Soy is a commonly consumed food product, especially by health-conscious individuals, due to its high protein content. Soy meal, a primary ingredient in livestock feed, contains approximately 40%–45% protein. It is a high-fiber and high protein derivative obtained after the extraction of oil and is used as animal feed for poultry, cattle, and other livestock. However, soy derivatives are a common cause of various allergic reactions such as asthma, anaphylactic shock, and allergic rhinitis in humans, which is expected to impede the growth of the global Soy Derivatives Application Market.
The global Soy Derivatives Application Market has been segmented based on type, category, application, and region.
According to type, the global Soy Derivatives Application Market has been divided into soy oil, soy meal, soy protein, soy lecithin, soy milk, and others. The soy protein segment has further been classified as soy flour, soy protein isolates, and soy protein concentrates. The soy protein segment is expected to be the largest during the forecast period due to the high protein content in isolates, concentrates, and flour. Soy flour is further processed into various derivative products such as tofu, soy milk, textured soy protein, and others. These products are gaining popularity as protein-rich substitutes which is boosting the growth of the segment. However, the soy meal segment is expected to register the highest growth rate during the forecast period. This can be attributed to the use of soy meal as a high-protein source in cattle feed.
Based on category, the global Soy Derivatives Application Market has been segmented into conventional and organic. The conventional segment is expected to hold the larger market share during the review period. However, the organic segment is expected to register the higher growth rate during the forecast period owing to the shifting consumer preference for organic products.
Based on application, the global Soy Derivatives Application Market has been segregated into food & beverage, animal feed, pharmaceuticals and nutraceuticals, personal care, and others. The food and beverages segment has further been divided into bakery and confectionery, RTE and RTC food, beverages, and others. The food & beverage segment is expected to be the largest during the forecast period owing to the high demand for plant-based protein. However, the feed segment is expected to register the highest growth rate during the forecast period due to the increasing demand for plant-based protein-rich animal feed.
Some of the key players in the global soy derivatives market are Cargill Inc. (US), CHS Inc. (US), Ruchi Soya Industries Ltd (India), Dupont Nutrition and Health (US), Noble Group Ltd (Hong Kong), Wilmar International Ltd (Singapore), Archer Daniels Midland Company (US), Bunge Ltd (US), Louis Dreyfus Company BV (Netherlands), and AG Processing Inc. (US)
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The global soy derivatives market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to account for the largest market share during the review period. The US is expected to contribute significantly to the growth of the soy derivatives market in the region and be the largest country-level market during the forecast period owing to the increasing adoption of health and wellness trends by consumers. The presence of several soy derivative processors in the country is also expected to drive market growth in the country. The soy derivatives market in Asia-Pacific is at a nascent stage and is expected to register the fastest CAGR during the forecast period.
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