Soy Derivatives Market
Growth Factors of Soy Derivatives Market
The soy derivatives market size was valued at USD 244.82 billion in 2023, and the market is now projected to grow from USD 261.33 billion in 2024 to USD 461.74 billion by 2032, exhibiting a CAGR of 7.37% during the forecast period of 2023-2030.
Staff shortages and logistic restrictions have harmed the crushing, transport, and export of the crop. The pandemic changed consumer behavior that affected demand for soy-based products. There was an early increase in demand for plant-based proteins and pantry staples. The foodservice and hospitality experienced decreased demand for the products. The lesser number of COVID-19 cases and execution of subsequent strategies by government and non-government organizations propelled the market growth. The COVID-19 pandemic has slightly impacted the soy derivatives market growth due to the demand for vegan products.
The soy derivatives market share globally has been contributed due to the increasing livestock production to stimulate product demand. Soybean is a plant-based protein source to increase the nutrition of the community and is safe for health. It is also relatively low-priced compared to the source of animal protein. Soybean is one of the few complete proteins with nine essential amino acids. These benefits are drawing attention of end-consumers and consequently boosting the market expansion.
The reinforcement of products is the trend which is boosting the market growth. Conventional soy by-products have nutritional properties and some health benefits. The increasing interest of companies in the fortification and addition of functional ingredients are influencing customers to choose these products. Prepared foods have higher protein than basic nutrition and may play a critical role in reducing the risk of certain diseases.
Comprehensive Analysis of Soy Derivatives Market
The soy derivatives market and food & beverages industry is rising at an exponential rate due to its market segmentation. This market growth effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the food processing & processed food industry. These segmentations are methodically segregated by type and application. The by type comprises soy meal, soy oil, soy milk, soy flour, and others. However, the application segment contains animal feed (poultry, swine, and others), food (baked goods, meat alternatives, and others), and others.
The Asia Pacific region is conducive to the global soy derivatives market, leading to a recall of USD 111.31 billion because of the rising demand for poultry and other meat. This demand is coupled with the rapid urbanization, increasing household income, and the rising spending on plant-based food products have increased demand for the product and impelling the market expansion.
The top players in the market play a vital role in the food & beverages industry assuring industrial prospectus growth and setting market values. These players are Archer Daniels Midland Company (Illinois, United States), Cargill Incorporated (Minnesota, United States), CHS Inc. (Minnesota, United States), Bunge Limited (Missouri, United States), Louis Dreyfus Company B.V. (Netherlands), Wilmar International Ltd. (Singapore), AG Processing Inc. (Nebraska, United States), DuPont Nutrition and Health (Delaware, United States), Noble Group (Hong Kong), and Tyson Foods (Arkansas, United States), these market players provide a level-playing competitive landscape.
In October 2023, Louis Dreyfus Company (LDC) declared the construction of a soybean processing unit in Upper Sandusky (OH) to crush nearly 1.5 million metric tons of soybeans yearly. This project will integrate crushing, vegetable oil refining and lecithin production and packaging capabilities.
Segmentation Table
Global Soy Derivatives Market Scope
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Growth Rate CAGR of 7.37% from 2024 to 2032
Segmentation By Application
- Soy Meal
- Soy Oil
- Soy Milk
- Soy Flour
- Others
By Type
- Animal Feed
- Food
- Baked Goods
- Meat Alternatives
- Others
- Others
By Geography
- North America (By Type, Application, and By Country)
- The U.S. (By Type)
- Canada (By Type)
- Mexico (By Type)
- Europe (By Type, Application, and By Country)
- The U.K. (By Type)
- France (By Type)
- Italy (By Type)
- Germany (By Type)
- Denmark (By Type)
- Rest of Europe (By Type)
- Asia Pacific (By Type, Application, and By Country)
- China (By Type)
- India (By Type)
- Japan (By Type)
- Australia (By Type)
- Rest of Asia Pacific (By Type)
- South America (By Type, Application, and By Country)
- Brazil (By Type)
- Argentina (By Type)
- Rest of South America (By Type)
- Middle East and Africa (By Type, Application, and By Country)
- South Africa (By Type)
- Saudi Arabia (By Type)
- Rest of ME&A (By Type)
Please Note: It will take 5-6 business days to complete the report upon order confirmation.