The global soybean derivatives market size is anticipated to expand at a robust CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the rising economy coupled with increasing disposable income. Moreover, the growing adoption of soybean derivatives in the food & beverages industry and industrial applications is driving the market growth.
Soybean or soya bean is a species of legume native to East Asia, widely grown for its edible bean. Soybeans are used to produce various food products such as soy milk, from which tofu is made, an alternative for the vegan population for cottage cheese.
Soybeans can reduce the risk of a range of health problems, including cardiovascular diseases such as stroke, coronary heart disease (CHD), and some cancers, and can improve bone health. Soya chunks are made from defatted soy flour, a by-product of extracted soybean oil. It has a protein content, which is equivalent to the same quantity of meat. It is quick and easy to cook. Soybean seed treatment is an important factor to increase seed germination, crop establishment, and early-season vigor which ultimately aids in improving yields at harvesting. One can prepare many dishes using soya chunks, such as soya chunks curry, and kurma, and can add them to soups and stir-fries.
Soybeans are high in protein and a decent source of both carbs and fat. They are a rich source of various vitamins, minerals, and beneficial plant compounds, such as isoflavones. Regular soybean intake may alleviate the symptoms of menopause and reduce the risk of prostate and breast cancer.
Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for high-protein food is one of the major drivers that is contributing to the growth of the global soybean derivatives market.
- Increasing inclination toward a health-conscious diet is expected to augment the market growth.
- Allergies due to soybean derivatives can hinder market growth.
- The outbreak of COVID-19 has negatively impacted the soybean derivatives market. However, the market is anticipated to recover soon.
- Growing awareness about its benefits, the rising use of soybean to replace various milk-based products, and an increasing number of lactose intolerant people are expected to create opportunities for industry players during the forecast period.
Scope of the Soybean Derivatives Market Report
The report on the global soybean derivatives market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Soybean Derivatives Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Soy oil, Soy milk, Soy meal, and Others) and Applications (Food and Beverages, Feed, and Others)
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Regional scope
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North America, Latin America, Europe, Asia Pacific and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cargill, Incorporated, Archer Daniels Midland Company, CHS Inc., Bunge Limited, and Louis Dreyfus Company B.V.
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Soybean Derivatives Market Segment Insights
Soy oil segment to grow at a rapid pace
Based on types, the market is divided into soy oil, soy milk, soy meal, and others. The soy oil segment is anticipated to account for a key share and is expected to grow at a steady rate during the forecast period. Growing awareness among consumers regarding its health benefits such as reduction in obesity level and blood sugar levels and its wide application in various food products such as baked goods and snacks is driving the segment growth. However, the soy milk segment is expected to grow at a steady rate owing to the increasing number of lactose intolerant people across the globe.
Food & Beverages segment to account for a major market share
Based on applications, the market is divided into food & beverages, feed, and others. The food & beverages segment is anticipated to account for a major share due to rising demand for soy-based food products in breakfast or meals owing to their nutritional benefits. On the other hand, the feed segment is expected to grow at a substantial rate in the coming years.
Asia Pacific to account for a considerable market share
On the basis of regions, the market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is expected to hold a considerable market share owing to the rising consumption of soy meal and soy milk in India and China. Conversely, the market in North America is expected to grow at a healthy rate owing to the increasing number of people adopting a vegan diets.
Segments
The global soybean derivatives market has been segmented on the basis of
Types
- Soy oil
- Soy milk
- Soy meal
- Others
Applications
- Food and Beverages
- Feed
- Others
Key Players
- Cargill
- Incorporated
- Archer Daniels Midland Company
- CHS Inc.
- Bunge Limited
- Louis Dreyfus Company B.V.
Competitive Landscape
The major players of the market are Cargill, Incorporated, Archer Daniels Midland Company, CHS Inc., Bunge Limited, and Louis Dreyfus Company B.V.
Companies are focusing on innovation, expansion, and acquisitions to expand their market share.