New York, United States, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The Global Soybean Derivatives Market Size is to Grow from USD 268.4 Billion in 2022 to USD 539.9 Billion by 2032, at a Compound Annual Growth Rate CAGR of 7.24% during the projected period.
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The increase in the vegan lifestyle is predicted to drive future market growth for soybean derivatives. The population of vegans is the group that eats vegan food. Since soybean is a great source of protein and has strong nutritional values, much like non-vegetarian meals, the vegan community Favors soybean products for supplying those essential properties.
The demand for soybean edible bean, which has many applications, has a significant impact on the production of soybeans. To generate soy milk, which is later utilized to make tofu or tofu skin, soybeans can be deployed unfermented. Once the legume has undergone fermentation, it is used to create fermented bean paste, tempeh, soy sauce, natto, and other items. Defatted or fat-free soybean is popular among vegan or vegetarian food consumers due to its extensive low-cost availability and high protein content. Soy is a rich source of phytic acid, vitamin B, and nutritional minerals. Vegetable oil made from soy has industrial uses in addition to culinary ones. From the seed stage to the mature plant stage, soybean goes through a number of morphological changes, just like other plants.
COVID 19 Impact
The COVID-19 epidemic has affected a lot of enterprises globally. In order to contain the progress of the pandemic, governments all around the globe adopted very strict restrictions and social isolation standards. During the early phases of the pandemic, factories all across the world were shut down. The commercial launch of the soybean derivatives market may also be significantly delayed as a result of the economic turmoil that followed the outbreak. the backbone of technology providers, small and medium-sized businesses, have experienced a significant immersion in income since the pandemic's appearance in 2020. As a result of the supply chain disturbances, market participants faced several difficulties. However, conditions will improve as new supplies start to flow in during the second half of 2022.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on the "Global Soybean Derivatives Market Size, Share, and COVID-19 Impact Analysis, By Type (Soy Meal, Soy Oil, Soy Milk, Soy Flour), By Lecithin Processing (Water, Acid, Enzyme), By Food (Protein, Fat, Fiber), By Application (Food & Beverages, Feed Industry, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The soy meal segment dominates the market with the largest revenue share over the forecast period
On the basis of type, the global soybean derivatives market is segmented into soy meal, soy oil, soy milk, and soy flour. Among these, the soy meal segment is dominating the market with the largest revenue share of 71% over the forecast period. In recent years, demands for low-cost meat and dairy products have expanded at the same time with the demand for soy meal as a widely expanding and high-protein food for animals.
The water segment is witnessing significant CAGR growth over the forecast period.
On the basis of lecithin processing, the global soybean derivatives market is segmented into water, acid, and enzyme. Among these, the segment is witnessing significant CAGR growth over the forecast period. Water is primarily used in the extraction of lecithin from soybean derivatives. since soy is not water-soluble.
The protein segment is expected to hold the largest share of the global soybean derivatives market during the forecast period.
Based on the food, the global soybean derivatives market is classified into protein, fat, and fiber Among these, the protein segment is expected to hold the largest share of the cold storage market during the forecast period. Protein maintains muscle health and promotes muscle development. used to build and repair tissues as well.
The food& beverage segment accounted for the largest revenue share of more than 53% over the forecast period.
On the basis of application, the global soybean derivatives market is segmented into the food & beverages, feed industry, and Others. Among these, the food& beverage segment dominates the market with the largest revenue share of 53% over the forecast period. The production of processed foods like chocolate, ice cream, and baked goods will definitely increase the usage of soy oil for cooking and other soy derivatives like soy flour.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 62% market share over the forecast. Rising family income, increased demand for chicken and other meat, and growing plant-based food consumption in the Asia Pacific have all increased demand for the product. Local businesses are working to strengthen their standing in the Asian market by expanding their product offerings.
North America, on the contrary, is expected to grow the fastest during the forecast period. A growing population, a booming food and beverage industry, technological improvements in lightweight solutions, and rising recycling and sustainability awareness. Europe market is expected to register a substantial CAGR growth rate during the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global soybean market include Archer Daniels Midland Company, Wilmar International Ltd., AG Processing Inc., DuPont Nutrition and Health, Noble Group, Tyson Foods, Cargill, Incorporated, CHS Inc., Bunge Limited, Louis Dreyfus Company B.V. and others.
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Recent Developments
- In November 2022, Owensboro Grain Company was bought for an unknown value by a US-based food corporation called Cargill. With this acquisition, Cargill expanded the size of its soybean processing facility. The market for soybean derivatives is serviced by a company situated in the US named Owensboro Grain Company.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global soybean derivatives market based on the below-mentioned segments:
Soybean Derivatives Market, Type Analysis
- Soy Meal
- Soy Oil
- Soy Milk
- Soy Flour
Soybean Derivatives Market, Lecithin Processing Analysis
- Water
- Acid
- Enzyme
Soybean Derivatives Market, Food Analysis
- Protein
- Fat
- Fiber
Soybean Derivatives Market, Application Analysis
- Food & Beverages
- Feed Industry
- Others
Soybean Derivatives Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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