Soybean By-products Market Analysis, Top Companies, Scope ,Demand, Opportunity Till 2031 With a CAGR of 6%

snapshot of the market

According to a new study on soy by-products conducted by Persistence Market Research, Europe dominates the market with a value share of more than 28%. The feed industry accounts for around 47% of the global market, mainly due to the growing focus on animal nutrition in all regions. Overall, the global soybean by-product market is now worth $ 155 billion and is projected to reach nearly $ 278 billion by 2031.

Sales analysis of soybean by-products from 2016 to 2020 compared to the market outlook for 2021-2031

Between 2016 and 2020, the global soybean by-product market grew at a rate of 3.5%. The main driver of the market is the increased demand from the animal feed, food processing and food services sectors. Soy by-products have various functional and nutritional properties, making them a powerful compound feed ingredient. The main demanding regions for soybean by-products are Europe and East Asia.
These regions are expected to become demand accelerators for market growth as they enjoy a dominant position in the animal feed industry. Spain has a market share of 13.8% and Russia, Germany and France have a combined share of over 30% of the European market. China is an important market for soybean by-products in the East Asian region as the country is restructuring its feed industry, which has intensified the demand for soybean by-products. Markets in East Asia and South Asia are expected to reach valuations of $ 55.8 billion and $ 42.3 billion respectively by 2031.

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Overall, the global soybean by-product market is expected to expand at a CAGR of 6% over the next ten years. Will consumer bias towards plant-based food products contribute to sales of soy by-products?

Soy by-products are gaining popularity among consumers due to the growing awareness of the health benefits associated with consuming plant-based food products. Recently, there has been significant growth in the fitness and nutrition industries, further increasing the reliance on plant sources for the nutritional needs of consumers.

Many consumers are turning to edible plant-based products and choosing healthier alternatives to conventional dairy, eggs and meat. The rise of the plant-based food market has been ensured by a stream of innovations in terms of flavors, shapes and ingredients, as well as good nutrition.

Furthermore, the fact that soy is preferred as a great source of plant-based nutrition and its by-products such as milk, meat, frozen meals, etc., is a profitable opportunity for market growth. Growing awareness of the negative impact of animal products on the environment, as well as cruelty to animals, is leading customers to seek plant-based options.

According to data published by the Plants Based Food Association, retail sales of plant-based items in the United States increased by 11% in 2019, representing a total value of $ 4.5 billion in the overall plant-based product market. How does the increased use of lecithin in the food industry create more growth opportunities for suppliers of soy by-products?

Soy lecithin is used as a food additive; Not only does it act as an emulsifier or lubricant when added to food, it is also used as a powerful antioxidant and flavor protector. Lecithin has important applications in food supplements, ice cream and dairy products, infant formula, bread, margarine and other ready-to-eat foods.

Soy lecithin is a popular ingredient in the food industry as it can be used as a wetting agent, viscosity reducer and crystallization control, cholesterol control and chlorine enrichment. Soy lecithin is safe as it is present in very small amounts, so it is unlikely to be harmful to the general population and those who are allergic to soy.

Will the growing edible oil market drive demand for soy by-products? The oil extracted from soybeans is exceptionally versatile and is used for cooking various foods. Soybean oil is more preferred by health-conscious people because it confers various health benefits such as bone health, skin health, and keeps the heart functioning. Additionally, soybean oil is an affordable and ideal choice among edible oils, which again is a growth factor that ensures popularity and widespread use. 
Soybean oil also has a high smoke point of around 450 ° F (230 ° C), making it an ideal choice for high-temperature cooking methods such as baking, frying, stir-frying and roasting. According to data released by the Soybean Processors Association of India, approximately 62 million tons (56 million tons) of soybean oil was produced worldwide between 2018 and 2019, making it one of the most consumed and most commonly consumed edible oils. available.

What are the factors limiting sales of soy by-products?

In recent times, sunflower lecithin has become a major competitor to soy lecithin, due to a number of attributes. Sunflower Lecithin offers many health benefits to consumers as it is extracted without the use of chemicals, unlike soy lecithin. Sunflower Lecithin contains a high chlorine content and supports several physiological processes occurring in the body. Sunflower lecithin also has the ability to reduce the risk of degenerative diseases such as Alzheimer's and Parkinson's disease.
Sunflower lecithin tends to be more effective at controlling cholesterol, hypertension, and heart attacks than soy lecithin. Another factor limiting market growth is the high processing costs in the geographic areas of greatest demand. Imports of soybean oil have increased in South Asian countries such as India, with growing consumer demand. But soybean imports are minimal in such a demanding region due to high tariffs, phytosanitary requirements, and unit processing costs.

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These factors tend to reduce domestic production and raise consumer soybean oil prices, while putting significant pressure on processors' ability to pay producers. Perspectives of the country
Why does Spain account for most of the soy by-products in the European region?

The soy derivatives market is experiencing significant growth in Spain in the European region, with a value share of around 14%. The market is now worth over $ 6 billion and is expected to reach $ 8.8 billion by the end of the forecast period.

The demand for plant-based food products in the country is growing rapidly, which is favorable to suppliers of soy by-products. Which country leads the soybean by-product market in East Asia?

China accounts for a significant portion of the soybean by-product market in East Asia. This is because the country is one of the leading producers of animal feed in the world.

The growing demand for various animal feed products will have a positive impact on the market. China's share in the East Asian market is around 70%.

Perspectives by category

What type of soybean byproduct is most used in end-use industries?

The main product used in end-use industries is soybean oil, which accounts for over 50% of the market share depending on the type. Soybean oil is widely used in the production of a variety of food products and offers numerous health benefits to consumers, making it a preferable choice for health-conscious customers. 

How does strengthening the feed industry offer new market development opportunities?

The growing use of soybean expeller in animal feed is due to the fact that it is an important protein supplement and metabolizable energy source for animals. Soybean meal cakes are widely accepted in the animal feed industry as they are associated with a high protein content and amino acid composition.

The market value of soybean by-products in the feed industry is expected to be $ 124 billion by the end of 2031. What is the impact of COVID-19 on the global soybean by-product market?

The spread of COVID-19 and the resulting blocking measures have hit the soybean by-product market. Soybean oil, one of the most important by-products of soybean processing, has experienced reduced demand due to the impact of the pandemic on restaurants that use more vegetable oils than consumers at home.

Major soybean producing and exporting countries have announced bans due to food safety concerns. This created a gap between supply and demand, which caused a decrease in the production of soy by-products.

When the situation returns to normal, people have begun to focus on their eating patterns and are showing interest in having balanced, high-nutritional meals. Furthermore, attention to animal welfare and livestock health will have a positive impact on the demand for soy by-products.

competitive landscape

Most of the key players in the global market are inclined to invest heavily in expansion, innovation and research and development practices, not only to obtain products of the highest quality, but also to discover other applications of soy by-products. Companies also hope to improve their operational and innovation capabilities.

In 2021, Cargill, Incorporated invested approximately $ 475 million in its US soybean processing operations to improve operational efficiency and crushing plant networks in seven states. With this investment, the company focused on modernizing and expanding its facilities, which increased production capacity by 10%.

In 2019, AG Processing Inc. opened a $ 300 million soybean processing plant in South Dakota, United States, giving access to soybeans sourced from local farmers. The new facility has increased the company's production capacity and established transportation capacity to export its products

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