Organic Soybean Market Product Analysis by Applications and Growth to 2024

Organic soybean has gained high traction in recent years, and the global organic soybean market is expected to reach a valuation of USD 2210.53 Mn at a CAGR of 17.71% by the end of 2022, asserts Market Research Future (MRFR) in a detailed study. Organic food sales have exhibited rapid growth in recent years since they serve a variety of functions in the global food chain ranging from a protein source to its use in livestock feed. Soybeans produce more protein than any other plant which makes them a popular source of protein. The fact that it is animal-free source of protein adds to the popularity of soybeans.

The young population is highly inclined towards the consumption of organic food products which stimulate the growth of the market. Also, the involvement of small-scale suppliers in the supply chain is expected to reflect positively on the growth of the market. The emerging market for organic food items provides considerable market space for the growth of the global organic soybean market. In response to the growing consumer awareness regarding organic food consumption, farmers are switching to organic crop production methods stimulating the market for organic soybeans.

On the other hand, the growth of the market might be hindered by soy lecithin allergy associated with the consumption of soybean which limits the market growth. Besides, acquiring organic certification from regulatory bodies is a tedious and time-consuming process and involves high fees due to which farmers do not opt for certification. Fluctuations in soybean yield due to the tropical environment, insects, low fertility and others pose a challenge for the growth of the market. Meanwhile, considerable investment in R&D and new product development is expected to provide lucrative growth opportunities to the global organic soybean market.

Key Players

The remarkable players in the global Organic Soybean Market include

  • Sapthsathi Organic Agriculture project (S.O.A.P.) (India),
  • Soni Soya Products Pvt Ltd (India)
  • Perdue Farms (U.S.),
  • Grain Millers Inc. (U.S.),
  • AFG Brasil S/A (Brazil),
  • Pilgrim's Pride (U.S.),
  • Tyson Foods Inc. (U.S.)

Regional Analysis

North America, Latin America (LATAM), Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are the key markets for organic soybean.

Latin America accounts for more than 40% share of the global market and is anticipated to be the largest market for organic soybean. The high adoption rate of organic food and healthy food consumption trend in the region is generating high demand for organic soybean which is proving vital for the growth of the LATAM market.

North America follows LATAM closely, and the growth of the North America market can be attributed to surging consumer awareness regarding healthy food consumption and a steady increase in demand for organic food products.

In APAC, incessant growth in demand is being witnessed which will help the market achieve the highest CAGR of 18.68% over the forecast period. India is one of the largest producers as well as exporter of organic soybean.

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Segmentation

The Global Organic Soybean Market has been segmented on the basis of application which includes food-based, feed-based, and crush-based.

Application-wise, the crush-based segment accounts for the largest share of almost 80% of the global market. Heightened demand for crush-based organic chocolate in the confectionery and bakery industry is the prime drive for the growth of this segment. Consumers are increasingly giving preference to chemical-free, healthy ingredients which is creating a conducive environment for the growth of this segment. The crush-based segment is expected to capture a CAGR of 15% over the forecast period.

The feed-based segment is the second largest segment and currently stands at USD 150 Mn.

The food-based application segment is likely to be the fastest growing segment and is expected to register a CAGR of 18.68% over the forecast period