Global Soybean Derivatives Market: Overview
Significant growth in the public awareness regarding the health concerns in the past few years have made the soybean derivatives an important food product. It is widely used oilseeds in the food and beverages industry. Soybean derivatives are used in an array of applications across various industries such as food industry, animal feed, automotive and others. In the food industry, they are used in the production of mayonnaise, spreads, sauces, snacks, baked products, and bread. Residual fibers are produced after extraction of oil from soybean and then it used in the production of feed for domestic pets, swine, aquaculture and bovine.
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Global Soybean Derivatives Market: Growth Factors
Soybean derivatives are widely used in the production of nutritional supplements and functional foods thus driving the global soybean derivatives market growth. Due to the low level of toxicity and high viscosity index they are extensively used in the manufacturing of lubricants for the automotive industry. Soybean residues will witness significant growth in the future owing to its higher demand in the production of bio-diesel. In the next few years, it is expected that there will be a rise in the demand for soybean derivatives for the production of coatings, bio-based plastics, cleansing agents, scented candles, paints, and crayons. Increasing scarcity of natural resources such as wood led to increased usage of soybean derivatives in the production of bio-composites. The companies are attempting to improve the efficiency of soybean derivatives hence opening gateways for new growth opportunities across the world. However, easy availability of the bagasse and wood pulp in the industrial applications for the production of bio-plastic and biogas will restrain the global market growth to some extent.
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Global Soybean Derivatives Market: Segmentation
The global soybean derivatives market is classified based on the application which includes food, feed, soy-based wood adhesives, biodiesel, soy-based lubricants, soy ink, and others. Based on lecithin processing the global market is categorized as acid, enzyme, and water. The global soybean derivatives market is further fragmented on the basis of types such as soy oil, soybean, soy meal, and others.
Global Soybean Derivatives Market: Regional Analysis
Asia Pacific dominated the global market for soybean derivatives due to the high penetration of soybean derivatives in the region. Favorable growth prospects of the food and beverages industry in the developing countries such as China and India has triggered the market growth. North America is also following the same trend owing to its high demand for soybean derivatives. The Middle East emerges as the dominant contributor for soybean derivatives; it shows immense growth opportunities in the near future. In addition, major key companies are making investments in the soybean derivatives market owing to its huge demand.
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Global Soybean Derivatives Market: Competitive Players
Major key players dominating the global soybean derivatives market are Bunge Limited, Wilmar International Company, Noble Group Ltd., Archer Daniels Midland Company, Louis Dreyfus Commodities and Cargill Inc.
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