格指標
  • 価格構造
  • 価格動向
• 市場内訳：地域別
• 市場内訳：最終用途別
• 市場予測
• SWOT分析
  • 概要
  • 強み
  • 弱み
  • 機会
  • 脅威
• バリューチェーン分析
  • 原材料調達
  • 製造
  • マーケティング
  • 流通
  • 輸出
  • 最終用途
• ポーターのファイブフォース分析
  • 概要
  • 買い手の交渉力
  • 供給企業の交渉力
  • 競合の程度
  • 新規参入業者の脅威
  • 代替品の脅威
• 市場促進要因と成功要因

第8章 市場実績：最終用途別

• 食品
  • 市場動向
  • 市場予測
• 飼料
  • 市場動向
  • 市場予測
• 産業用
  • 市場動向
  • 市場予測

第9章 主要地域の市場実績

• 中国
  • 市場動向
  • 市場予測
• 米国
  • 市場動向
  • 市場予測
• ブラジル
  • 市場動向
  • 市場予測
• 欧州
  • 市場動向
  • 市場予測
• アルゼンチン
  • 市場動向
  • 市場予測
• インド
  • 市場動向
  • 市場予測
• その他
  • 市場動向
  • 市場予測

第10章 競合情勢

• 市場構造
• 主要企業

第11章 大豆油加工

• 製品概要
• 詳細なプロセスフロー
• 様々なユニットオペレーション
• マスバランスと原料要件

第12章 プロジェクトの詳細、必要条件、費用

• 土地要件と費用
• 建設要件と費用
• 工場レイアウト
• 工場機械
• 機械写真
• 原材料所要量と支出
• 原材料と最終製品の写真
• 包装の要件と支出
• 輸送の要件と支出
• ユーティリティの要件と支出
• 人員要件と支出
• その他の設備投資

第13章 融資と資金援助

第14章 プロジェクトの経済性

• プロジェクトの資本コスト
• 技術経済的パラメーター
• サプライチェーンの各段階における製品価格とマージン
• 課税と減価償却
• 収入予測
• 支出予測
• 財務分析
• 利益分析

第15章 主要企業のプロファイル

• Archer Daniels Midland Company
• Bunge Limited
• Cargill, Incorporated
• Louis Dreyfus Company B.V.
• Wilmar International Limited

