Press release
Global Soybean Derivatives Tests Market 2024 Future Trends, Scope, Industry Analysis And Forecast To 2033
Soybean Derivatives Tests Market
The soybean derivatives market size is expected to see strong growth in the next few years. It will grow to $417.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to clean label products, plant-based meat industry, alternative uses in non-food industries, global trade, population growth, economic development.. Major trends in the forecast period include innovation in product development, soy lecithin in food processing, biofuel production, investments in research and development, sustainable agriculture practices..
Market Overview -
Soybean derivatives refer to ingredients obtained from soybeans by grinding, drying, or other processing methods. It is utilised as a die*tary supple*ment that serves as a nourishing food for vegans and health-conscious people.
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Soybean Derivatives Market Driven By Surging Demand Among The Growing Vegan Population
An increase in the vegan population is expected to propel the growth of the soybean derivatives market going forward. The vegan population is the population that consumes vegan products. Soybean is a good source of protein which gives high nutritional values, same as nonvegetarian food, as a result, the vegan population prefers soybean products to inculcate those nutritional values. For instance, in May 2022, according to Sentient Media, a US-based journal website, globally, the vegan food market grew to $15.77 billion in 2021 from $14.44 billion in 2020. Therefore, an increase in the vegan population drives the soybean derivatives market.
Competitive Landscape -
Major companies operating in the soybean derivatives market report are Bunge Ltd, Archer Daniels Midland and Company, Louis Dreyfus Commodities B.V., Cargill Incorporated, Wilmar International Limited, Noble Group Ltd., AG Processing Inc., Cenex Harvest States Inc., DuPont Nutrition and Health, Ruchi Soya Industries Limited, Gavyadhar Organic Private Limited, Terra Firma Organic Private Limited, Ingredion Incorporated, Calbee Inc., Solbar Industries Ltd., SunOpta Inc., Scoular Company, Ceres Global Ag Corp, American Natural Processors Inc., Iowa Soybean Processors (ISP), The Scoular Company, Batory Foods, Fuerst Day Lawson Holdings Limited, Fuji Vegetable Oil Inc., Pilgrim's Pride Corporation, Sojaprotein, Arizona Grain Inc., Jiangsu Hongda New Material Co. Ltd., Cosucra, Vippy Industries Ltd. .
Key Players Introducing Innovative Combinationf Of Products To Expand Its Plant-Based Food Portfolio
Product innovations are a key trend gaining popularity in the soybean derivatives market. Major companies operating in the soybean derivatives market are introducing innovative products to sustain their position in the market. For instance, in November 2022, Marico, an India-based company operating in the plant-based food market, launched Saffola Soya Bhurji, an innovative combination of soya, and expanded its plant-based food portfolio. This product is a first-of-its-kind ready-to-cook made from high protein, a healthier option with zero oil.
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Key Segments -
The soybean derivatives market covered in this report is segmented -
1) By Type: Soy Oil, Soy Milk, Soy meal, Other Types
2) By Lecithin: Water, Acid, Enzyme
3) By Sales Channel: Departmental Stores, Supermarkets, Online Retail, Other Channels
4) By Application: Food And Beverages, Feed Industry, Others (soy-based wood adhesives, soy ink, soy crayons, soy-based lubricants and many more)
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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