Global Soybean Market Research Analysis: Soybean is a dicotyledonous plant with cotyledons which belongs to the species of legume. It is a rich protein source and also comprises of phytic acid, dietary minerals, and B vitamins. Tofu is a soy-based food which is prepared from soymilk and is highly adopted in Southeast Asian cuisines. Natto, tempeh, soy sauce, fermented bean paste are the popular fermented soy foods. American Cancer Society states that soy food consumption decreases the risk associated with breast cancer. Phytoestrogen compounds of soybeans reduce the risk of heart diseases, blood cholesterol levels, and prostate cancer. These factors collectively raised the soybean market value to around $148 billion to $150 billion as of 2018, according to an IndustryARC study. Detailed enlightenment of these segments is thoughtfully portrayed in a recent publication of IndustryARC report titled: “Soybean Market: By Type (Soybean Food Products, Soymeal, Soybean Oils); By Application (Food and Beverage, Animal Feed, Pharmaceutical, and Others); & By Geography – Forecast (2019-2025).”
Soybean finds application in food products, soymeal and soybean oils in animal feed, and food and beverage and pharmaceutical industries. Soybean consists of nearly 40% crude protein and 20% fat. It acts as a novel protein source for cattle feed to develop heifers. Among other applications, soybean is extensively used in animal feed and pet food application thus it is projected to grow at a healthy CAGR of 3.1%-4.2% over the forecast period
China is the world’s primary soybean consumer, the rise in demand for edible oils from the domestic oil mills in line with the meal exports in this country reflecting larger share in the growth of Asia Pacific (APAC) soybean market. Hike in import duties on edible oil and soft oils are also impacting the APAC regional share that is 32%-34% in the global soybean market. Growing demand for Non-GMO soybean in India is leading to increasing the target production of soybean from 10 million tons to 20 million tons by 2020, by conducting several training programs such as seed multiplication programme along with the use of improved technology by the farmers through audiovisuals, lectures, and interactive meeting. 360.993 million Metric tons soybean production is exported during the period 2018-2019. Thus these factors are influencing APAC to retain its largest share through to 2025.
Global Soybean Market Companies: Recent Developments
Kerry Inc., Fuji Oil Group, House Foods Group Inc, The WhiteWave Foods Company, E.I. du Pont de Nemours & Co., CHS Inc., Cargill Inc, The Scoular Company, and Archer-Daniels Midland Co.
- In March 2018, ZFS Creston LLC a subsidiary of Zeeland Farm Services, Inc., acquired CHS Inc., soybean processing facility in the U.S. Soybean meal, soy flour, soy white flakes, and soybean oil are majorly produced in this plant which is usually useful for food manufacturers and agricultural producers. It was aimed to increase the attracting breadth of soybean specialty products among consumers and also to create a diverse range of opportunities for soybean farmers through this agreement
Soybean is a crucial protein source for animal feed. Increasing consumption and imports of soybean products in the Southeast Asian countries coupled with growing exports of soybean in North American countries are contributing to the growth and demand of the global soybean market.
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- Soy Food Market
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