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lobal Soybean Market Crossed $148 Billion Worth in 2018Global Soybean Market Crossed $148 Billion Worth in 2018
The global soybean market generated opportunities worth around $148 billion to $150 billion in 2018 and the demand is projected to grow at a CAGR of 4% to 5% during the forecast period of 2019 to 2025.
Global Soybean Market: Demand Analysis and Growth Forecast
As per the findings of a newly published market research report by IndustryARC, the global soybean market generated opportunities worth around $148 billion to $150 billion in 2018 and the demand is projected to grow at a CAGR of 4% to 5% during the forecast period of 2019 to 2025. The analyst of the report has foreseen increased for soya food products in APAC are the factor propelling the demand in the near future. This, and several other information exclusively for company executives, are revealed in the report titled “Soybean Market: By Type (Soybean Food Products, Soymeal, Soybean Oils); By Application (Food and Beverage, Animal Feed, Pharmaceutical and Others); & By Geography – Forecast (2018 - 2023).”
The soybean is a legume with cotyledons, which exhibits epigeal emergence above the soil surface. These legumes are utmost protein sources and also consist of phytic acid and dietary minerals. The rising awareness and demand of consumers towards nutrient-rich food and beverages for potential disease prevention and health enhancement is the driving force of the global soybean market. In 2018, around 114.834 million Metric tons of soybean was produced in India, according to the recent report of The Soybean Processors Association of India. The burgeoning demand for soybean is poised to expand the production to 20 Qtls. per Hectare by 2020. Moreover, the rising adoption of soybean oil in food and beverages industry to maintain a healthy diet is flourishing the soybean market growth. Abundant availability and low-pricing of soybean oil help in reducing the risks of osteoporosis and coronary heart diseases. These aforementioned factors are projected to be the key factors of soybean market growth.
Global Soybean Market: Leading Segments
APAC held dominating share in the soybean market, which was accounted for around 32% to 34% in 2018. China holds a major share in this region, which consumes about 60% of the global soybeans production for the manufacturing of various soybean products. Soymilk, tofu, natto, soy sprouts, and tempeh are the popular fermented soy products, which are widely used in the marketplace. Soybean is the major ingredient in animal diets to ensure adequate protein intake and easy digestibility, without any loss of energy to the animal. These factors, in turn, boost the growth of the global soybean market. For this, animal feed and pet food producing industries have become the major end-users of soya beans, which held a maximum share in the soya bean market and is projected to grow with a notable CAGR of around 3.1% - 4.2% over the forecast period 2019-2025.
Global Soybean Market Trends
Increasing usage of soybean as a key constituent in paints, act as a good stabilizing and wetting agent, which helps in maintaining a uniform mixture of several pigments in the paint industry. These factors altogether bolstering the growth of the soybean market.
Currently, soybean is widely used to produce genetically modified plants and crops. This development has made the plants to be more resistant against herbicides and insects, which further increases the production of crop yield.
Antispasmodic, diaphoretic and anti-pyretic properties of soybeans increased its usage in the pharmaceuticals industry especially for lipid emulsion is in trend
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