Soybean Derivatives Market: Market Outlook
The soybean crop is undoubted of great economic and social importance worldwide. Soybean is recognized as an oilseed containing several useful nutrients including protein, carbohydrate, vitamins, and minerals. Soybean derivatives are the extractions of soybean seeds and other byproducts of the soybeans. Soybean is one of the prominent oilseed throughout the globe, soybean provides more than fifty percent of oilseeds supply and is a major source of oil. Soybean derivatives are the best dietary supplements and dietary food for vegetarians and vegan consumers. Soybean derivatives are rich in protein, nutrition, healthy fats, and many other ingredients. Soybean derivatives are the least expensive sources of dietary supplements. Apart from food industry feed industry is one of the largest end-use segment in the global soybean derivatives market. Full fat soybean derivatives, soybean meal, Soybean protein concentrations, soybean oil, and other derivatives are used in the animal feeding which has a growing demand for the soybean derivatives market.
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Soybean Derivatives Market: Market Dynamics
Increasing global population and the increasing urbanization is the key driver in the growth of global Soybean Derivatives market. Growth of major end-use industries, growing demand for biodegradable and sustainable products are another factor that is fueling the growth for the global Soybean Derivatives market. Soybean Derivatives becoming a sustainable solution in the manufacturing of biodiesels and becoming better alternatives for the petrochemicals. Biodiesel will be the potential end-use segment for the Soybean Derivatives in the near future. Due to the low level of harmfulness and great viscosity index soybean derivatives are widely used in the production of oils for the automotive industry. Soybean derivative has shown increasing demand in the production of bio-based plastics, scented candles, cleansing agents, coatings, crayons, and paints. The feed industry has extensive demand for soybean derivatives and it is categorized into the poultry, aquaculture, farm animals, pet food, and others. Poultry sector holds the highest demand for soybean derivatives, due to its high protein content. With the developing science and technology, soybean derivatives applications will be increased for industrial usage in the near future.
Soybean Derivatives Market: Segmentation
In terms of type, the global Soybean Derivatives market has been segmented as,
- Soybean Oil
- Soy Flour
- Soy Nuts
- Soy Meals
- Soy Protein
In terms of lecithin, the global Soybean Derivatives market has been segmented as,
In terms of application, the global Soybean Derivatives market has been segmented as,
- Food Industry
- Feed Industry
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Soybean Derivatives Market: Key Players
- Cargill Inc.
- Bunge Limited
- Louis Dreyfus Commodities
- Wilmar International Company
- Archer Daniels Midland Company
These key players are seeking new opportunities and an increase in application and end-use segments for global Soybean Derivatives products through strategic business developments.
Opportunities for the Key Players in the Global Soybean Derivatives Market
The global food and feed industry is witnessing healthy growth from the last decade. The increasing population is driving the growth of these segments and it will remain increasing in the near future. Soybean and soybean derivative plays a very important role in the global food and feed industry due to its high nutritional characteristics and wide range applications in the food and feed industries. North America is a leading producer and exporter of soybean in the world, Followed by North America, the Asia Pacific is a leading producer, consumer, and exporter of soybean and soybean derivatives. The Asia Pacific is one of the fastest-growing regions in the globe, in terms of economy and population. Half of the world’s population lives in the Asia Pacific region, these are the factors creating huge opportunities for key players in the global soybean derivatives market. The European region is also in high demand for soybean derivatives, owing to the high number of livestock and farm animals. The Middle East and Africa region witnessed a strengthened demand for soybean derivatives due to its least pricing and affordability.