Global Soybean Derivatives Market: Overview
A significant rise in public awareness regarding the vast health benefits of soybean in the past few years has made soybean one of the most commonly used oilseeds in the food and beverages industry. Soybean derivatives have been finding an array of applications across many other industries such as animal feed and automotive of late, the food industry still being the dominant consumer.
In the food industry, soybean derivatives find use in products such as spreads, snacks, breads, baked products, sauces, and mayonnaise. Residual fibers produced after the extraction of oil from soybean are used in the production of feed for aquaculture, bovine, swine, and domestic pets. Soybean derivatives are also used to manufacture lubricants and hydraulic fluids. Use of soybean derivatives for the production of bio-diesel is also getting increased attention across the globe.
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This report on the global soybean derivatives market presents a thorough overview of the market’s present growth prospects and includes several projections regarding the growth trajectory of the market and its key segments over the period between 2015 and 2021. The report also includes qualitative and quantitative data pertaining to some of the notable recent developments observed in the global soybean derivatives market and detailed analysis of factors expected to have a notable influence on the future growth prospects of the market. The report also includes a detailed overview of the competitive landscape of the market, wherein business profiles of some of the market’s key vendors are examined.
Global Soybean Derivatives Market: Drivers and Restraints
The global market for soybean derivatives has witnessed growth at a significant pace, chiefly owing to its increased use in functional foods and nutritional supplements. Owing to soybean’s high viscosity index and a low level of toxicity, soybean residues are being increasingly used as to manufacture lubricants for the automotive industry. Moreover, soybean residues are also witnessing a significant rise in demand owing to their increased usage in the manufacture of bio-diesel.
In the next few years, the market is expected to benefit from demand for a variety of soybean derivatives in the production of products such as bio-based plastics, crayons, scented candles, paints, cleansing agents, and coatings. The intensifying scarcity of natural resources such as wood across the globe is also leading to the increased usage of soybean derivatives in the production of bio-composites.
However, the market’s potential growth prospects are expected to be hindered to a certain extent owing to the easy availability of substitutes such as bagasse and wood pulp, especially in industrial applications such as the production of biogas and bio-plastic. Nevertheless, increased attempts by companies to improve the efficiency of soybean derivatives is expected to alleviate the threat of substitutes to market’s growth.
Global Soybean Derivatives Market: Geographical and Competitive Dynamics
Of the key regional markets for soybean derivatives, Asia Pacific emerged as the dominant contributor of revenue to the global market in 2014, a trend that is expected to remain strong throughout the report’s forecast period as well. Favorable growth prospects of the food and beverages industry in most of the developed and developing economies in Asia Pacific, chiefly owing to the rising domestic consumption, are expected to boost the overall demand for soybean derivatives in the region in the next few years as well. The North America soybean derivatives market is expected to follow Asia Pacific in terms of revenue in the next few years. Middle Eastern countries are also expected to lead to a substantial rise in demand for soybean derivatives over the report’s forecast period.
Owing to the immense growth opportunities for the soybean derivatives market in regions such as Asia Pacific and Middle East, a large number of companies are foraying entering into the market. Owing to this, the competition in the market is expected to significantly intensify in the near future. Some of the key vendors presently operating in the global soybean derivatives market are Wilmar International Company, Archer Daniels Midland Company, Bunge Limited, Cargill Inc., Louis Dreyfus Commodities, and Noble Group Ltd.
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