PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1358216
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1358216
Soy Chemicals Market size was valued at USD 23,607.1 Million in 2022, expanding at a CAGR of 7.3% from 2023 to 2030.
Soy chemicals are generated from soybeans, a versatile legume that has long been a staple of human and animal diets. Soybeans have been used in a range of industrial uses in recent decades, in addition to food. The complex chemical composition of soy, which includes proteins, oils, and other useful components, is credited to its widespread use. Soy contains isoflavones, which are converted to phytoestrogens in the body. The molecular structure of phytoestrogen molecules is similar to that of the hormone estrogen. In rare situations, phytoestrogens can mimic estrogen's actions. In some situations, phytoestrogens can counteract the effects of estrogen. Soy is prescribed to treat excessive cholesterol, high blood pressure, heart disease, diabetes, menopausal symptoms, and premenstrual syndrome (PMS). It is also used to treat a variety of other diseases, but there is little scientific evidence to back up many of these claims.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the growth of the Soy Chemicals Market, due to rising demand for Soy chemicals for applications such as food and beverages and cosmetics. North American consumers are becoming more aware of the health benefits of soy products. To appeal to health-conscious customers, soy derivatives such as soy proteins are being included in a variety of food products. According to the U.S. Department of Agriculture, Soybeans are the dominant oilseed in the United States, accounting for about 90 percent of U.S. oilseed production. Most U.S. soybeans are planted in May and early June and harvested in late September and October (for more information about soybean planting dates by region, see Usual Planting and Harvesting Dates for U.S. Field Crops). Furthermore, the Rising demand for soy chemicals for applications such as food and beverages and cosmetics is expected to grow the market in the Asia pacific region.
Key companies, technical breakthroughs, geographical presence, and product offerings all contribute to the competitive landscape in the soy chemicals market. Given the wide range of soy chemical applications, producers frequently attempt to differentiate their product offers in terms of performance, cost-efficiency, and environmental benefits. Soy-based adhesives, paints, coatings, inks, lubricants, polyols, and biodiesel are examples of such products. A key competitive factor is research into improving the characteristics of soy-derived compounds and developing new uses. Companies spend R&D to increase the efficiency and effectiveness of soy-based products and ensure they are on par with or better than traditional chemicals. M&A activity in this industry is prevalent, with companies looking to broaden their portfolio, geographical presence, or technical skills. For example, in April 2022, ADM invested USD300 million in soy protein plant expansion & new innovation center.
May 17, 2022, Cargill has unveiled plans to build a new soybean processing facility located in Pemiscot County, Mo. near Hayti and Caruthersville to support growing domestic and global demand for oilseeds driven by food, feed, and fuel markets. The facility will be the first of its kind for Southeast Missouri with an annual production capacity of 62 million bushels of soybeans. Cargill anticipates breaking ground on the project early next year with plans to be operational in 2026. The new facility will add approximately 45 full-time positions to the region when complete.
The scope of this report covers the market by its major segments, which include as follows: