Global
Soybean Market: Snapshot
The
market for soybean has been steadily rising and this has led to
companies expending money into research and development of new and
better products to satisfy the customer demand for different food
products.
Majorly
fuelling demand in the global soybean market is the rising awareness
among people about its health benefits. Their increasing applications
in various end-use segments such as animal feed is also serving to
boost demand. Serving to hamper demand in the global soybean market,
on the other hand, is the dairy protein ingredients that have the
first mover advantage and greater consumer acceptance.
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A
report by Transparency Market Research forecasts the global soybean
market to rise at a CAGR of 5.0% during the period between 2017 and
2025 to become worth US$215.746 bn by 2025 from US$146.23 bn in 2017.
Organic
Soybean to Grow at Greater Pace due to Discerning Consumers
The
two main sources of soybean can be classified into conventional and
organic. Of the two, the organic segment is more popular because of
the increasing preference of consumers for organic stuff sans
chemicals and artificial additives that are usually bad for health.
In the years ahead, the segment will likely expand at a greater CAGR
of 8.1% to become worth US$1.38 bn. The conventional segment is
expected to rise at a CAGR of 5.0% to attain a value of US$214.366
bn.
Depending
upon end use again, the soybean market can be segmented into food and
beverages, personal care, dietary supplements, pharmaceuticals,
animal feed, etc. Among them, the segment of animal feed accounts for
maximum share in revenue at present. The report by TMR estimates the
share to be around 75.1% currently. In the years ahead too, the
animal feed sector is predicted expand at a healthy clip. The soy
meal segment accounts for the largest share and is followed by the
soy oil segment.
Some
of the main end products in the global
soybean market are whole, protein, oil, meal, and others
namely tofu, soybean milk, fiber. The protein segment of the soybean
market can be further sub-segmented into soy protein concentrates,
isolates, and hydrolysates. Amongt these segments, the soybean meal
segment occupies leading share in the market – about 72.9%.
Asia
Pacific with Substantial Population Emerges as Major Contributor to
Demand
Geographically,
some of the key segments in the global soybean market are North
America, Latin America, Europe, Asia Pacific, and the Middle East and
Africa. Of them, Asia Pacific is expected to account for the leading
share vis-à-vis demand in the years to come due to its massive
population, developing economies wherein more and more people are
opting for healthy food, and rising awareness about the high protein
content of soybean. The animal feed industry and nutraceuticals are
also stoking growth in the market in the region. Asia Pacific will
most likely be trailed by Latin America and North America. Together,
Asia Pacific and Latin-America are likely to account for
approximately 78.1% share by the end of 2025. The demand for soybeans
in the three key markets is being primarily driven by the increasing
consumption of soybean as a natural alternative to meat and dairy
proteins and utilization as an ingredient in sports nutrition and in
clean-labelled products.
Some
of the prominent companies operating in the global soybean market are
Kerry Inc., Fuji Oil Group, House Foods Group Inc, The WhiteWave
Foods Company, E.I. du Pont de Nemours & Co., CHS Inc., Cargill
Inc, The Scoular Company, Archer-Daniels Midland Co.
