Soybean commonly known as Glycine max, is a species of legume mainly produced in East Asia. Soybean is widely grown for its edible bean which has a number of end uses. Also, fat-free (defatted) soybean meal is considered as a cheap source of protein for animal feeds and also for packaged meals. The soy beans contain significant amounts of phytic acid, minerals, and vitamins. Soy vegetable oil, is primarily used in food and industrial applications. Soybeans are the fourth leading crop produced globally by volume. Moreover, soybean and its derivatives are used in food and in various industrial applications.
Increasing use of soybean derivatives in the food & beverages industry is a key factor driving growth of the global soybean derivatives market. In addition, increasing adoption of processed soybean derivatives for baked goods, salad dressing, and mayonnaise is other major factor anticipated to fuel growth to the global soybean derivatives market to a significant extent.
Also, soybean derivatives are used in production of high viscosity index lubricants, and rising demand for soybean derivatives from the animal feed industry, and for production of bio-composites are other factors expected to aid in growth of the global soybean derivatives market over the forecast period.
However, low shelf life of soybean derivatives, and high presence of unsaturated fatty acids in soybeans that are harmful to an individual health are major factors restraining growth of the global soybean derivatives market. In addition, availability of substitutes for soybean derivatives such as bagasse, and wood pulp is another factor expected to hamper growth of the global soybean derivative market over the forecast period.
The global soybean derivatives market report has been segmented on the basis of types, application, and region. On the basis of region, the global soybean derivatives market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Asia Pacific is expected to dominate the global soybean derivatives market and expected to account for highest market share in terms of revenue owing to factors such as increasing demand for soybean derivatives, and increasing use of soybean products in countries in the region. The market in North America is expected to account for second-highest revenue share contribution in the global soybean derivatives market followed by markets in Europe, Latin America, and Middle East & Africa respectively. This can be attributed to abundant availability of soy crops, and rising demand from food & beverages industry for soybean derivatives in countries in the region.
Prominent players in the global soybean derivatives market include The Archer Daniels Midland Company, Louis Dreyfus Company, Cargill, Incorporated, Wilmar International Limited, Bunge Limited, Noble Group Limited, Tyson Foods, Inc., and Pilgrim”s Pride Corporation.
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