Global Soybean Derivatives Market - 2022-2029

Global Soybean Derivatives Market - 2022-2029

Market Overview

The global soybean derivatives market valued USD xx million in 2021 and is forecast to reach USD xx million by 2029, growing at a CAGR of xx% during the forecast period (2022-2029).

Soybean derivatives are a rich source of various vitamins and minerals and high in protein food for vegetarians and vegan consumers. Soybean derivatives are rich in protein, nutrition, healthy fats, and many other ingredients. Soybean derivatives are the least expensive sources of dietary supplements. Apart from the food industry feed industry is one of the largest end-use segments in the global soybean derivatives market. Full fat soybean derivatives, soybean meal, soybean protein concentrations, soybean oil, and other derivatives are used in animal feed, which has a growing demand for the soybean derivatives market.

Market Dynamics:

The growing demand for biodiesel fuel production to exterminate net emissions has increased the demand for soy derivatives

The demand for bio-fuels and bio-diesels has been growing rounds in the world community. According to the United Nations, more than 130 countries are set to target reducing emissions to net zero by 2050. Biodiesels and fuels are extremely important for trucking, shipping, and aviation with few other low-carbon technology options. Furthermore, recommendations from various agencies and other mounting global pressures would aid the market growth. For example, in Brazil, the National Petroleum reduced the biodiesel blending mandates to 10% from earlier 13%. While Indonesia would introduce 40% biodiesel blending mandates from 2022/23. Additionally, Europe’s Fit for 55 packages has set a target of 13% decline in GHG intensity of transport fuels by 2030, and raises that 28% of the transport fuels would be renewable. Moreover, the energy independence and security act (EISA) expanded the renewable fuel standard to increase biofuel production to 36 billion gallons by 2022.

Moreover, rising the vegan population and adoption of plant-based products have increased the demand for soy derivatives. Consumer preferences for health, ethics, and sustainability drive a massive shift towards plant-based products. Soy milk is plant-based. It's naturally dairy-free, making it vegan-friendly, meaning it's suitable for vegans. The milk obtained is free from cholesterol and is extremely low in saturated fats. In 2021, the UK was the most populated country for veganism, according to google trends, followed by Germany and Austria. In a 2021 global survey conducted by NSF, 88% of food industry practitioners said they expect demand for plant-based products to increase, 74% of consumers choose plant-based for a healthier lifestyle, and 60% believed it's more environmentally friendly. As a result of the transition toward a plant-based diet, consumers are looking for plant-based protein supplements, which bodes well for plant-based beverage manufacturers in the long run.

Market Segmentation:

The feed industry held the highest market revenue share of xx% in the year 2021

Based on the application, the feed industry held a dominant market share in 2021. The feed industry held highest share owing to the nutritional profile of soybean, with around nine essential amino acids, which allows for greater use in animal feed/ livestock demands. It is used for surplus fiber in the production of feed for cattle, pigs, and farms. As per WWF, almost 80% of the world’s soybean crop is fed to livestock, especially beef, chicken, egg, and dairy production (milk, cheeses, butter, yogurt, etc). Soy production has doubled over the past two decades.

Based on product type, soybean oil is expected to have a dominant market share in 2021. Soybean oil is a good option for high-heat cooking methods like roasting, baking, frying, and sauteing, as it can withstand high temperatures without breaking down. Soybean oil has a relatively high smoke point, making it a good option for high-heat cooking. As per, USDA, the US supply of soybean oil for 2021 is 26.2 billion pounds.

Geographical Penetration:

North America is expected to dominate the global soybean derivatives market in the year 2021

Consumption and production have been a prevalent reason for soybean within the US. Additionally, the U.S. has been a prime consumer, with around 31 kg/per person being the natural demand for soybean. Moreover, as per the data released by Soy Nutrition Institute, the United States produces about one-third of all soybeans in the world, followed closely by Brazil and Argentina. This is increasing the scope for further production of soy ingredients in the country. Additionally, the increasing consumer shift towards a vegan or vegetarian diet, the rising number of lactose-intolerant people, and continuous innovation in the industry are anticipated to support the steady growth of the American market.

Competitive Landscape:

Some of the key players in the soybean derivatives market include Cargill, Inc., Bunge Limited, Archer-Daniels-Midland Company, CHS Inc., AG Processing, Inc., and DuPont Nutrition and Health. The soybean derivatives market is highly competitive, with many domestic and multinational players competing for market share and innovation in products being a major strategic approach adopted by leading players. For instance, in April 2021, ADM announced that it would build new Soy Crushing Facility in North Dakota. The said move has taken place to meet the ever-increasing demand for renewable products. Company further said that the move was much needed owing to fast growing demand from food-feed-industrial-biofuel customers. The company further said that it would invest $350 million crush and refining complex, which would feature state-of the art technology and will have the capacity to process up to 150,000 bushels of soybean per day.

In March 2021, Cargill announced that it would upgrade soy processing operations by investing $475 million. Once completed, the company estimates the $475 million in investments will improve operational efficiencies, while also increasing capacity—by 10% in one location and doubling capacity in another, to better meet growing demand for U.S. soy products. With such hold on the market, Company estimates that it would better the access of soybean to feed stocks.

COVID-19 Impact:

Negative impact on the global soybean derivatives market

The covid-19 outbreak has affected various manufacturing and farming industries worldwide. Governments implemented strict lockdown measures and social distancing norms across the world to restrict the swift spread of the pandemic. Most of the manufacturing facilities worldwide were shut down during the initial period of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the soybean derivatives market. Hence, market players faced numerous challenges as disruptions in the market's supply chain. However, things will improve in the initial period of 2022 as more supplies come online.

Why Purchase the Report?

Understand the current market scenario and viability of global soybean derivatives over the forecast period

Visualize the composition of the global soybean derivatives market in terms of a product type, application, and lecithin processing to identify major players, growth potential, and market strategies

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global soybean derivatives market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market share analysis covering business revenues ($) and revenue share (%) of key market players

The global soybean derivatives market report would provide an access to approximately 61 market data tables, 57 figures, and 180 pages

Target Audience:

Plant-Based Food Manufacturers

Food and Beverages Manufacturers

Education & Research Institutes

Research Professionals