Competition in the global soybean market is expected to increase on the back of increasing demand which existing and new manufacturers are rushing to satisfy. A noticeable trend in the market is the leading companies focusing on the production of soybean derivatives as it is considered to be a growing market. Existing companies are pouring money into research and development of new products to satisfy the customer demand for different food products.
Some of the prominent companies operating in the global soybean market are 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.
A report by Transparency Market Research forecasts the global soybean market to rise at a CAGR of 5.0% during the period between 2017 and 2025 to become worth US$215.746 bn by 2025 from US$146.23 bn in 2017.
Depending upon the type of source, the global soybean market can be split into conventional and organic. Of the two, the organic segment will likely expand at a greater pace in the near future owing to consumers who mostly prefer natural products without additives. The TMR report predicts the organic source segment to register a CAGR of 8.1% from 2017 to 2025.
From a geographical standpoint, Asia Pacific leads the global soybean market in terms of demand, which is expected to increase further in the years to come due to its massive population, developing economies wherein more and more people are opting for healthy food, and rising awareness about the high protein content of soybean. The animal feed industry and nutraceuticals are also stoking growth in the market in the region.
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Knowledge about Health Benefits Drives Demand for Soybeans
Majorly fuelling demand in the global soybean market is the rising awareness among people about its health benefits. They help to improve metabolism, enable people to gain weight in a healthy manner, protect heart, defend against cancer, lessen effects of menopause, better digestive health, enhance bone health, protect against birth defects, increase circulation, decrease the risk of diabetes, etc.
“Another factor proving beneficial for the global soybean market is the thrust on research and development by savvy players in order to come up with innovative soybean-based foods with greater functionality and the incorporation of newer blends suitable for various applications. One such growth in use of soybean is its application in animal feed,” adds the lead analyst of the TMR report.
Supply Demand Disparity Hampers Market Growth
Serving to restrain the global soybean market, on the other hand, is the overall disparity between supply and demand. With a greater importance attached to the distribution of soybean, the market is seeing a gradual reduction in raw materials supplied to it. This has resulted in price volatility, which creates inconvenience for manufacturers as they try to maintain the final product price as well as their profit margin. In addition, dairy protein ingredients have the first mover advantage and greater consumer acceptance. This is also dealing a blow to the global soybean market.