Government policies supporting farmers in the mass production of soybeans contributing to global soybean by-product market growth

ROCKVILLE, MARYLAND, UNITED STATES, May 24, 2024 /EINPresswire.com/ -- According to Fact.MR, a market research and competitive intelligence provider, the global soybean by-product market has been projected to expand at a CAGR of 5.9% during the forecast period from 2024 to 2034 after reaching a value of US$ 57.34 billion in 2024. The market has been growing steadily in recent years and is projected to continue its trajectory over the coming years as well.

With increasing demand for high-quality, healthy products amid hectic lifestyles, both organic and conventional soybeans have consistently been top choices, particularly among vegetarians. However, conventional soybean by-products are set to bring in high revenue streams and hold around 90% market share in 2024. Soybean by-products have also played a role in addressing health issues such as cardiovascular diseases, certain cancers, and bone-related conditions. Soybean oil is expected to lead the pack of by-products and account for a high market share over the decade.

Soybean by-products, available in both organic and conventional forms such as soybean oil, meal, oil cake, protein, and lecithin, serve as versatile ingredients in various food products. The demand for these by-products is expected to remain robust, providing opportunities for producers of both organic and conventional soybean meals to cater to the diverse needs of the food industry.

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Key Takeaways from Market Study

The global soybean by-product market is projected to expand at 5.9% CAGR and reach US$ 101.43 billion by 2034-end.China is estimated to hold 75.2% market share in East Asia in 2024.

Sales of organic soybean by-products are forecasted to increase at a CAGR of 6.4% through 2034, creating an absolute $ opportunity of US$ 31.82 billion from 2024 to 2034.The markets in North America and East Asia are forecasted to create an absolute $ opportunity of US$ 46.97 billion from 2024 to 2034.

“Demand for soybean by-products is being fueled by a shift toward plant-based diets, diverse product use in the food industry, increasing health awareness, and significant agricultural production in North America and East Asia,” says a Fact.MR analyst.

Key players in the soybean by-product industry include Archer Daniels Midland Company, Alpro, Dean Foods Company, Chs Inc., Eden Foods, Inc., Northern Soy Inc., Solbar Ltd., Cargill Inc., The Scoular Company, Linyi Shansong Biological Products Co. Ltd., Adani Wilmar Company, Kikkoman, and Louis Dreyfus Company.

Market Growth Strategies

Key market players are focusing on global import-export and innovation to establish a global presence. Soybean oil's extensive use across industries, including medicine and animal feed production, is boosting the production of soybean worldwide. Rich in fatty acids, soybean oil offers numerous dietary benefits, reducing the risk of heart diseases. Its omega-3 content enhances brain function and immunity. All these factors are contributing to market growth.

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Country-wise Insights

Sales of tortilla mixes in Japan are projected to grow at a CAGR of 3.8% from 2023 to 2033. Tortilla mixes are gaining popularity among health-conscious consumers worldwide due to their low-fat content and minimal impact on weight gain.

In China, rising health concerns associated with meat consumption are driving up demand for soybean products, particularly among vegetarian consumers. This trend is expected to increase the demand for soybean by-products in China over the forecast period. The development of new techniques for creating soybean by-products is anticipated to change consumer perceptions and offer various benefits, thereby propelling market growth.

In the United States, the market is estimated to be valued at US$ 8.83 billion in 2024 and is expected to grow at a CAGR of 5.7% through 2034. This growth is driven by significant soybean production, which currently stands at 113,344 metric tonnes.

High soybean production in the United States can impact global soybean prices, causing fluctuations in various soybean-derived products. The versatility of soybeans spans the food processing, animal feed, and foodservice industries. Soybean by-products are heavily utilized in the animal feed industry, leading to considerable imports of related products worldwide.

Explore More Studies Published by Fact.MR Research:

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