Growing demand for organically produced foods is growing rapidly which is influencing higher demand of organic soybean. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on ‘Global Organic soybean Market Research Report- Forecast to 2022’ that the market will demonstrate an exceptional CAGR of 9.35% during the forecast period.
Organic soybean is one of the original source of nutrition which offers tremendous health benefits. It is an inexpensive, high-quality, vitamin and mineral-rich plant protein with lots of soluble fiber, plant-based omega-3 fatty acids, and a wealth of disease-fighting phytonutrients. Evolving consumer buying habits, growing consumers concerns regarding health, the environment, and animal welfare, along with their willingness to pay premium price for healthy food is fuelling the demand for organic soybean in developing nations. Even at the global level, market is driven by factors such as increasing consumer awareness towards organic benefits associated with its consumption, adoption of organic farming methods, and implementation of organic regulations. The presence of organic food & beverages has increased over the years in conventional food supply chains due to the development of private labels.
Also, government authorities, NGOs and farmer organizations in developing countries are promoting organic farming by financial support, market information, and trends in organic food market. Developing countries are providing subsidies to small farmers for organic farming. NGOs, farmer organizations, traders are conducting training programs to encourage farmers for adopting organic farming. Moreover, manufacturers invest in research and technical development and investigative activities to improve existing products and procedures in order to develop new products. Traditional farming, conventional farming equipment and practices have reached their limits of effectiveness to increase agricultural yield.
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Due to complex certification process, the product launch in the organic soybean market has been limited. Major companies are investing into R&D in the organic soybean market to sustain competitive advantage. Efforts have been taken to develop the necessary infrastructure for continued growth in the market. Key players are focusing majorly on acquisition of small players to expand their business and penetrate the global organic soybean market. Expansion is also one of the key strategies followed by acquisition. Expansion will help in capturing the major market and increasing the production capacity to meet the rising demand from consumer’s end thereby further contributing to increasing revenue.
The key players profiled in Organic soybean are as Sapthsathi Organic Agriculture project (SOAP) (India), Soni Soya Products Pvt Ltd (India), Shanti Worldwide Private Limited (India), Divine Soya & Agro Food Private limited (India), Radiance Overseas (India), Ruchi Soya Industries (India), AFG Brasil S/A (Brazil), Simmons Grain Company (U.S.), and Grain Millers Inc. (U.S.) among many others.
The global Organic soybean market has been divided into type, application, and region.
On The Basis of Type: Whole, Ground, and Others
On The Basis of Application: Cooking/Culinary, Dietary supplements, and Others
On The Basis of Region: North America, Europe, Asia Pacific, and ROW.
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The global Organic soybean market is segmented into North America, Europe, APAC, and Rest of the World. In the global organic soybean market, Latin America is dominating among all the regions followed by North America. However, Asia Pacific is projected to be the fastest growing region at a CAGR of 9.55% over the forecast period. Growing popularity of organic soybean owing to their high protein value and consumption as protein supplement is supporting its market growth on the global level. Rising health awareness and increasing health concerns have been playing a key role in the organic soymeal growth from the last few years.