The global soybean market is driven by the increasing awareness among consumers regarding the health benefits of soybean and therefore it’s increased number of applications. Today soybean is also used in animal feed. Since soybean helps in improving the metabolism, people can gain weight in a healthy manner and also have better digestive health, thus driving its demand.
Soybean can help defend against cancer, reduce the impact of menopause, enhance the health of bones, protect the heart, and protect against birth defects. It also decreases the risk of diabetes and increases circulation. All these factors are anticipated to fuel the demand for soybeans in the next few years. On the other hand, daily protein ingredients are increasingly gaining consumer acceptance which will threaten the demand for soya bean. Manufacturers are increasingly finding it difficult to maintain the final price of the product on account of the volatility in terms of raw material supply and demand.
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As per Transparency Market Research (TMR), the global soybean Market is anticipated to rise from US$146.23 bn in 2017 to US$215.746 bn by 2025, expanding at a 5% CAGR between 2017 and 2025.
There are two types of soybean sources, organic and conventional. Of these, it is expected that the organic segment will expand at a faster pace as consumers are now preferring products which are natural and devoid of any additives. It is most likely that the organic segment will expand at an 8.1% CAGR between 2017 and 2025. By end use, the global soybean market is segmented into dietary supplements, food and beverages, pharmaceuticals, personal care, and animal feed. Of these, the highest revenue was generated from the animal feed segment. The animal feed segment accounted for 75.1% of the total market and is expected to continue to expand at a healthy pace in the years to come. Oil, protein, milk, tofu, fiber, soy milk are key products of soya bean. Of these it is anticipated that the soybean meal segment will dominate in the market, accounting for 72.9% of the total market.
On the basis of geography the global soybean market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. Among these, Asia Pacific is leading in terms of highest demand. The high population, increasing number of people in emerging nations who have developed a strong inclination for healthy food, and rising awareness about the protein content of soybean among consumers will drive the Asia Pacific soybean market. The demand for soybean from nutraceuticals sector will also help the market to grow in this region. In addition to this, the animal feed industry is also stoking the growth of this market.
Latin America is expected to be the second leading segment, region wise for the soybean market followed by North America. Latin American and Asia Pacific are expected to collectively account for a whopping 78.1% of the total market by 2025. Increasing consumption of soybean in place of dairy proteins and as a alternative to meat will fuel the growth of this market in these two regions. Soybean is also used as an active ingredient in clean label products and sports nutrition products.
Players within the soybean market are attempting to develop innovative soybean based foods which have improved functionality. Players are also experimenting with newer blends in order to enhance the application areas of soybean. Some of the prominent players within the market include: Fuji Oil Group, Kerry Inc., House Foods Group Inc, E.I. du Pont de Nemours & Co., The WhiteWave Foods Company, CHS Inc., The Scoular Company, Cargill Inc, and Archer-Daniels Midland Co.