Soybean By-products Market is set to witness acceleration at a CAGR of 6% by 2031
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Last but not least, increasing veganism and preference for organic products among consumers are providing growth opportunities to market players. As such, manufacturers are looking at different ways to increase their sales and profit margins across geographies.
In May 2016, Adani Wilmar diversified its business into the food and value-added edible oil market in Asia Pacific, including China and Malaysia, due to increasing demand for high-quality food products driven by population growth in the region.
Thai Vegetable Oil Public Company Limited announced a new innovative project named Nano Neutralization for soy products in 2018. Under this project, the company adjusted the production technology of full-fat soy products. This project helped the company in reducing the use of chemicals in the production process.
Key Takeaways from Market Study:
The soybean by-products market in North America and South Asia is expected to expand at CAGRs of 5% and 6.7%, respectively, through 2031.
However, Europe and East Asia dominate the market with a share of 28.2% and 20.5%, respectively.
Sales of soybean by-products in the foodservice industry is currently valued at US$ 23.5 Bn.
One of the key contributing factors for market growth is growing importance of plant-based food ingredients in the food processing industry.
The U.S. and India hold significant shares in North America and South Asia, respectively.
Major demanding country for soybean by-products is China, set to top US$ 40 Bn valuation by 2031.
Market growth was set back due to the Covid-19 pandemic. However, increasing demand plant-based food products will drive expansion over the coming years.
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Manufacturers of soybean by-products are expected to invest in mergers and acquisitions to expand their product range. They are continuously putting efforts into increasing sales across different end-use industries by investing in research & development programs.
In 2021, Archer Daniels Midland Company acquired Sojaprotein, which expanded its production capacity and enhanced its capabilities to meet growing customer demand. The company has benefitted from the wide range of non-GMO soy products of Sojaprotein and expanded its regional presence.
In 2018, Owensboro Grain Company announced a new plant to produce soy-based wax that can be used to make candles. The objective of this new plant is to help the company diversify into new markets. The new plant has the capacity to produce 150 million pounds of wax a year.
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