The global soyderivatives market size is projected to reachUSD 344.05 billion in 2028.The demand for soy derivatives is anticipated to rise exponentially in the nearfuture because of the high demand for biodiesel as an alternative to fossilfuel. Fortune BusinessInsights™ published this information in a new study, titled, “Soy DerivativesMarket, 2021-2028.” As per the study, the market stood at USD 204.11 billion in2020. It would exhibit a CAGR of 6.8% in the forecast period between 2021-2028.
A list of prominent soy derivatives providers present in the globalmarket:
· Archer Daniels Midland Company (Illinois, UnitedStates)
· Cargill, Incorporated (Minnesota, United States)
· CHS Inc. (Minnesota, United States)
· Bunge Limited (Missouri, United States)
· Louis Dreyfus Company B.V. (Netherlands)
· Wilmar International Ltd. (Singapore)
· AG Processing Inc. (Nebraska, United States)
· DuPont Nutrition and Health (Delaware, United States)
· Noble Group (Hong Kong)
· Tyson Foods (Arkansas, United States)
Archer-Daniels-MidlandCompany Enters Joint Venture with Marfrig
In June 2020, the Archer-Daniels-Midland Company (ADM), a foodprocessing firm based in Chicago, joined hands with Marfrig, a reputed beefproducer to develop a joint venture calledPlantPlus Foods. It would deliver plant-basedproducts to South America and North America. As per a company official, “Thenew joint venture will expand our leadership capabilities and enhance our positionin the global market. It will also help us to deliver a complete range ofsolutions, flavors, and ingredients as per the consumer demand.”
Drivers & Restraints-
Increasing Government Initiatives to Shift to Soybean Cultivation wouldAid Growth
Several companies operating in themarket are investing in research and development activities to refine their qualityand production technology. They will be able to broaden their businesscapabilities by improving technologies required during processing. At the sametime, they are also striving to improve yields and productivity of soybeanprotein and oil.
Furthermore, in China, thegovernment is taking various initiatives to surge the areas under soybeancultivation. For instance, the State Council released a plan for revitalizing soybeanfarming in February 2019. The policy declares that rural cooperatives and largeplanterscan take efforts to shift to soybean cultivation. Such initiatives by regulatorybodies would help to drive the soy derivatives market growth in the upcomingyears. However, soy contains high unsaturated fatty acids that can harm humanhealth. Coupled with this, the availability of sucrose may obstruct the demandfor soy derivatives.
Segments-
High Demand for Meat and Livestock Feed to Favor Growth of Soy Meal Segment
Based on the type, the market forsoy derivatives is classified into soy meal, soy oil, soy milk, soy flour, andothers. Out of these, the soy meal segment held 78.43% in terms of the soy derivatives market share in 2020. Therising demand for livestock feed and meat is set to propel growth. Also, soymealsareaffordable and have high-protein content. The segment generated 82.35%in China. The soy oil segment, onthe other hand, procured9.50% inChina in 2020 owing to the rising usage in margarine, baked, and friedproducts.
Regional Insights-
Rising Product Acceptability and Consumer Base to Accelerate Growth inAsia Pacific
· AsiaPacific: In 2020, the region earned USD 92.11 billion in terms of revenue and would dominate in thenear future. The rising consumer base, intense competition, and productacceptability have compelled renowned companies to enhance their productofferings in the region. Hence, they are trying to expand their footprints tocater to the high demand for soy derivatives. The region is anticipated to growwith a CAGR of 6.87% in theforthcoming years.
· NorthAmerica: It would remain in the second position fueled by theincreasing innovations in the industry, surging prevalence of lactoseintolerance, and rising adoption of vegetarian or vegan diet. As per a Gallupsurvey conducted in January 2020, the U.S. vegan population was 3% of adultsover 65 years, 1% of those 50–64, 4% of those 30–49, and 3% of those aged 18–29years.
· Europe: It wouldexhibit the highest CAGR in the forecast period on account of the risinggovernment support for producing biofuel. Additionally, the ban on processedanimal proteins, such as meat and bone meal in animal feed owing to theoutbreak of bovine spongiform encephalopathy would surge the demand for soymeal in the region.
Competitive Landscape-
Key Players Aim to Broaden Portfolios& Market Products throughJointVentures
The moderately consolidated market forsoy derivatives houses a few companies, such as Cargill Incorporated, BungeLimited, and Archer-Daniels-MidlandCompany. They are mainly focusing on joint ventures and acquisitions with portfoliobroadening and product marketing. Below are the two latest industrydevelopments:
· May 2020:Elekeirozsignedan agreement with Nexoleum to deliver plasticizers by using epoxidized soybeanoil as feedstock.
· March 2018:Nasoyaintroducedits new vegan tofu cubes called ‘Toss’ables’to provide convenience and varietyto kitchens across America. It would help the company to satiate the demand forplant-based food items.
Information Source:
https://www.fortunebusinessinsights.com/soy-derivatives-market-105065
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