Global Soy Bean Derivatives Market - Growth, Trends, and Forecast (2018 - 2023)
The soybean derivatives market is expected to rise because of the increasing reinforcement of protein-based ingredients in the formulation of functional food and nutrition supplements. The market for soybean derivatives is projected to be worth USD 265.4 billion by 2023 with a CAGR of 7.9%. The market value estimated in 2017 is expected to reach USD 180.3 billion.
The soybean derivatives market lays a significant impact on not only the food and beverage industry, but on other industrial applications, as well. The major force driving the market is the growing consumption of processed foods, marked by growing population and changing lifestyles. Increasing awareness among consumers about health, and huge demand coming from animal feed industry are other major factors driving this market.
There are many opportunities in the market for soybean derivatives, especially in the processed food market growing in the emerging countries. The market is growing due to the high influence of west. The rising economy and the disposable income is another factor adding to the opportunity in the market. Soy Lecithin Allergy is one major restraint for the growth of global soybean derivatives and other factors, like health issues due to excess consumption of processed foods also limit the soybean market growth.
The soybean derivatives market is segmented on the basis of its ingredient type to soybean, soy oil, soy meal, and others, which is further segmented to refined oil, soy milk, etc. The global soybean derivatives market is segmented on the basis of its applications into feed, food, and others (biodiesel, soy-based wood adhesives, soy ink, soy crayons, soy-based lubricants). By processing its divided to water, acid, enzymes, and others. Geographically global soybean market is segmented into North America, Europe, Asia-Pacific, Africa, and South America.
In 2015, the global soybean derivatives market is estimated to be led by the Asia-Pacific region. The major contribution is by China, which is a major consumer of soybean derivatives. The market globally is growing at a large scale. North America is the second largest region in regards to the applications of the soybean derivatives. The major consumer in North America is USA for its high consumption of processed food.
Key Developments in the Market
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