The
global soybean market has a fragmented vendor landscape, Transparency
Market Research observes in a recent market research report. Presence
of numerous key players in the market has increased competition
significantly.
In
order to gain competitive advantage, the market players are focusing
to produce new products from soybean for widening their offerings to
their customers. Some of the key players present in the market are
Fuji Oil Group, House Foods Group Inc, E.I. du Pont de Nemours &
Co., CHS Inc., Cargill Inc, The Scoular Company, Kerry Inc.,
Archer-Daniels-Midland Co., and The WhiteWave Foods Company.
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According
to the report, the global soybean Market, which was valued at
US$146.23 bn in 2017 is projected to reach US$215.746 bn by 2025. It
is expected to expand at a 5% CAGR over the forecast from 2017 to
2025.
Preference
for Healthy Food to Drive Soybean Market
On
the basis of source type, the soybean market is classified into
conventional and organic. Among these, the organic segment is
expected to emerge dominant with 8.1% CAGR from 2017 to 2025 owing to
a preference for healthy and natural products.
On
the basis of end-use, the market is segmented into animal feed, food
and beverages, dietary supplements, pharmaceuticals, and personal
care. Of these, in 2017, the animal feed segment held 75.1% of the
market and is expected to remain dominant over the forecast period.
The rising preference for soybean feed due to its advantages and
nutrients values is expected to boost this segment.
On
the basis of product, the market is segmented into protein, oil,
milk, tofu, soy milk, fiber, and meal. Among these, in 2017, the meal
is expected to dominate the market with share of 72.9%. This growth
is attributed to rising awareness regarding health benefits due to
consumption of soybean.
Availability
of Wide Range of Soybean-based Healthy Products to Drive Growth of
Market
Soybean
is a rich source of nutrients. It aids healthy weight gain by
improving metabolism, which maintains better digestive health of body
in human and animals as well. The rising awareness regarding health
benefits of soybean is driving the soybean
market. Additionally, soybean has many medical benefits
including defending cancer, reducing impact of menopause, advantages
to eliminate heart diseases, eliminating birth defects, and
maintaining bones health. These advantages and rising knowledge among
consumers about the same are boosting the soybean market.
However,
ready protein ingredients products are gaining momentum in the
market. Demand for these products is a major threat to the soybean
market.
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