Description

Introduction to Global Soybean Derivatives Market – Industry Analysis, Forecasts and Opportunity Assessment (2017-2023)

Soybean is a good source of protein for animal feeds as well as a few packaged meals. A notable rise in public awareness regarding the health benefits of soybean over the past few years has impacted the demand for soybean derivatives considerably. Soybean derivatives are processed to manufacture baked goods, salad dressings, breads, sauces, potato chips and mayonnaise. After the soybean oil extraction is done, the leftover fiber is baked and used in manufacturing feed for swine, bovine, pets and aquaculture. They are also used in producing biodiesels, bioplastics, coatings and paints. Soybean derivatives possesses properties such as excellent elasticity, good corrosion resistance, good insulation and good surface quality. Thus, they are used for insulation to avoid heating and cooling costs. It has a tremendous impact on the food and beverage industry.

Market Dynamics

The global soybean derivatives market is expected to grow to an estimate of US $265.54 Billion at a CAGR of 7.9% in 2022 from US $180.3 Billion in 2017. Growing population and changed lifestyles have led to increased consumption of processed foods which has been a major driver for soybean derivative market. Huge demand coming from Animal Feed industry also has spurred growth of this market. Rising economy, growing influence of west and increased disposable income have further improved the demand for soybean derivatives. Volatility in crude oil prices and rising environmental apprehensions has shifted trends towards naturally derived products. The increasing scarcity of natural resources such as wood across the globe is creating an increased demand for soybean derivatives in the production of bio-composites.However, substitutes like wood pulp and bagasse can be a major restraint for global soybean derivatives market.

Market Segmentation

Based on type, the soybean derivative market is segmented into Soybean, Soy meal and Soy Oil. Soy Meal is further segmented into soy protein concentrate and soymilk. Soy Milk segment is currently the largest market and is expected to grow as a result of increased demand from food and processing industries.Based on application, it is segmented into three types: feed, food and others (bio diesel, soy crayons, lubricants, adhesives).On basis of lecithin processing, it is classified into water, acid and enzyme.

Geographic Analysis

The Global Soybean Derivatives market is currently dominated by the Asia-Pacific region, China being the major contributor owing to rising domestic consumption for soybean derivatives.Also the regulatory inclination towards bioplastic in countries like Japan and Thailand would lead to increased demand in the region. North America closely follows in soybean derivative applications due to high amounts of processed food consumption in USA. Middle eastern countries are also expected to generate significant demand for soybean derivatives.

Key Players

Some of the key players in the Industry are Bunge Limited, Cargill Inc., Archer Daniels Midland Company, Louis Dreyfus Commodities, Noble Group Ltd. and Wilmar International Company.