According to our research study, the Soybean Derivatives Market is expected to reach over by 2028, growing at a CAGR of over 2022 to 2028. The rising global population and advancing urbanization and end-use enterprises, growing demand for biodegradable and sustainable goods are factors that are fuelling the growth of the global Soybean Derivatives market. It is becoming a sustainable solution in the production of biodiesels and evolving as an alternative for petrochemicals. Biodiesel is a potential end-use component f because of its harmfulness and great consistency index, soybean derivatives are used in the manufacturing of oils for the automotive sector. Soybean derivative has shown a growing market in the production of bio-based plastics, washing agents, coatings, crayons, aromatized candles, and paints.
- The soy oil segment is projected to grow at a substantial CAGR over the forecast period owing to the increasing adoption and demand from the global food and feed industry in the past few decades.
- The feed industry segment held a significant market share in 2021. This share is due to the rising investments utilized in the production of feed animal feed enterprise growth on account of growing meat production and rising market for animal protein goods is anticipated to boost market demand over the forecast period.
- projected to hold the largest market share in 2021. This is attributed to the rising demand for soybean derivatives in developing economies such as China and India.
Some of the key players in the Soybean Derivatives Market include - .
Customer preference for more nutritious foods has directed to the need for soybean derivatives like soy milk, soy oil, and others. It is growing significantly due to the rise in cognition among customers about its fitness benefits such as decrease of obesity and diabetes and its broad use in various food goods such as baked food and snacks. ADM extended its traditional and non-GMO soybean production capabilities to satisfy the growing market for non-GMO and high-protein soybean meal.
North America is projected to hold a significant share owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. The increasing residents are driving the growth of these segments and it will increase soybean derivative and plays a very significant role in the global food and feed enterprise due to its high nutritional attributes and the broad range of usage in the food and feed enterprises.
COVID Impact Analysis
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages 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. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.
Recent Developments: -
April 2021 - Nestle launched a dairy-free plant version of Milo in the Asian market. Thus, product substitutes milk with other derivatives such as almond and soy.