List of Figures

• Figure 1: Global: Soybean Oil Market: Major Drivers and Challenges
• Figure 2: Global: Soybean Market: Production & Consumption (in Million Tons), 2018-2023
• Figure 3: Global: Soybean Market: Production & Consumption (in Million US$), 2018-2023
• Figure 4: Global: Soybean Market Production: Breakup by Region (in %), 2023
• Figure 5: Global: Soybean Market Consumption: Breakup by Region (in %), 2023
• Figure 6: Global: Soybean Market Consumption: Breakup by End-Use (in %), 2023
• Figure 7: Global: Soybean Market Forecast: Production & Consumption (in Million Tons), 2024-2032
• Figure 8: Global: Soybean Market Forecast: Production & Consumption (in Million US$), 2024-2032
• Figure 9: Global: Edible Oil Market: Production & Consumption (in Million Tons), 2018-2023
• Figure 10: Global: Edible Oil Market Consumption: Breakup by Oil Type (in %), 2023
• Figure 11: Global: Edible Oil Market: Breakup by Region (in %), 2023
• Figure 12: Global: Edible Oil Market Forecast: Production & Consumption (in Million Tons), 2024-2032
• Figure 13: Global: Soybean Oil Market: Production Volume Trends (in Million Tons), 2018-2023
• Figure 14: Global: Soybean Oil Market: Consumption Volume Trends (in Million Tons), 2018-2023
• Figure 15: Global: Soybean Oil Market: Production Value Trends (in Billion US$), 2018-2023
• Figure 16: Global: Soybean Oil Market: Consumption Value Trends (in Billion US$), 2018-2023
• Figure 17: Global: Soybean Oil Market: Average Prices (in US$/Ton), 2018-2032
• Figure 18: Global: Soybean Oil Market: Breakup by Region (in %), 2023
• Figure 19: Global: Soybean Oil Market: Breakup by End-Use (in %), 2023
• Figure 20: Global: Soybean Oil Market Forecast: Consumption Volume Trends (in Million Tons), 2024-2032
• Figure 21: Global: Soybean Oil Market Forecast: Consumption Value Trends (in Billion US$), 2024-2032
• Figure 22: Global: Soybean Oil Industry: SWOT Analysis
• Figure 23: Global: Soybean Oil Industry: Value Chain Analysis
• Figure 24: Global: Soybean Oil Industry: Porter's Five Forces Analysis
• Figure 25: China: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
• Figure 26: China: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
• Figure 27: United States: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
• Figure 28: United States: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
• Figure 29: Brazil: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
• Figure 30: Brazil: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
• Figure 31: Europe: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
• Figure 32: Europe: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
• Figure 33: Argentina: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
• Figure 34: Argentina: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
• Figure 35: India: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
• Figure 36: India: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
• Figure 37: Others: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
• Figure 38: Others: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
• Figure 39: Global: Soybean Oil (Food) Market: Volume Trends (in Million Tons), 2018 & 2023
• Figure 40: Global: Soybean Oil (Food) Market Forecast: Volume Trends (in Million Tons), 2024-2032
• Figure 41: Global: Soybean Oil (Feed) Market: Volume Trends (in Million Tons), 2018 & 2023
• Figure 42: Global: Soybean Oil (Feed) Market Forecast: Volume Trends (in Million Tons), 2024-2032
• Figure 43: Global: Soybean Oil (Industrial) Market: Volume Trends (in Million Tons), 2018 & 2023
• Figure 44: Global: Soybean Oil (Industrial) Market Forecast: Volume Trends (in Million Tons), 2024-2032
• Figure 45: Soybean Oil Processing: Detailed Process Flow
• Figure 46: Soybean Oil Processing: Conversion Rate of Products
• Figure 47: Soybean Oil Processing: Proposed Plant Layout
• Figure 48: Soybean Oil Processing: Breakup of Capital Costs (in %)
• Figure 49: Soybean Oil Industry: Profit Margins at Various Levels of the Supply Chain
• Figure 50: Soybean Oil Processing: Manufacturing Cost Breakup (in %)

List of Tables

• Table 1: Global: Soybean Oil Market: Key Industry Highlights, 2023 and 2032
• Table 2: Global: Soybean Oil Market Forecast: Breakup by End-Use (in Million Tons), 2024-2032
• Table 3: Global: Soybean Oil Market Forecast: Breakup by Region (in Million Tons), 2024-2032
• Table 4: Global: Soybean Oil Market: Competitive Structure
• Table 5: Global: Soybean Oil Market: Key Players
• Table 6: Soybean Oil Processing Plant: Costs Related to Land and Site Development (in US$)
• Table 7: Soybean Oil Processing Plant: Costs Related to Civil Works (in US$)
• Table 8: Soybean Oil Processing Plant: Machinery Costs (in US$)
• Table 9: Soybean Oil Processing Plant: Raw Material Requirements
• Table 10: Soybean Oil Processing Plant: Costs Related to Salaries and Wages (in US$)
• Table 11: Soybean Oil Processing Plant: Costs Related to Other Capital Investments (in US$)
• Table 12: Soybean Oil Processing Plant: Details of Financial Assistance Offered by Financial Institutions
• Table 13: Soybean Oil Processing Plant: Capital Costs (in US$)
• Table 14: Soybean Oil Processing Plant: Techno-Economic Parameters
• Table 15: Soybean Oil Processing Plant: Taxation and Depreciation
• Table 16: Soybean Oil Processing Plant: Income Projections (in US$)
• Table 17: Soybean Oil Processing Plant: Expenditure Projections (in US$)
• Table 18: Soybean Oil Processing Plant: Cash Flow Analysis Without Considering the Income Tax Liability
• Table 19: Soybean Oil Processing Plant: Cash Flow Analysis on Considering the Income Tax Liability
• Table 20: Soybean Oil Processing Plant: Profit and Loss Account

The global soybean oil market size reached 61.2 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 71.9 Million Tons by 2032, exhibiting a growth rate (CAGR) of 1.7% during 2024-2032. The growing demand for edible oils among individuals, rising utilization in various industrial applications, and increasing health consciousness and awareness among the masses across the globe are some of the major factors propelling the market.

