Soybean Derivatives Market size is estimated to reach $293.72 Billion by 2025, growing at a CAGR of 7.79% during the forecast period 2020-2025. Soybean commonly known as glycine max, which is a type of legume mainly produced in East Asia. Soybeans are widely grown for their edible grains, which have a number of end uses. Also, fat-free soybean meal is a cheap source of protein for animal nutrition and also for the packaged meals. Soybeans contain large amounts of phytic acid, minerals, and vitamins. Vegetable soybean oil, mainly used in food and industrial applications. However, soybeans and their derivatives are used in food and in various industrial applications. The global soy derivatives market is driven by the primary use of soy derivatives in the food and beverage industry owing to increased protein consumption.
By Type – Segment Analysis
The global Soybean Derivatives market is segmented on the basis of type into Soybean, Soy Meal, Soy Oil, and others. The soy oil segment registers for the highest market share in 2019 and is set to continue for the forecast period (2020-2025) owing to the growing awareness among the consumers regarding its health benefits such as reduction of obesity and blood sugar levels and its wide application in various food products such as baked goods and snacks. Moreover, increased imports and innovations in this sector have further fueled the market growth.
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By Application – Segment Analysis
The global Soybean Derivatives market based on application has Feed, Food, and other Industrial Applications. The food segment registers for highest market share in 2019 and is set to continue for the forecast period (2020-2025). The segment is set to emerge owing to the rising consumption of protein along with easy availability of cheap source of high quality protein, rising number of preferences of processed food, surging levels of investment for the expansion of oilseed crushing ability. Growing demand for lecithin along with increasing applications of soy food in developing economies is set to stimulate the segment growth during the forecast period 2020-2025.
By Geography – Segment Analysis
The global Soybean Derivatives Market by geography had the dominant share in Asia-Pacific in terms of revenue in 2019 owing to the increasing demand for soybean derivatives, and increasing use of soybean products in countries in the region. However, North America is estimated to outpace all the regions by clocking the highest CAGR during the forecast period 2020-2025 owing to the abundant availability of soy crops, and rising demand from food & beverages industry for soybean derivatives in the region.
Drivers – Soybean Derivatives Market
Rise in Demand
The global soy derivatives market is driven by the primary use of soy derivatives in the food and beverage industry owing to the increased protein consumption. Soy derivatives are processed to make baked goods, sauces, bread, mayonnaise, and potato chips. The residual fibers obtained from the extraction of soybean oil are roasted and used to feed for farms, livestock, pigs and pets. As meat production increases and demand for animal protein products increases, the growth of the animal feed industry is estimated to stimulate business growth during the forecast period 2020-2025.
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Challenges – Soybean Derivatives Market
Low shelf life of Soybean Derivatives
The low shelf life of soybean derivatives, and high presence of unsaturated fatty acids in soybeans that are harmful to an individual health are the major factors restraining the growth of the global soybean derivatives market. However, the easy availability of substitutes such as bagasse and wood pulp, especially in industrial applications such as the production of biogas and bio-plastic is estimated to disrupt the market growth for the forecast period (2020-2025).
Soybean Derivatives Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Soybean Derivatives Market. Key companies of this market are Bunge Limited, CHS Inc, Ruchi Soya Industries Limited, AG Processing Inc, DuPont Nutrition and Health, Wilmar International Company, Noble Group Ltd., Archer Daniels Midland Company, Louis Dreyfus Commodities and Cargill Inc.
In February 2020, Bunge Loders Croklaan launches oil portfolio for plant-based meats at National Products Expo West’20. Producers of plant-based meat alternatives now have a new portfolio of products to help replicate the taste, texture, and cooking experience of meat.
In June 2019, Cargill and InnovaFeed have entered into a to bring sustainable and innovative feed options to the animal nutrition industry, which enables both partners to support the growth of sustainable aquaculture.
Geographically, Asia-Pacific’s Soybean Derivatives market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the increasing demand for soybean derivatives.
The increasing demand for soybean derivatives in the food and beverage industry owing to increased protein consumption is the key factor estimated to support growth of the target market during the forecast period (2020-2025).
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Soybean Derivatives Market report.
The low shelf life of soybean derivatives, and high presence of unsaturated fatty acids in soybeans that are harmful to an individual health are anticipated to hamper the market growth.
Related Reports :
A. Soy Protein Market
B. Soybean Oil Market
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