Soybean Derivatives Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Soybean Derivatives Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The soybean derivatives market is expected to record a CAGR of 5.76% during the forecast period (2022-2027).

The rising demand for high protein food due to the increased consumer health consciousness may foster the market’s growth over the short term. Meanwhile, soybean derivative suppliers continue to make significant changes to address food manufacturers' functional and performance needs. Soy ingredients deliver value in nutrition, function, and cost and position flexibility in organics, general wellness, nutrient content, and health claims.

Geographically, Asia-Pacific dominates the soybean derivatives market, followed by North America. Europe is expected to have the fastest growth in the market.

Soybean Derivatives Market TrendsIncreased Demand for Plant-based Protein

Consumer tastes are shifting toward a more nutritious diet focusing on a more sustainable lifestyle and less reliance on animal proteins. According to the Veganz study, 23% of Europeans are flexitarian. Among the 23%, most (57%) want to become vegetarians, while 8% hope to adopt a vegan diet. At the country level, major European countries with flexitarian eaters are Austria (31.8%), Germany (30%), and Portugal (28.6%), with major drivers being health and sustainability. This shift from traditional animal-based products to organic and plant-based food items as an optimum dietary option is paving the way for the soybean derivatives market globally. Consumer acceptance of plant-based foods and drinks increased in recent years due to a broader range of product availability, enhanced product development and innovation in plant-based proteins, and a wider range of accessible alternatives and replacements. For instance, the US retail sales of plant-based foods grew by 27% in 2020, bringing the market value to USD 7 billion, according to data from the Plant-based Foods Association and The Good Food Institute, Washington.

North America to Drive the Global Market

North America is a leading producer and exporter of soybean in the world. The driving factors for soy protein ingredients in North America are the changing food consumption patterns and food requirements and inclination toward vegetarian products for protein sources. Moreover, as per the data released by the Soy Nutrition Institute, United States produces about one-third of all soybeans in the world, followed closely by Brazil and Argentina. This factor is increasing the scope for further production of soy ingredients in the country. The production of soy protein-based products, particularly beverages made from soy, is growing rapidly in the health food industry.

Soybean Derivatives Market Competitive Analysis

The soybean derivatives market is highly competitive, with the presence of a large number of domestic and multinational players competing for market share. Product innovation is a major strategic approach adopted by leading players. Additionally, mergers, expansions, acquisitions, and partnerships are common strategies adopted by companies to expand their presence and boost the market. The key players in the soybean derivatives market include Cargill Incorporated, Archer Daniels Midland Company, CHS Inc., Bunge Limited, and Louis Dreyfus Company BV.

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