Soybean
derivatives are finding increasing application in end use industries
such as food, feed and automotive among others. In the food industry
soybean derivatives are used in the production of snacks, spreads,
baked products, breads, salad dressings, mayonnaise, potato chips and
sauces. The residual fibers obtained from the extraction of soybeans
oil is utilized in the production of feed for swine, bovine,
aquaculture and pets. Moreover, it is also used in manufacturing of
hydraulic fluids and lubricants. Bio-diesel is another area of
application where soybean derivatives are being used. The market on
the basis of lecithin processing, is segmented into acid, water and
enzyme. The market is further categorized into soy meal, soybean and
soy oil on the basic of product type.
Globally,
the soybean
derivatives market witnessed significant growth in recent years
as a result of its wide use in the formulation of nutrition
supplements and functional foods. On account of its lubrication
properties such as low toxicity and high viscosity index, there has
been a surge in the demand of soybean derivatives from the automotive
industry. Increasing use of soybean derivatives in the production of
bio-diesel is also expected to augment demand for soybean derivatives
market. The market is expected to further grow as a result of the use
of soybean derivatives in the manufacturing of crayons, paints,
coatings, scented candles, cleansing agents, bio based plastics and
others. The scarcity of natural resources such as wood has also
resulted in the increasing demand of soybean derivatives in the
manufacturing of bio composites.
One
of the major restraints for the soybean derivatives market is the
threat of substitute from wood pulp and bagasse. Wood pulp and
bagasse are finding increased use in the production of bio plastic
and biogas. Recent trends have shown that many companies are engaging
in R&D activities to improve the efficiency of soybean
derivatives. Because of the immense opportunity prevailing in regions
such as India, China and Middle East various companies are entering
into the soybean derivatives market and launching new products to
meet the increasing demand for various food products. Furthermore,
the increasing demand of bio based plastics as a result of changing
trends among manufacturers of chemicals is expected to fuel the
growth of soybean derivatives market.
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The
Asia Pacific region was the largest market for soybean derivatives in
terms of revenue in 2014 and it is expected to remain the same
throughout the forecast period. Favorable outlook of food and
beverage industry in India and China as a result of growing domestic
consumption is expected to boost the demand of soybean derivatives
market in the region. The Asia Pacific region is expected to be
followed by North America in terms of revenue in 2014 and it is
likely to remain the second largest market in terms of revenue
throughout the forecast period.
Some
of the key players operating in the global soybean derivatives market
are Bunge Limited, Archer Daniels Midland Company, Wilmar
International Company, Louis Dreyfus Commodities, Cargill Inc and
Noble Group Ltd among others.