Soybean Derivatives Global Market Report 2024

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 historical growth of soybean derivatives can be attributed to the expansion of agribusiness, increased demand for protein-rich products, growing health awareness among consumers, extensive applications in the food industry, governmental support, and the escalating demand for soybean oil.

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%. In the projected period, the upsurge in soybean derivatives is anticipated due to the proliferation of clean label products, the burgeoning plant-based meat industry, diversification into non-food industries, amplified global trade opportunities, population growth, and advancing economic development. Key trends foreseen encompass breakthroughs in product development, increased use of soy lecithin in food processing, expansion in biofuel production, heightened investments in research and development, and the adoption of sustainable agricultural practices.

The soybean derivatives market is poised for growth, driven by various factors. An increase in the vegan population is anticipated to play a significant role in propelling the market forward. The vegan population, comprising individuals who exclusively consume plant-based products, contributes to the growing demand for soybean derivatives. Soybeans are valued for their protein content, offering nutritional benefits comparable to non-vegetarian sources. The rise of the vegan food market is evident, with global figures reaching $15.77 billion in 2021, up from $14.44 billion in 2020, as reported by Sentient Media, a US-based journal website. This surge in the vegan population's preference for soybean products emphasizes their significance in meeting nutritional needs and augurs well for the soybean derivatives market.

The soybean derivatives market is expected to benefit from the increasing demand in feed production. Feed production, involving the conversion of raw agricultural products into animal feed, is a crucial aspect of the agriculture industry. Soybean derivatives play a pivotal role in this context, being a cost-effective source of high-quality protein for various animals, including poultry, aquaculture, farm animals, and pets. The 11th annual feed survey by Alltech, a US-based agricultural products company, reported a 2.3% increase in global feed production in 2021, reaching 1.235 billion tons, up from 1.187 billion tons in 2020. This growth underscores the importance of soybean derivatives in fulfilling the nutritional requirements of diverse animal species and supports the expansion of the soybean derivatives market.

Innovation in product offerings is a notable trend in the soybean derivatives market, with major companies focusing on introducing novel products to enhance their market standing. A case in point is Marico, an India-based company operating in the plant-based food market, which unveiled Saffola Soya Bhurji in November 2022. This innovative product represents a ready-to-cook option made from high-protein soya, presenting a healthier alternative with zero oil. The introduction of such innovative soybean derivatives aligns with the market trend towards plant-based foods and reinforces the importance of product development in sustaining a competitive position in the soybean derivatives market.

Major companies in the soybean derivatives market are making strides toward sustainability by introducing products derived from non-GMO renewable soybeans. Non-GMO renewable soybeans are those that have not undergone genetic modification and are produced using sustainable and environmentally friendly practices. This approach aligns with the growing consumer demand for sustainable and eco-friendly products. BASF SE, a prominent German chemicals company, exemplifies this trend through the launch of Plantapon Soy in March 2022. Plantapon Soy is a bio-based surfactant derived from soy protein, designed for mild rinse-off applications. As an anionic surfactant, it finds application in products such as shampoo, body wash, liquid soap, and baby cleansing products. Notably, Plantapon Soy is derived from non-GMO soybeans and coconut oil, emphasizing the use of renewable resources. This sustainable and bio-based surfactant reflects the industry's commitment to environmentally friendly solutions.

In November 2022, Cargill acquired Owensboro Grain Company, a move that facilitates the expansion of its soybean processing facility. This strategic acquisition aligns with the company's commitment to meeting the increasing demand for soybean derivatives while likely incorporating sustainable practices into its operations. Cargill, a leading US-based food corporation, also contributes to the trend of sustainability in the soybean derivatives market.

Major companies operating in the soybean derivatives market report are 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.

North America was the largest region in the soybean derivatives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the soybean derivatives market during the forecast period. The regions covered in the soybean derivatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the soybean derivatives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Primary categories of soybean derivatives include soy oil, soy milk, soy meal, among others. Soybean oil, derived from soybeans, is recognized for its high nutritional content. Processes involved in creating lecithin encompass methods using water, acid, enzymes, and more. These derivatives are marketed through diverse channels such as departmental stores, supermarkets, online retail platforms, and others, finding applications in food and beverages, the feed industry, and various other sectors.

The soybean derivatives market research report is one of a series of new reports that provides soybean derivatives market statistics, including soybean derivatives industry global market size, regional shares, competitors with a soybean derivatives market share, detailed soybean derivatives market segments, market trends and opportunities, and any further data you may need to thrive in the soybean derivatives industry. This soybean derivatives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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