Soybean is a rich source of protein for some packaged foods and animal feed. Significant increases in public awareness of the health benefits of soy in recent years have dramatically affected demand for soybean products. Soybean is used in bakery products, mayonnaise, wraps, chips, breads, sauces, and others. The market is driven mainly by the growing demand for protein-rich foods, which raises awareness of consumer health. In addition, its significant impact not only on the food and beverage industry, but also on other industrial applications, improves the market’s growth rate. In addition, economic growth and disposable income are other factors that contribute to market growth. Soybean derivatives have properties such as excellent elasticity, good corrosion resistance, good insulation and good surface quality. Therefore, they are used as insulation to prevent heating and cooling. It has a major impact on the food and beverage industry.
Recently, in April, 2021, according to a report by the United States Department of Agriculture (USDA) Global Agriculture Information Network (GAIN), Mexican soy production is likely to increase again as a result of the increase in planting in 2021-2022. The USDA predicts that by 2021-2022, the country’s total soybean production will reach 5.1 million tonnes, reflecting the projected growth in livestock production.
The global soyabean derivatives market is majorly diversified based on type, application, processing, and regions. Based on type, the global market for soybean derivative is classified into Soy meal, Soybean, and Soy Oil. By application, it is bifurcated into food, feed, and others. Further, depending on lecithin processing, it is divided into enzyme, water, and acid.
Asia-Pacific leads the global soybean derivatives market, followed by North America. Europe is set to emerge witnessing the fastest growing market. North America is expected to show lucrative growth prospects owing to high use of soybean derivatives and consumption of processed foods in the United States. Middle Eastern countries are also poised to create significant demand for soybean products.
Key players driving the growth of the global soyabean derivatives market though their product development and business strategies include Archer Daniels Midland and Company, AG Processing Inc., Bunge Ltd., CHS Inc., Cargill, Incorporated, Du Pont Nutrition and Health, Ruchi Soya Industries Limited, Louis Dreyfus Commodities B.V., Wilmar International Limited, and Noble Group Ltd., among others. The global market for soybean derivatives is highly competitive, with a large number of national and multinational players competing for market share and product innovation, which is an vital strategic method for key players.