The global soy derivatives market size was US$ 209.1 billion in 2021. The global soy derivatives market is forecast to grow to US$ 389.7 billion by 2030 by registering a compound annual growth rate (CAGR) of 9.1% during the forecast period from 2022 to 2030.
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On a global basis, the soybean crop is undoubtedly important as it is used in the preparation of a wide variety of cuisines. In addition to that, soybean is a rich source of protein, carbs, vitamins, and minerals, which will drive the growth of the market during the study period. Soybean derivatives are also made up of soybean seeds and are considered the safest dietary supplements and food for vegetarians and vegans.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
The steeply growing food and beverage industry is primarily driving the growth of the soy derivatives market. Apart from that, the growth of the market is also attributed to several other factors, such as rising protein intake, growing global population, and increasing prevalence of diseases.
In restaurants and hotels, soy derivatives are used in the salad dressings, preparation of baked goods, sauces, bread, mayonnaise, and potato chips. The demand for these products is growing due to the rising purchasing power of consumers. As a result, it will contribute to the growth of the soy derivatives market.
Rising environmental concerns and consumer awareness related to the health benefits of naturally derived products will also escalate the opportunities for the soy derivatives market. Apart from that, the fact that paints, coatings, bioplastics, and biodiesels are all made with soybean derivatives will accelerate the growth of the soy derivatives market during the forecast period. On the contrary, allergies related to the use of soy derivatives may limit the growth of the market during the forecast period.
COVID-19 Impact Analysis
The COVID-19 pandemic raised the need to focus on health and adopting a healthy diet. As a result, people started increasing their protein intake. The demand for soy derivatives increased as people started stocking up food, owing to the nationwide lockdown. Since soy derivatives are a rich source of protein and have a high shelf life, the demand for them increased steeply.
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Regional Analysis
The Asia-Pacific soy derivatives market is forecast to emerge as the largest market in terms of revenue. The growth of the market is attributed to the growing population of the region and their increasing food demands. Further, rising health concerns are significantly shaping the scope of the soybean derivatives market in the region. North America’s market for soy derivatives is also forecast to outperform due to the production of abundant soy crops and the thriving food and beverage industry in the region.
Competitors in the Market
? CHS Inc.
? Ruchi Soya Industries Ltd
? Dupont Nutrition and Health
? Noble Group Ltd
? Wilmar International Ltd
? Archer Daniels Midland Company
? Bunge Ltd
? Louis Dreyfus Company BV
? AG Processing Inc.
? Other Prominent Players
Market Segmentation
The global soy derivatives market segmentation focuses on Type, Application, and Region.
By Type
? Soy Oil
? Soy Milk
? Soy meal
? Other Types
By Application
? Food and Beverages
o Bakery
o Breakfast cereals
o Pasta and Noodles
o Meat and Meat Products
o Beverages
o Other Food and Beverages
? Feed
? Other Applications
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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