The global soy derivatives market is set to gain impetus from the rising addition of functional ingredients and fortification of products. This information is given by Fortune Business Insights™ in a new report, titled, “Soy Derivatives Market Size, Share COVID-19 Impact Analysis, By Type (Soy Meal, Soy Oil, Soy Milk, Soy Flour, and Others), Application (Animal Feed [Poultry, Swine, and Others], Food [Baked Goods, Meat Alternatives, and Others], and Others), and Regional Forecast, 2021-2028.” The report further states that the market size is projected to grow from USD 204.11 billion in 2020 to USD 344.05 billion in 2028 at a CAGR of 6.8% in the forecast period. The increasing number of fortified products in the retail market is anticipated to affect growth positively. In August 2018, for instance, Seoul Dairy Corporation based in South Korea, launched a soymilk drink fortified with chickpea protein named Achimae Soymilk
What Does the Report Offer?
The report provides a detailed analysis of the key market aspects, namely, the dominant companies, end-users, and leading product types. Apart from this, the report contains tangible insights into the current upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market.
The report studies decisive segments of the soy derivatives industry containing regions, end-users, technologies, types, and applications. It explains the performance and importance of each of the segments by including sales volume, growth prospects, revenue share, and demand. Such initiatives will help clients to accurately determine the market size to guide them in choosing the right segment for their business growth.
Presence of Vital Amino Acids and Affordability to Favor Growth
Soybean is considered to be one of the most significant sources of plant-based protein owing to its cost-effective and safe nature. It has nine essential amino acids. As per our sources, around 70-80% of the crop is used for animal feed, while the remaining is meant for direct human consumption. These factors are expected to surge the soy derivatives market growth in the near future. However, farmers nowadays use harmful fertilizers, which, in turn, are gradually declining the quality of soils. It may hamper the demand.
Lifts in Travel and Transportation Bans to Affect Market Positively amid COVID-19 Pandemic
The COVID-19 pandemic has caused logistic limitations and labor shortages across the globe. But, the soybean industry was not affected much with farmers in the U.S., Argentina, and Brazil crushing record amounts of the crop. Also, in some countries, farmers have stored their produce to sell them in the market once the condition recovers. Recent lifts in transportation and travel bans are likely to surge the demand for soy derivatives.
Increasing Demand for Poultry and Meat to Help Asia Pacific Dominate
Geographically, Asia Pacific earned USD 92.11 billion in terms of revenue in 2020 and is anticipated to remain at the forefront throughout the forthcoming years. Rapid urbanization, increasing expenditure on plant-based food products, and high demand for meat and poultry would propel growth. Coupled with this, the rising incomes of households would aid growth.
In North America, on the other hand, the market is set to grow steadily backed by the constant innovations in the industry. The region is estimated to remain in the second position majorly because of the easy availability of raw material, increasing cases of lactose intolerance, and shift of people towards vegan diet. Europe is likely to exhibit the highest CAGR in the upcoming years on account of the high demand for soy derivatives as there’s a ban on processed animal proteins in the region.
Key Players Focus on Launching Unique Products to Improve Their Product Portfolios
The global market is moderately consolidated with only a handful of companies. They are majorly focusing on enhancing their existing product portfolios by introducing state-of-the-art products.