A recent report by Transparency Market Research (TMR), a leading market intelligence firm, assesses the growth dynamics of the global soybean market over the period from 2017 to 2025. According to the report, the soybean market is expected to register a decent rise by the end of the forecast period, thanks to intense competition among the key market players.
With Fuji Oil Group, E.I. du Pont de Nemours & Co., House Foods Group Inc., CHS Inc., The Scoular Co., Kerry Inc., Cargill Inc., The WhiteWave Foods Co., Archer-Daniels-Midland Co., and several others leading the worldwide market for soybean, it demonstrates a largely fragmented business landscape. The key players are concentrating on product innovations to gain a strong foothold in this competitive environment. In the coming years, they are likely to increase their investments in the soybean market, states the research report.
As per the research study, the global soybean market is expected to report a healthy rise at a CAGR of 5.00% during the period from 2017 to 2025. Lately, the demand for organic soybeans has witnessed a significant growth over conventional soybeans due to the increasing preference for natural and healthy food products among consumers. The scenario is projected to remain same over the next few years, reflecting positively on the organic soybean segment. Protein, milk, oil, tofu, fiber, soy milk, and meal have surfaced as the main products of this market. With a demand share of 72.90%, the meal segment is anticipated to lead the global market over the forecast period, notes the study.
Geographically, the worldwide soybean market is mainly spread across North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Currently, Asia Pacific is the key regional soybean market across the world. The ever-rising population in Asia Pacific is expected to result in continued supremacy of this regional market in the years to come.
Increasing Awareness regarding Health and Fitness to Support Growth
“The rise in awareness level regarding health and fitness among consumers, especially the young generation, is the key factor that is fuelling the demand for soybean around the world,” says the author of this research study. The increasing knowledge about medical benefits of soybeans, such as providing cover against cancer, eliminating birth defects, reducing risk of heart diseases, and deceasing menopausal impact, are also supporting the soybean market’s growth considerably.
In addition to this, the increasing use of soybean in food and beverages, personal care products, pharmaceuticals, dietary supplements, and animal feed is influencing the global soybean market positively. The demand for soybean in animal feed is expected to increase further, making it the key end user of soybean in the near future, states the research report.
Fuelling Demand for Ready Protein Ingredient Products to Hamper Soybean Market
Although the global soybean market is currently reporting positive growth and is projected to do just fine in the coming years, the fuelling demand for ready protein ingredient products are likely to surface as a threat to it smooth growth trajectory. The advent of other substitute and dietary replacements for soybeans will also pose a challenge for the worldwide soybean market’s growth over the next couple of years. However, the increasing investments by key market players, in order to introduce new products, is anticipated to open new success streams for them in the near future.