Global Soybean Derivatives Market To Grow At A CAGR Of 7.71% During The Forecast Period

The global soybean derivatives market size was worth around USD 191 billion in 2021 and is predicted to grow to around USD 346.91 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.71 % between 2022 and 2030.

Soybean is a legume from the Glycine max family and is also called soybean in many countries. It has gained massive popularity due to its richness in polyunsaturated oil and because it is a great source of plant-based protein. The demand for soybean and its derivatives witnessed exponential growth mainly after World War II. For the population that does not consume any form of meat, soybean can provide essential amounts of Omega-6 and Omega-3 fatty acids.

Direct food applications of the legume include the production of tofu and soya milk whereas in the fermented form it can be used as sauces or paste amongst other products. Like other legumes in the market, soybeans are capable of fixing atmospheric nitrogen owing to the presence of symbiotic bacteria. More than 56% of the soybean content is made of soybean oil and protein. Generally, healthy soya beans contain 35 to 40% of protein when dried and 18 to 20% of triglyceride. During soybean processing, they are first dissolved in solvents to extract the vegetable oil which is further used to create animal feed.

The global soybean derivatives market is projected to grow owing to the high application of soy derivatives in the animal feed sector, one of the fastest-growing industries. As estimated more than three-fourths of the total soy produced in the world is used to produce animal feed. As the demand for meat and meat-based products grows, the demand for soybean derivatives is projected to grow simultaneously.

Even though there is a growing shift in consumer preference towards non-meat food products, there is still a large section of the population that consumes some form of meat. As per a Statista report, more than 328 million metric tons of meat were consumed in 2021. 86% of the people surveyed across 39 countries accepted that meat was an important part of the diet. The growing fast-food industry, one of the biggest sellers of meat-based products, is a major reason for the demand for animal fodder since animals are bred on farms in large quantities.

The global market growth may be disturbed owing to the high cost of input materials. Price of soybean oil has reached new heights owing to the sudden increase in demand for the product for industrial applications and in the food industry. This has hampered the supply and demand chain and is currently one of the major challenges faced by the global market players.

Increasing applications of soybean derivatives to produce biodiesel may provide growth opportunities while controlling weed in soybean is a major challenge for the global market players.

The global soybean derivatives market is segmented based on application, processing, product type, and region.

Based on processing, the global market divisions are enzyme, acid, water, and others. In 2021, the global market witnessed the highest revenue in the enzyme sector. Some of the most commonly used enzymes are soy peptone. However, hydrolysis, the use of water to chemically break down a compound, also followed closely. Hydrolysis of soybean is generally carried out with papain, pepsin, and alcalase as they are the most effective. The proteolytic activities of papain are around 95.9%, while that of pepsin and alcalase are around 100%.

Based on product type, the global market divisions are soy oil, soy meal, soybean, and others. Soy oil was the most dominating segment in the global market during 2021 due to increasing product adoption as a cooking oil. More than 96% of soybean oil produced for commercial purposes is used in cooking including margarine and salad dressings. Since it also has industrial applications, the product witnessed higher demand. Unrefined soybean oil also known as crude oil is used in industries as it is used as a solvent by extracting it using chemical and mechanical methods.

North America is projected to lead the global soybean derivatives market owing to the high demand for these compounds in the animal feed sector which is further propelled by a large number of meat-consuming populations. In countries like Mexico, Brazil, the US, and Canada, meat is a staple in different forms. American citizens are known to consume more than 250 pounds of meat annually as per a recent survey by Ipsos, almost 89% of the respondents include meat in their diet. Asia-Pacific may register a high CAGR since soybean is indigenous to East Asia and hence has a large market for the products derived from soy. China and India. This may lead the regional market growth as they rank at the fourth and fifth position respectively in the list of the world's largest producers of soy. The growing application of soy derivatives in the cooking sector may generate higher revenue.

This review is based on a report by Zion Market Research, titled “Soybean Derivatives Market By Application (Food, Feed, and Others), By Processing (Enzyme, Acid, Water, and Others), By Product Type (Soy Oil, Soy Meal, Soybean, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/soybean-derivatives-market

Recent Developments:

• In April 2021, ADM announced the construction of a new soy-crushing unit in North Dakota
• In March 2021, Cargill Inc. announced the company’s plan to upgrade its soy processing operation by an estimated USD 475 million

The global soybean derivatives market is led by players like:

• Cargill Inc.
• Bunge Limited
• Wilmar International Company
• Ruchi Soya Industries Limited
• Archer Daniels Midland Company
• DuPont Nutrition and Health
• AG Processing Inc
• Louis Dreyfus Commodities.

The global soybean derivatives market is segmented as follows:

By Application

• Food
• Feed
• Others

By Processing

• Enzyme
• Acid
• Water
• Others

By Product Type

• Soy Oil
• Soy Meal
• Soybean
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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