Soybean Derivatives Market Size - By Derivative Type (Soybean Meal, Soybean Oil, Soy Lecithin, Soy Protein Isolate), By End-use (Food and Beverages, Animal Feed, Personal Care and Cosmetics, Pharmaceuticals), Distribution Channel & Forecast, 2023 – 2032

Soybean Derivatives Market Size

Soybean Derivatives Market size was valued at USD 242.8 billion in 2022 and is estimated to expand at over 7% CAGR from 2023 to 2032. As consumers become more health-conscious, there is a rising demand for plant-based and healthier food alternatives. Soybean derivatives, such as soy protein isolates, soy milk, and tofu, are rich in essential amino acids, low in saturated fats, and cholesterol-free, making them attractive choices for health-conscious individuals. The increasing adoption of vegetarian and vegan diets has led to a surge in the demand for plant-based protein sources.
 

The food and beverage industry is a significant consumer of soybean derivatives. These derivatives are used in a wide range of food products, including baked goods, snacks, dairy alternatives, and beverages, to improve texture, taste, and nutritional value.
 

Soybean derivatives are influenced by fluctuations in soybean prices, which can be volatile due to factors like weather conditions, global supply and demand dynamics, and trade policies. The soybean derivatives market faces competition from alternative protein sources, such as pea protein, almond protein, and other plant-based proteins. The soybean derivatives industry relies on a complex supply chain involving farmers, processors, and manufacturers.
 

COVID-19 Impact

The pandemic influenced consumer behavior, leading to changes in demand for soy-based products. While there was an initial surge in demand for plant-based proteins and pantry staples, some sectors, such as foodservice and hospitality, experienced decreased demand for soy-based products. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is set to drive the market growth.
 

Soybean Derivatives Market Trends

The increasing awareness of health and environmental benefits associated with plant-based diets has fueled the demand for soy-based products and other plant-based proteins. Soybean derivatives, such as soy protein isolates and concentrates, are widely used as alternatives to animal-based proteins in various food and beverage applications. Consumers are showing a preference for non-genetically modified organism (non-GMO) and organic soy-based products. The surge in popularity of plant-based meat substitutes and meat analogs has driven the demand for soy-based ingredients.
 

Soybean Derivatives Market Analysis

The soybean derivatives market size from soybean meal segment held more than USD 73.6 billion in 2022. Soy meal is a key component in animal feed formulations, used to provide protein and nutrients to livestock. The demand is influenced by the growth of the livestock and poultry industries. Soybean oil is widely used in food preparation, cooking, and frying due to its neutral flavor and high smoke point.
 

The food and beverages segment accounted for 40% of the soybean derivatives market share in 2022. The growing trend of adopting plant-based diets and the demand for vegetarian and vegan food products drive the use of soybean derivatives like soy protein concentrates and isolates in meat substitutes, dairy alternatives, and other plant-based foods.
 

The soybean derivatives market from online retail segment is anticipated to grow at 6.3% CAGR through 2032. E-commerce platforms enable manufacturers to reach a global customer base, expanding the market for soybean derivatives beyond regional boundaries. E-commerce facilitates direct sales to end consumers, allowing manufacturers to establish a direct relationship with customers and gather feedback.
 

U.S. soybean derivatives market size reached USD 58 billion in 2022. North American consumers are increasingly conscious of their health and wellness, leading to a growing demand for plant-based and healthier food options. Soybean derivatives, such as soy protein isolates, are considered nutritious and are used in various food products to enhance their protein content.
 

Soybean Derivatives Market Share

Some of the major companies operating in the soybean derivatives industry are:

• Archer Daniels Midland Company (ADM)
• Cargill
• Incorporated
• Bunge Limited
• Louis Dreyfus Company (LDC)
• Wilmar International Limited 
• CHS Inc
• AG Processing Inc (AGP)
• DowDuPont
• Richardson International Limited
• Kerry Group plc
• Ingredion Incorporated
• Fuji Oil Co.
• CHS Inc
• Blue Diamond Growers
• Scoular Company.
   

These companies focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these companies are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
 

Soybean Derivatives Industry News:

• In 2021, Bunge expanded its soy protein manufacturing plants by purchasing two soy processing plants from the local crusher Imcopa for USD 12 million.
   
• In 2021, CHS expanded its soybean oil refining capacity at the Mankato plant, which may increase the production capacity by more than 35%
   

This soybean derivatives market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion & Units from 2018 to 2032, for the following segments:

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Market, By Derivatives Type

• Soybean Meal
• Soybean Oil
• Soy Lecithin
• Soy Protein Isolate
• Others

Market, By End-use

• Food and Beverages
• Animal Feed
• Personal Care and Cosmetics
• Pharmaceuticals
• Others

Market, By Distribution Channel

• Supermarkets
• Specialty stores
• Online retail

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Malaysia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt