Categories: Food & Beverages

Soybean Processing Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Soybean Processing Global Market Report 2024 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 Processing Global Market Report 2024, The soybean processing market size has grown strongly in recent years. It will grow from $84.91 billion in 2023 to $91.79 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to industrial revolution impact, protein demand surge, health and nutrition awareness, agricultural policies, economic shifts..

The soybean processing market size is expected to see strong growth in the next few years. It will grow to $127.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to growing global population, rise in plant-based alternatives, sustainability initiatives, shift in consumer preferences, international trade dynamics.. Major trends in the forecast period include clean label preferences, functional food innovation, advance processing method, sustainable agriculture practices..

The increasing cases of diseases like obesity are expected to propel the growth of the soybean processing market going forward. Obesity refers to abnormal or excessive fat buildup that poses a risk to health; this is also called overweight. According to a study, soybean processing will aid in the prevention of obesity. In experimental models of obesity, soy protein has been demonstrated to prevent or decrease body fat formation and improve insulin resistance. Consumption of black and yellow soybeans has been shown to reduce high-fat diet-induced obesity through modulating lipid metabolism. For instance, in July 2022, according to the Office for Health Improvement and Disparities, a UK-based agency for the British Department of Health and Social Care, statistics from the Active Lives Adult Survey showed that 25.3% of individuals aged 18 and above were obese from November 2020 to November 2021. Additionally, in January 2023, according to a survey report published by the UK Parliament, a UK-based legislative body, 25.9% of people in England were obese, with another 37.9% being overweight but not obese. It was also discovered that men are more likely than women to be overweight or obese (68.6% of men, 59.0% of women). Therefore, increasing cases of diseases like obesity is driving the soybean processing market.

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The soybean processing market covered in this report is segmented –

1) By Product: Whole Soybean, Meal, Oil, Other Products

2) By Source Type: Conventional, Genetically Modified Organisms, Non-Genetically Modified Organism, Organic

3) By Distribution Channel: Online Distribution, Offline Distribution

4) By Application: Animal Feed, Aqua Feed, Biofuel, Food And Beverages, Personal Care, Other Applications

Technological advancements are a key trend gaining popularity in the soybean processing market going forward. Major companies operating in the soybean processing market are developing innovative technologies to strengthen their position in the market. For instance, in April 2021, Zeakal Inc., a US-based company for plant science and technology designed to increase the photosynthetic capacity and efficiency of plants, launched photo seed technology. This technology enhances soy’s oil, protein, and sustainability profiles, resulting in increased nutritional value and supply-chain profitability. Photo Seed enhanced oil composition by up to 17% and protein by up to 7% on a dry weight basis, with yields equivalent to contemporary cultivars.

The soybean processing market report table of contents includes: