The global soybean derivatives market is driven by the predominant use of soybean derivatives in food and beverage industry on account of growing protein consumption. Soybean derivatives are processed to manufacture salad dressings, baked goods, sauces, breads, mayonnaise and potato chips. Food and beverage industry growth in China, India and Middle East is expected to have a positive impact on market over the forecast period. Residual fiber obtained from soybeans oil extraction is toasted and utilized in manufacturing feed for aquaculture, bovine, swine and pets. Animal feed industry growth on account of increasing meat production and rising demand for animal protein products is expected to fuel market demand over the forecast period. Soybean derivatives are also used in manufacturing paints, coatings, bioplastics and biodiesels. Rising environmental awareness towards reducing GHG emissions have promoted the market growth of naturally derived products. European Commission and EPA have framed numerous regulations, intended for promoting consumption and production of biodiesels. This trend is expected to promote the market demand as raw material for biodiesels production over the forecast period.
Growing importance of recycling and rising demand for replacing scarce resources such as wood has resulted in increasing application of soybean derivatives for the production of biocomposites. Bio-composites are finding increasing application in the construction, automobiles, aerospace, and packaging industries on account of their eco-friendly nature. Increasing application of bio-composites in plastics industry to manufacture carpet backing and truck bed lining on account of competitive pricing and environmental friendliness is expected to have a positive impact on the soybean derivatives market in the near future. Soybean derivatives are increasingly deployed by companies to manufacture plastics for farming equipment owing to exhibiting properties such as excellent elasticity, good surface quality and good corrosion resistance. On account of having good insulation properties and low VOC emission levels, soybean derivatives are also increasingly used for insulation to save heating and cooling costs in businesses and homes. This trend is expected to have a positive impact on the market over the forecast period. Low toxicity, high flash point and low VOC emissions are key properties of soybean derivatives, which are expected to promote application manufacture of cleaning solvents. Rising demand for eco-friendly coatings in construction and automotive industries to earn carbon benefits is expected to fuel soybean derivatives demand in the near future. Surging bioplastics demand on account of inclination of chemical manufacturers towards opting naturally derived raw material is expected to have a positive impact on market over the forecast period. Increasing demand for biomass and other sugar derivatives such as sucrose for bioplastics production is expected to hamper soybean derivatives market growth over the next seven years.
Asia Pacific is expected to be one of the largest markets over the forecast period. Positive outlook on food & beverage sector in China and India on account of growing domestic consumption is expected to be a favourable factor for soybean derivatives market in the near future. In 2007, the government of Japan announced the consumption of 30% of bio-based plastics at domestic level by 2020. In August 2013, the government of Thailand announced the funding of USD 3.1 billion to increase the production output of domestic bioplastics industry. As a result, regulatory inclination towards promoting bioplastics industry growth in Asia Pacific is expected to fuel market demand in the near future. Rising imports of soybean derivatives in Europe on account of low tariff rates and increasing demand in animal feed is expected to have a positive impact on the market over the forecast period. The implementation of Soy 20/20 project in Canada marked a partnership between the government, academic institutes and soybean manufacturers, which is expected to open new market opportunities over the forecast period. Abundance availability of soy crops in Brazil along with application growth of biodiesels in light of government support is expected to force manufacturers to keep their production units in vicinity.
Key manufacturers of soybean derivatives include Cargill Inc, Bunge Limited, Louis Dreyfus Commodities, Archer Daniels Midland Company and Wilmar International Company. Establishment of strategic partnerships with buyers to develop tailored products is expected to increase the market penetration of manufacturers over the forecast period.
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The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat and seafood products across the globe is expected to increase the demand for plant and animal-based protein supplements in the near future. The report will account for Covid19 as a key market contributor.