Technavio analyzes that the Soybean Derivatives Market is expected to grow at a CAGR of 6.29% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 91.35 billion.There are various factors that contribute to the growth of the market. The soybean derivatives market is experiencing significant growth due to the increasing demand from lactose-intolerant and vegan consumers. These consumer groups are turning to soy-based alternatives for various food and beverage products, as soy derivatives offer a viable solution to their dietary requirements. Soy milk, tofu, soy protein isolates, and textured vegetable protein are some of the popular soybean derivatives that cater to this demand. The trend is expected to continue as more consumers adopt plant-based diets for health and ethical reasons.
In the dynamic food industry, soybean derivatives continue to garner significant attention due to their high-value applications in various sectors. Soybean oil, a key derivative, is renowned for its health benefits, making it a preferred choice for consumers seeking healthier alternatives. With a favorable nutritional profile, soybean oil is low in saturated fat, rich in essential fatty acids, and a good source of vitamin E. The neutral flavor and high smoke point of soybean oil make it an ideal ingredient for various processed food applications, including frying, sautéing, baking, and salad dressings. The increasing consumer awareness towards health and wellness, coupled with the growing trend of plant-based and vegan diets, has boosted the demand for soybean oil and its derivatives, such as lecithin, in the food industry. However, it is essential to note that while lecithin is a valuable soybean derivative used in food processing, it may pose an allergy risk for some individuals. The adoption of genetically modified soybeans has streamlined the oilseed crushing process, ensuring a steady supply of high-quality soybean derivatives in the market.
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Soybean Derivatives Market Segmentation
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The Soybean Derivatives Market encompasses various applications, including vegan and vegetarian diets, biodiesel production, and livestock feed. Soy-based health products, such as protein isolates and tofu, offer essential amino acids, low saturated fats, and cholesterol-free benefits for individuals following vegetarian or vegan diets. In the food industry, soy protein is used as a high-quality plant-based alternative in baked goods, processed food, and soy food. Soy Meal and Soy Oil are essential components of animal feed, while lecithin demand remains high in the food and biodiesel industries. Functional ingredients, such as soy protein isolates, are used in various applications, including nutritional supplements, functional foods, and beverages. Additionally, soy derivatives are used in the production of biodiesel, providing a sustainable alternative to traditional fossil fuels.
The global soybean derivatives market, as per Technavio, is a significant segment of the larger packaged foods and meats market within the food products sector of the food, beverage, and tobacco industry. This market encompasses businesses engaged in food processing to ensure food safety and shelf stability. Soybean derivatives find extensive applications in various sectors such as vegan and vegetarian food products, health supplements, biodiesel, and functional ingredients. The market's size is determined by the consolidated revenue of the participating vendors. It excludes equipment manufacturers and producers of packaged beverages, including alcoholic and non-alcoholic varieties.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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