Soybean oil is a vegetable oil that is derived from the seeds of the soybean plant known as Glycine max. It has a mild flavor and high smoke point and is commonly used for cooking, frying, and baking. It is a cost-effective cooking oil that provides a neutral taste and does not overpower the natural flavors of the food. As it is widely utilized in the production of margarine, mayonnaise, salad dressings, sauces, and snack foods, the demand for soybean oil is increasing across the globe.

At present, the rising demand for healthier and more sustainable food choices among individuals is strengthening the growth of the market. In line with this, the increasing adoption of soybean oil in the cosmetic industry due to its moisturizing properties is contributing to the growth of the market. Apart from this, the growing demand for soybean oil on account of the increasing number of restaurants, cafes, hotels, and other fast-food chains around the world is positively influencing the market. In addition, the rising utilization of soybean oil in several skincare products, such as lotions, creams, and soaps, for providing hydration and promoting skin health is bolstering the growth of the market. Furthermore, the wide availability of soybean oil through online and offline distribution channels across the globe is supporting the growth of the market.

Soybean Oil Market Trends/Drivers:

Rising demand for edible oils

There is a rise in the demand for edible oils, such as soybean oil, among the masses across the globe. People are increasingly preferring safe food products that do not harm the body and maintain good health. In addition, the rising adoption of food and cooking oils due to the increasing demand for a variety of food products among the masses around the world. People are preferring convenient and processed food products that often require the use of edible oils for cooking and frying. There is a rise in the consumption of edible oils on account of the changing dietary patterns of individuals. Moreover, the growing popularity of international cuisines and fast-food chains is positively influencing the market.

Increasing health consciousness and awareness among individuals

There is a rise in the demand for soybean oil due to the increasing health consciousness among consumers across the globe. People are increasingly preferring nutrient-rich food products, which is offering a positive market outlook. Soybean oil is considered a healthier choice due to its favorable fatty acid composition. It contains a balanced ratio of polyunsaturated fats, monounsaturated fats, and low levels of saturated fats. In addition, soybean oil may benefit in reducing cholesterol levels, lowering inflammation, and improving heart health. It also has antioxidants that help to protect the cells of the body from damage caused by free radicals. As a result, consumers are rapidly adopting soybean oil as a healthier alternative to other cooking oils.

Growing utilization in industrial applications

Soybean oil has diverse industrial applications, such as a feedstock for biodiesel production. There is a rise in the demand for biodiesel as an alternative to fossil fuels, which is contributing to the growth of the market. Soybean oil serves as a key feedstock for biodiesel due to its high oil content and favorable properties. People are increasingly focusing on renewable energy sources to reduce carbon emissions and maintain a sustainable environment. Apart from this, soybean oil is widely employed in the production of various industrial products, such as lubricants, paints, inks, and coatings. The versatility and availability of soybean oil make it an attractive and suitable choice for different industrial sectors.

Soybean Oil Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global soybean oil market report, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on end-use.

Breakup by End-Use:

Food

Feed

Industrial

Food represents the largest market segment

The report has provided a detailed breakup and analysis of the market based on the end-use. This includes food, feed, and industrial. According to the report, food represented the largest segment.

The food industry is one of the largest consumers of soybean oil as it is widely used for various culinary purposes, such as cooking, frying, baking, and as an ingredient in processed foods. In line with this, the rising adoption of ready-to-eat (RTE) food products among the masses is contributing to the growth of the market.

In the feed industry, it is used as a component in animal feed formulations. It is included in livestock and poultry feed to provide a source of energy and essential fatty acids. In addition, it assists in improving the palatability and nutritional value of animal feed and enhances the growth and development of livestock.

Soybean oil finds applications in various industrial sectors, as it is used as a feedstock for biodiesel production. In addition, it offers environmental friendliness and is a suitable alternative to conventional diesel fuel.

Breakup by Region:

China

United States

Brazil

Europe

Argentina

India

Others

China exhibits a clear dominance, accounting for the largest soybean oil market share

The report has also provided a comprehensive analysis of all the major regional markets, which include China, United States, Brazil, Europe, Argentina, India, and others. According to the report, China accounted for the largest market share.

China held the biggest market share as it is the major producer of soybeans. Apart from this, the rising demand for soybean oil on account of the thriving food service industry is contributing to the growth of the market in the country. In line with this, the increasing consumption of processed and convenience food products is propelling the growth of the market in China. Furthermore, the rising adoption of soybean oil due to changing consumer eating habits is bolstering the growth of the market in the country.

India is estimated to expand further in this domain during the forecast period owing to the favorable government initiatives for soybean agriculture. In addition, the rising utilization of soybean oil in households for cooking, frying, and baking purposes is supporting the growth of the market in the country. Besides this, the increasing adoption of soybean oil in the production of snacks is strengthening the growth of the market.

Competitive Landscape:

Key players in the industry are investing in research and development (R&D) activities to improve production processes, develop new product formulations, and enhance the quality and functionality of soybean oil. They are also exploring new extraction techniques, optimizing refining processes, and developing specialty variants of soybean oil to cater to specific customer needs. In line with this, major manufacturers are offering organic or non- genetically modified organism (GMO) variants of soybean oil, introducing specialty blends, and diversifying into value-added products, such as flavored or infused soybean oils. Apart from this, companies are opening soybean oil production facilities across the globe, which is positively influencing the market.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

Archer Daniels Midland Company

Bunge Limited

Cargill, Incorporated

Louis Dreyfus Company B.V.

Wilmar International Limited

Recent Developments:

In May 2021, Archer Daniels Midland Company announced to build North Dakota's first-ever dedicated soybean crushing plant and refinery to meet fast-growing demand from food, feed, industrial and biofuel customers, including producers of renewable diesel.

In March 2023, Bunge Limited and Corteva Agriscience announced significant advancements in the development of more nutritious soybean meals for the animal feed industry, specifically suited for poultry, swine and aqua feed.

In 2022, Cargill unveiled plans to build a new soybean processing facility located in Pemiscot County, Mo. near Hayti and Caruthersville to support growing domestic and global demand for oilseeds by food, feed, and fuel markets.

Key Questions Answered in This Report

• 1. What was the size of the global soybean oil market in 2023?
• 2. What is the expected growth rate of the global soybean oil market during 2024-2032?
• 3. What are the key factors driving the global soybean oil market?
• 4. What has been the impact of COVID-19 on the global soybean oil market?
• 5. What is the breakup of the global soybean oil market based on the end-use?
• 6. What are the key regions in the global soybean oil market?
• 7. Who are the key companies/players in the global soybean oil market?

Table of Contents

1 Preface

2 Scope and Methodology

• 2.1 Objectives of the Study
• 2.2 Stakeholders
• 2.3 Data Sources
  • 2.3.1 Primary Sources
  • 2.3.2 Secondary Sources
• 2.4 Market Estimation
  • 2.4.1 Bottom-Up Approach
  • 2.4.2 Top-Down Approach
• 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

• 4.1 Overview
• 4.2 Key Industry Trends

5 Global Soybean Industry

• 5.1 Market Performance
  • 5.1.1 Volume Trends
  • 5.1.2 Value Trends
• 5.2 Market by End-Use
• 5.3 Market by Region
• 5.4 Market Forecast

6 Global Edible Oil Industry

• 6.1 Market Performance
• 6.2 Market by Region
• 6.3 Market by Oil Type
• 6.4 Market Forecast

