Soy Derivatives Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Soy Meal, Soy Oil, Soy Milk, Soy Flour, Others), By Application (Animal Feed (Poultry, Swine), Food (Baked Goods, Meat Alternatives), Others), And By Geography - Forecasts From 2023 To 2028

The soy derivates market is anticipated to expand at a significant rate during the forecast period.

Soy derivatives, which are derived from the versatile soybean, are now integral components of several businesses. Soybean oil is widely used in culinary products and is also a component of biodiesel and cosmetics. Moreover, soy protein is available as isolates or concentrates as an alternate plant-based protein source for food, supplements, and animal feed. Soy lecithin, an emulsifier derived from oil extraction, enhances food texture and prolongs its shelf life. Soy flour is a byproduct of processing soybeans that gives baked goods more protein and fibre.

The soy derivatives market has had a prominent influence on the food and beverage industry. Vegetable oil and soy meal are manufactured from the soybean crop, and the majority of the meal is consumed in animal feed. Derivatives of soy protein are now the go-to option due to the growing demand for plant-based proteins brought on by health-conscious customers and those embracing vegetarian or vegan diets. The increasing popularity of soy derivatives can be attributed to health and wellness trends that emphasize its nutritional advantages, including the possibility of lowering cholesterol.

Furthermore, the demand for soy derivatives in the manufacture of bio-composites is growing as a result of the worldwide shortage of natural resources like wood. However, alternatives like wood pulp and bagasse may hamper the global soy derivatives market.

Increasing awareness of high-protein foods is a key driver

The increasing usage of soy derivatives in the food and beverage sector as a result of rising protein consumption is anticipated to drive the worldwide market for these products. Mayonnaise, bread, baked products, sauces, salad dressings, and potato chips are all made from soy derivatives. Population expansion, expanding meat and soy-based health product consumption, and growing interest in biodiesel as a fuel replacement are all predicted to have a positive impact on the worldwide market. Throughout the forecast period, it is predicted that demand for products made from animal protein and the growth of the animal feed industry will propel the soy derivatives market.

Growing demand for plant-based protein

The soy derivatives market is anticipated to grow due to the growing need for plant-based proteins, which places soy at the forefront of the booming plant-based food sector. Soy derivatives, especially soy protein isolates and concentrates, have gained popularity as plant-based diets and health-conscious consumer preferences have propelled them to replace animal-based proteins. Furthermore, the acceptance of soy derivatives is fueled by the clean label movement and an increasing focus on sustainability since they provide natural, minimally processed, and ecologically friendly protein sources.

North America is projected to be the prominent market

North America is predicted to lead the global soy derivatives market due to the substantial demand for soy substances in the animal feed industry, which is further fueled by a generous number of people in the region who consume meat. Meat is a common food in several nations, including Mexico, Brazil, the US, and Canada. Additionally, according to information provided by the SNI, around one-third of the world's soybeans are produced in the United States, along with Brazil and Argentina. The potential for further soy ingredient production in the nation is rising. Furthermore, the manufacturing of goods comprising soy protein, especially soy-based beverages, is escalating rapidly in the health food sector.

Market Key Developments

• In November 2022, Marica announced the introduction of Soya Bhurji, a new plant-based protein.

Soy Derivatives Market Scope:

Segmentation:

• By Type
  • Soy Meal
  • Soy Oil
  • Soy Milk
  • Soy Flour
  • Others
• By Application
  • Animal Feed
    • Poultry
    • Swine   
  • Food
    • Baked Goods
    • Meat Alternatives
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Others
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others