Soybean Derivatives Market - Global Industry Analysis 2021
Globally, the soybean derivatives market witnessed significant growth in recent years as a result of its wide use in the formulation of nutrition supplements and functional foods. On account of its lubrication properties such as low toxicity and high viscosity index, there has been a surge in the demand of soybean derivatives from the automotive industry. Increasing use of soybean derivatives in the production of bio-diesel is also expected to augment demand for soybean derivatives market. The market is expected to further grow as a result of the use of soybean derivatives in the manufacturing of crayons, paints, coatings, scented candles, cleansing agents, bio based plastics and others. The scarcity of natural resources such as wood has also resulted in the increasing demand of soybean derivatives in the manufacturing of bio composites.
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One of the major restraints for the soybean derivatives market is the threat of substitute from wood pulp and bagasse. Wood pulp and bagasse are finding increased use in the production of bio plastic and biogas. Recent trends have shown that many companies are engaging in R&D activities to improve the efficiency of soybean derivatives. Because of the immense opportunity prevailing in regions such as India, China and Middle East various companies are entering into the soybean derivatives market and launching new products to meet the increasing demand for various food products. Furthermore, the increasing demand of bio based plastics as a result of changing trends among manufacturers of chemicals is expected to fuel the growth of soybean derivatives market.
The Asia Pacific region was the largest market for soybean derivatives in terms of revenue in 2014 and it is expected to remain the same throughout the forecast period. Favorable outlook of food and beverage industry in India and China as a result of growing domestic consumption is expected to boost the demand of soybean derivatives market in the region. The Asia Pacific region is expected to be followed by North America in terms of revenue in 2014 and it is likely to remain the second largest market in terms of revenue throughout the forecast period.
Some of the key players operating in the global soybean derivatives market are Bunge Limited, Archer Daniels Midland Company, Wilmar International Company, Louis Dreyfus Commodities, Cargill Inc and Noble Group Ltd among others.
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