Dublin, April 18, 2024 (GLOBE NEWSWIRE) -- The "Soybean Processing Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The Soybean Processing Market is forecast to grow at a CAGR of 7.64% from a market size of US$153.19 billion in 2022 to reach US$256.54 billion in 2029.
The growing consumer demand for soy-based goods and the emphasis on health and wellness are driving the global market for soybean processing. The rise of the market is facilitated by the growth of the livestock feed sector and the use of soybean oil in the manufacturing of biofuel. Government regulations, technological developments, and the dynamics of international trade all play crucial roles. A greater focus on environmental sustainability and weather patterns that impact agricultural yields add further intricacy to the market's evolution. 
As per the Government of India, Madhya Pradesh generates 54% of India's total soy production. Madhya Pradesh's western and northwestern regions are important hubs to produce soy. The number of soy processing industries in the state has expanded due to the state's good and significant soybean production. It is well known for being a filling, high-protein dish, and its oil is the best vegetable oil on the market.
Players in the soybean processing industry use tactics such as product portfolio diversification, vertical integration, sustainable practices, and international expansion to fulfill growing demand, boost competitiveness, and adjust to changing consumer tastes. Their success in this fast-paced market is also a result of their efforts in R&D, cost optimization, and open consumer interaction
Key Market Drivers:
Increasing demand for soy products
Globally, the soybean processing market experiences a significant boost due to the rising demand for soy-based products, driving increased production and processing activities. Manufacturers are expanding their operations to meet the growing market needs, fueled by heightened consumer awareness of the health benefits associated with soy-derived goods.
This surge in demand typically leads to a greater utilization of soybeans across various product lines such as lecithin, oil, and protein. With heightened throughput and output within the soybean processing sector, there's a notable uptick in investment and economic growth. Overall, the market for soybean processing is witnessing steady growth, largely attributed to consumer preferences favoring soy products.
In 2023, U.S. soybean exports reached a total value of $27.94 billion, further underlining the robustness of the market. Opportunities for promoting soy foods continue to evolve, particularly with the introduction of innovative food service offerings.
Products like silken tofu puree enable easy recipe modifications, providing restaurants with flexibility without the need to introduce entirely new menu items. Instead, these tofu-based products can seamlessly adapt existing dessert, beverage, soup, and sauce recipes, either complementing or substituting dairy ingredients. The soyfood industry stands at the forefront of meeting evolving customer expectations, driven by its capacity to innovate and introduce new products.
Market Restraint:
Regulations as market restraint
GM soybeans are widely utilized in certain nations, notably the US; however, they encounter opposition elsewhere due to apprehensions regarding safety and environmental repercussions. Strict regulatory frameworks and consumer apprehensions surrounding genetically modified organisms (GMOs) can constrain the market for processed soybean goods in specific geographic areas.
North America is anticipated to hold a significant share of the soybean processing market.
North America, especially the United States, stands out as a primary producer of soybeans, playing a significant role in the global supply chain. The abundance of this raw material in the region facilitates economically feasible processing operations.
Within North America, there exists a substantial demand for soybean products, including soybean oil utilized in both culinary and industrial applications, as well as soybean meal essential for animal feed. This internal demand serves as a key driver for the soybean processing industry in the region.
Market Segmentation:
By Product
- Oil
- Meal
- Others
By Application
- Animal Feed
- Food and Beverages
- Personal Care
- Dietary Supplements
- Pharmaceuticals
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- UK
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Thailand
- Others
Companies Featured
- ADM
- CHS Inc.
- Louis Dreyfus Company
- CGB Enterprises
- Ag Processing
- Incobrasa Industries Limited
- Yemmak
- Farmet
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $153.19 Billion |
| Forecasted Market Value (USD) by 2029 | $256.54 Billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/kxg2it
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