Soy Derivatives Market Overview:
Soy derivatives are products sourced from raw soybeans. These derivatives include soy protein, soy meal, soy oil, and soy milk. These products find substantial traction from various end-user industries like animal feed, food & beverage, and personal care that can influence the market growth in the coming years.
The Soy Derivatives Market is projected to grow from $216.42 Billion in 2021 to $344.08 billion in 2028 at a CAGR of 6.11% in the forecast period 2021-2028. Market Research Future (MRFR) makes an additional claim that ensures better market growth of the product in the coming years.
Features like its functional benefits, high protein content, and others are expected to provide the soy derivatives market strong ground. The increasing risk of obesity is also making a large number of people adopt soy derivatives. It has evolved well as an alternative of meat, which makes it popular among vegans and vegetarians. The animal feed industry is also gaining traction from the soy derivatives market. But the ethical and legal concern related to genetic modification of soybean can be taken as a market deterrent.
Segmentation:
The global soy derivatives market, as per the analysis of MRFR, can be segmented on the basis of type, category, and application. Such a segmentation focuses mostly on various factors that can inspire the recent market growth.
By type, the soybean derivatives market can be segmented into soy meal, soy oil, soy lecithin, soy protein, soy milk, and others. The soy protein segment includes soy protein isolates, soy flour, and soy protein concentrates.
Based on the category, the global soy derivatives market can be segmented as conventional and organic. The organic segment is gaining grounds owing to strong traction provided by recently growing health consciousness.
Based on the application, the global soy derivatives market can be segmented into personal care, pharmaceuticals & nutraceuticals, food & beverage, animal feed, and others. The food & beverage segment includes bakery and confectionery, beverages, RTE & RTC food, and others.
Regional Analysis:
North America, South America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are regions that have been included in the global study of the soy derivatives market. This region-specific analysis can gain significant traction owing to its focus on demographic challenges that can provide better analytical report to bolster future market plans.
North America & Europe are quite aggressive in their production of soy derivatives owing to the growing number of vegans in the region. Superior farming technology and better data regarding the soy derivatives are expected to promote the market in these regional spheres. At the same time, several other countries are expected to launch their own strategies to cement their market growth and intensify production rate to maintain the growth rate of the market. The US, Canada, and others are significant contributors from these two regions.
The APAC market is expecting strong growth in the coming years owing to the demand generated by countries like China and India where a huge population is now leaning towards soy beans for production of various derivatives. These countries are expected to promote the market in the coming years. In South America, Brazil is expected to make strong grounds for itself.
Competitive Landscape:
Companies are taking many initiatives in taking the global Key Soy Derivatives Market Players forward. These companies are implementing various market strategies like merger, acquisition, collaboration, and others to gain grounds in the global soy derivatives market. These companies are Ruchi Soya Industries Ltd (India), Cargill Inc. (US), CHS Inc. (US), Noble Group Ltd (Hong Kong), Dupont Nutrition and Health (US), Archer Daniels Midland Company (US), Wilmar International Ltd (Singapore), Louis Dreyfus Company BV (Netherlands), Bunge Ltd (US), and AG Processing Inc. (US). MRFR profiled them for a better understanding of trends that can inspire market movement in the coming years.
As per the recent progresses in the global market, the ensuing trade war between China and the US is making China look for soybean from other countries beyond Brazil. Brazil is their biggest supplier at the moment, but the supply would not be enough.
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