As per a new market study by Persistence Market Research, the global soybean by-products market is set to witness acceleration at a CAGR of 6% and close in on a valuation of US$ 278 Bn by 2031.
Soybeans can be processed into a variety of useful, adaptable, and functional culinary ingredients. Crude and degummed soybeans are refined, filtered, and decolorized to remove any free fatty acids, soaps, and residual gums before using them in food applications. Decolorized oil has a variety of applications in salad dressings, shortenings and margarine, biscuits, cookies, bread, chocolate products, candy coating, and a few other low-temperature uses. The white flakes left over from the oil extraction process are further processed to make soy isolates and concentrates.
These isolates and concentrates have different functional properties such as emulsifying, water-binding, and tailored gelling. Soybean flour is also an important ingredient that is widely used in bakery products as a functional component as well as a source of protein.
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Last but not least, increasing veganism and preference for organic products among consumers are providing growth opportunities to market players. As such, manufacturers are looking at different ways to increase their sales and profit margins across geographies.
Key Takeaways from Market Study
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“Soybean by-products are gaining popularity in animal feed, food processing, and food service industries, as they offer many nutritional benefits. Rising demand for plant-based food products will offer lucrative opportunities to manufacturers of soybean by-products,” says a Persistence Market Research analyst.
Manufacturers of soybean by-products are expected to invest in mergers and acquisitions to expand their product range. They are continuously putting efforts into increasing sales across different end-use industries by investing in research & development programs.
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