Soybean Derivatives Market

Soybean Derivatives Market: By Type, Application, Lecithin Processing, and Region

Market Synopsis

In 2022, the global Soybean Derivatives market was valued at USD 172.04 Billion and is expected to reach USD 278.38 Billion by 2030 at CAGR of 6.20% during the forecast period, 2022–2028.

Demand for food products made with soy-based ingredients has been increasing year over year for several years, and this trend is expected to continue throughout the forecast period. Wherein, soy oil leads the demand, accounting for over 50% of the global market and is projected continue expanding its market share. Demand for other commodities in this category—including lecithin (21 percent) and protein (5 percent)—is also expected to grow at a CAGR of over 9%.

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Segmentation

On the basis of type, the market is segmented into soybean oil, soy flour, soy nuts, and others. On the basis of application, the market is segmented into food industry, feed industry, biodiesel, and others.

Soyabean Oil to Dominate Soybean Derivative Market

Soyabean oil is used as a cooking oil and also as a raw material for biodiesel. It has high smoke point, so it can be heated to a very high temperature before it starts to break down and produce harmful free radicals. Soybean oil accounts for 52% of the global market share, which is expected to grow significantly over the forecast period. The large demand for soybean oil comes from its various applications in different sectors like food industry, personal care sector, animal feeds etc. Moreover, constantly increasing demand for biodiesel is the major factor projected to drive soybean oil market growth.

Lecithin Processing is Driving Growth of Soybean Derivatives Market

Demand for Soybean Derivatives is growing, in particular in the personal care, food and pharma industries. Although lecithin accounts for only about 2% of soybean oil by weight, it is one of the most widely used products from soybeans. Other uses include: paper sizing; metalworking; explosives manufacture; brake fluid additives; agrichemicals such as insecticides and herbicides; feed supplements such as antibiotics and amino acids; pharmaceuticals such as estrogenic hormones and steroid intermediates. Soy lecithin has a variety of applications across numerous markets including: cosmetics, processed foods, pharmaceuticals and industrial applications.

Asia Pacific to Dominate Global Soybean Derivatives Market

Asia Pacific is the largest consumer and producer of Soybean Derivatives and the demand is growing. Soybean Derivatives sell well in Asian countries such as China, Japan and Indonesia due to their functional ingredients and high protein composition. In addition, they are not expensive. South Korea ranks 4th in Asia Pacific's consumption of soybean products after Japan, China (Mainland) and Indonesia. This means that Korea's future demand for Soybean Derivatives is strong.

Moreover, regional market is witnessing high demand for Soybean Derivatives due to the growing demand for functional foods. Functional Foods are defined as foods that provide health benefits beyond basic nutrition, including preventing or treating disease (Functional Ingredients). Functional ingredients like soy protein and soybeans are currently used in various food products such as bread, noodles, meat substitutes and ice cream. Demand for functional foods is high because consumers follow the trends of developed countries.

Vendor Landscape

Some of the key vendors in the global Soybean Derivatives market are Archer Daniels Midland Company (U.S.), Bunge Ltd (U.S.), Cargill, Incorporated (U.S.), Louis Dreyfus Commodities (The Netherlands), and Wilmar International Limited (Singapore).

The Soybean Derivatives is Segmented as Follows: