NEW YORK, Sept. 23, 2021 /PRNewswire/ -- As per a new market study by Persistence Market Research, the global soybean by-products market is set to witness acceleration at a CAGR of 6% and close in on a valuation of US$ 278 Bn by 2031.
Soybeans can be processed into a variety of useful, adaptable, and functional culinary ingredients. Crude and degummed soybeans are refined, filtered, and decolorized to remove any free fatty acids, soaps, and residual gums before using them in food applications. Decolorized oil has a variety of applications in salad dressings, shortenings and margarine, biscuits, cookies, bread, chocolate products, candy coating, and a few other low-temperature uses. The white flakes left over from the oil extraction process are further processed to make soy isolates and concentrates.
These isolates and concentrates have different functional properties such as emulsifying, water-binding, and tailored gelling. Soybean flour is also an important ingredient that is widely used in bakery products as a functional component as well as a source of protein.
Last but not least, increasing veganism and preference for organic products among consumers are providing growth opportunities to market players. As such, manufacturers are looking at different ways to increase their sales and profit margins across geographies
In May 2016, Adani Wilmar diversified its business into the food and value-added edible oil market in Asia Pacific, including China and Malaysia, due to increasing demand for high-quality food products driven by population growth in the region.
Thai Vegetable Oil Public Company Limited announced a new innovative project named Nano Neutralization for soy products in 2018. Under this project, the company adjusted the production technology of full-fat soy products. This project helped the company in reducing the use of chemicals in the production process.
Request for sample PDF of report: https://www.persistencemarketresearch.com/samples/32789
Key Takeaways from Market Study
The soybean by-products market in North America and South Asia is expected to expand at CAGRs of 5% and 6.7%, respectively, through 2031.
However, Europe and East Asia dominate the market with a share of 28.2% and 20.5%, respectively.
Sales of soybean by-products in the foodservice industry is currently valued at US$ 23.5 Bn.
One of the key contributing factors for market growth is growing importance of plant-based food ingredients in the food processing industry.
The U.S. and India hold significant shares in North America and South Asia, respectively.
Major demanding country for soybean by-products is China, set to top US$ 40 Bn valuation by 2031.
Market growth was set back due to the Covid-19 pandemic. However, increasing demand plant-based food products will drive expansion over the coming years.
Get customized report by asking an export: https://www.persistencemarketresearch.com/ask-an-expert/32789
"Soybean by-products are gaining popularity in animal feed, food processing, and food service industries, as they offer many nutritional benefits. Rising demand for plant-based food products will offer lucrative opportunities to manufacturers of soybean by-products," says a Persistence Market Research analyst.
Manufacturers of soybean by-products are expected to invest in mergers and acquisitions to expand their product range. They are continuously putting efforts into increasing sales across different end-use industries by investing in research & development programs.
In 2021, Archer Daniels Midland Company acquired Sojaprotein, which expanded its production capacity and enhanced its capabilities to meet growing customer demand. The company has benefitted from the wide range of non-GMO soy products of Sojaprotein and expanded its regional presence.
In 2018, Owensboro Grain Company announced a new plant to produce soy-based wax that can be used to make candles. The objective of this new plant is to help the company diversify into new markets. The new plant has the capacity to produce 150 million pounds of wax a year.
Get full access of report: https://www.persistencemarketresearch.com/checkout/32789
Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global soybean by-products market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
The study offers compelling insights on the basis of nature (organic and conventional), type (soybean oil, oilcake, and lecithin), and end use (food processing industry, foodservice industry, animal feed industry, retail/household, and others), across seven major regions of the world.
About Persistence Market Research:
Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies'/clients' shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Persistence Market Research
U.S. Sales Office:
305 Broadway, 7th Floor
New York City, NY 10007
USA - Canada Toll-Free: 800-961-0353
Visit Our Website: https://www.persistencemarketresearch.com
SOURCE Persistence Market Research Pvt. Ltd.