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.
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.
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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