Soybean Derivatives Market Analysis 2024 – Estimated Market Size And Key Drivers

The Soybean Derivatives by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Soybean Derivatives, The soybean derivatives market size has grown strongly in recent years. It will grow from $277.93 billion in 2023 to $300.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%.  The growth in the historic period can be attributed to agribusiness expansion, rising protein demand, health awareness, food industry applications, government support, soybean oil demand.

The soybean derivatives market size is expected to see strong growth in the next few years. It will grow to $417.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.  The growth in the forecast period can be attributed to clean label products, plant-based meat industry, alternative uses in non-food industries, global trade, population growth, economic development. Major trends in the forecast period include innovation in product development, soy lecithin in food processing, biofuel production, investments in research and development, sustainable agriculture practices.

An increase in the vegan population is expected to propel the growth of the soybean derivatives market going forward. The vegan population is the population that consumes vegan products. Soybean is a good source of protein which gives high nutritional values, same as nonvegetarian food, as a result, the vegan population prefers soybean products to inculcate those nutritional values. For instance, in May 2022, according to Sentient Media, a US-based journal website, globally, the vegan food market grew to $15.77 billion in 2021 from $14.44 billion in 2020. Therefore, an increase in the vegan population drives the soybean derivatives market.

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The soybean derivatives market covered in this report is segmented –
1) By Type: Soy Oil, Soy Milk, Soy meal, Other Types
2) By Lecithin: Water, Acid, Enzyme
3) By Sales Channel: Departmental Stores, Supermarkets, Online Retail, Other Channels
4) By Application: Food And Beverages, Feed Industry, Others (soy-based wood adhesives, soy ink, soy crayons, soy-based lubricants and many more)

Top Major Players:

• Bunge Ltd.
• Archer Daniels Midland and Company
• Louis Dreyfus Commodities B.V.
• Cargill Incorporated
• Wilmar International Limited

North America was the largest region in the soybean derivatives market in 2023.

Product innovations are a key trend gaining popularity in the soybean derivatives market. Major companies operating in the soybean derivatives market are introducing innovative products to sustain their position in the market. For instance, in November 2022, Marico, an India-based company operating in the plant-based food market, launched Saffola Soya Bhurji, an innovative combination of soya, and expanded its plant-based food portfolio. This product is a first-of-its-kind ready-to-cook made from high protein, a healthier option with zero oil.

The soybean derivatives market report table of contents includes:
1. Executive Summary
2. Soybean Derivatives Market Characteristics
3. Global Soybean Derivatives Market Trends And Strategies
4. Soybean Derivatives Market – Macro Economic Scenario
5. Global Soybean Derivatives Market Size and Growth
…….
26. Global Soybean Derivatives Market Competitive Benchmarking
27. Global Soybean Derivatives Market Competitive Dashboard
28. Key Mergers and Acquisitions Soybean Derivatives Market
29. Soybean Derivatives Market Future Outlook and Potential Analysis
30. Appendix

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