7 Global Soybean Oil Industry

• 7.1 Market Overview
• 7.2 Market Performance
• 7.3 Impact of COVID-19
• 7.4 Price Analysis
  • 7.4.1 Key Price Indicators
  • 7.4.2 Price Structure
  • 7.4.3 Price Trends
• 7.5 Market Breakup by Region
• 7.6 Market Breakup by End-Use
• 7.7 Market Forecast
• 7.8 SWOT Analysis
  • 7.8.1 Overview
  • 7.8.2 Strengths
  • 7.8.3 Weaknesses
  • 7.8.4 Opportunities
  • 7.8.5 Threats
• 7.9 Value Chain Analysis
  • 7.9.1 Raw Material Procurement
  • 7.9.2 Manufacturing
  • 7.9.3 Marketing
  • 7.9.4 Distribution
  • 7.9.5 Exports
  • 7.9.6 End-Use
• 7.10 Porter's Five Forces Analysis
  • 7.10.1 Overview
  • 7.10.2 Bargaining Power of Buyers
  • 7.10.3 Bargaining Power of Suppliers
  • 7.10.4 Degree of Competition
  • 7.10.5 Threat of New Entrants
  • 7.10.6 Threat of Substitutes
• 7.11 Key Market Drivers and Success Factors

8 Market Performance by End-Use

• 8.1 Food
  • 8.1.1 Market Trends
  • 8.1.2 Market Forecast
• 8.2 Feed
  • 8.2.1 Market Trends
  • 8.2.2 Market Forecast
• 8.3 Industrial
  • 8.3.1 Market Trends
  • 8.3.2 Market Forecast

9 Market Performance of Key Regions

• 9.1 China
  • 9.1.1 Market Trends
  • 9.1.2 Market Forecast
• 9.2 United States
  • 9.2.1 Market Trends
  • 9.2.2 Market Forecast
• 9.3 Brazil
  • 9.3.1 Market Trends
  • 9.3.2 Market Forecast
• 9.4 Europe
  • 9.4.1 Market Trends
  • 9.4.2 Market Forecast
• 9.5 Argentina
  • 9.5.1 Market Trends
  • 9.5.2 Market Forecast
• 9.6 India
  • 9.6.1 Market Trends
  • 9.6.2 Market Forecast
• 9.7 Others
  • 9.7.1 Market Trends
  • 9.7.2 Market Forecast

10 Competitive Landscape

• 10.1 Market Structure
• 10.2 Key Players

11 Soybean Oil Processing

• 11.1 Product Overview
• 11.2 Detailed Process Flow
• 11.3 Various Types of Unit Operations Involved
• 11.4 Mass Balance and Raw Material Requirements

12 Project Details, Requirements and Costs Involved

• 12.1 Land Requirements and Expenditures
• 12.2 Construction Requirements and Expenditures
• 12.3 Plant Layout
• 12.4 Plant Machinery
• 12.5 Machinery Pictures
• 12.6 Raw Material Requirements and Expenditures
• 12.7 Raw Material and Final Product Pictures
• 12.8 Packaging Requirements and Expenditures
• 12.9 Transportation Requirements and Expenditures
• 12.10 Utility Requirements and Expenditures
• 12.11 Manpower Requirements and Expenditures
• 12.12 Other Capital Investments

13 Loans and Financial Assistance

14 Project Economics

• 14.1 Capital Cost of the Project
• 14.2 Techno-Economic Parameters
• 14.3 Product Pricing and Margins Across Various Levels of the Supply Chain
• 14.4 Taxation and Depreciation
• 14.5 Income Projections
• 14.6 Expenditure Projections
• 14.7 Financial Analysis
• 14.8 Profit Analysis

15 Key Player Profiles

• 15.1 Archer Daniels Midland Company
• 15.2 Bunge Limited
• 15.3 Cargill, Incorporated
• 15.4 Louis Dreyfus Company B.V.
• 15.5 Wilmar International Limited