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Soybean Derivatives Market Report 2024 - Soybean Derivatives Market Size, Trends And Analysis
Soybean Derivatives Market
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Bunge Ltd; Archer Daniels Midland and Company; Louis Dreyfus Commodities B.V.; Cargill Incorporated; Wilmar International Limited; Noble Group Ltd.; AG Processing Inc.; Cenex Harvest States Inc.; DuPont Nutrition and Health; Ruchi Soya Industries Limited; Gavyadhar Organic Private Limited; Terra Firma Organic Private Limited; Ingredion Incorporated; Calbee Inc.; Solbar Industries Ltd.; SunOpta Inc.; Scoular Company; Ceres Global Ag Corp; American Natural Processors Inc.; Iowa Soybean Processors (ISP); The Scoular Company; Batory Foods; Fuerst Day Lawson Holdings Limited; Fuji Vegetable Oil Inc.; Pilgrim's Pride Corporation; Sojaprotein; Arizona Grain Inc.; Jiangsu Hongda New Material Co. Ltd.; Cosucra; Vippy Industries Ltd.
Soybean Derivatives Market 2024 Key Insights:
• The soybean derivatives market will grow to $417.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Soybean Derivatives Market Driven By Surging Demand Among The Growing Vegan Population
• Key Players Introducing Innovative Combinationf Of Products To Expand Its Plant-Based Food Portfolio
• North America was the largest region in the soybean derivatives market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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