PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1540260
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1540260
The global market for soybean by-products has experienced significant growth in recent years, driven by rising demand for plant-based proteins and increasing consumer awareness of health benefits.Valued at approximately USD 183.21 million in 2024, the market is projected to reach USD 287.4 million by 2031, reflecting a CAGR of 6.60% over the forecast period. Soybean by-products, including soy oil, lecithin, and oilcake, have become essential ingredients in various industries, such as food processing, animal feed, and foodservice. The market is poised to expand further as these products continue to gain popularity among health-conscious consumers and as the demand for sustainable and ethical food alternatives rises.
Soybean By-Products Consumption Analysis Vs. Market Estimations
The soybean by-products market has seen substantial growth, driven by increasing demand for plant-based proteins and the rising popularity of soybean-derived products. Soybean by-products possess various functional and nutritional properties, making them valuable ingredients in the food industry. These by-products are in high demand in regions such as Europe and East Asia, where they are predominantly used in the animal feed industry. The growing use of soybean by-products in these regions is expected to propel market growth further.
Key Trends in the Soybean By-Products Market
Consumer Shift Toward Plant-Based Food Products
The growing consumer inclination toward plant-based food products has significantly contributed to the rise in demand for soybean by-products. The health benefits associated with plant-based diets, coupled with an increasing awareness of sustainability and environmental impact, have led more consumers to choose plant-based alternatives to conventional animal-based products. This shift is particularly evident in the rising popularity of soy-based products, such as soy milk, meat substitutes, and other plant-based food items.
Soy-based products are favored by consumers due to their high protein content, versatility, and nutritional benefits. As the market for plant-based edibles continues to expand, innovations in flavors, forms, and ingredients are expected to further boost the demand for soybean by-products. Additionally, the growing awareness of the negative impact of animal agriculture on the environment and animal welfare is driving consumers to seek plant-based alternatives, providing a significant growth opportunity for the soybean by-products market.
Soy Lecithin's Growing Role in the Food Industry
Soy lecithin, a versatile food additive, plays a crucial role in the food industry. It serves as an emulsifier, antioxidant, and flavor protector, making it an essential ingredient in various food products. Soy lecithin is widely used in dietary supplements, ice creams, dairy products, infant formulas, and convenience foods. Its properties, such as reducing viscosity, controlling crystallization, and enriching products with choline, have made it a popular choice among food manufacturers.
The demand for soy lecithin is expected to continue rising as the food industry increasingly incorporates it into a wide range of products. Its safety and effectiveness as an additive, combined with its ability to enhance the texture and shelf life of food items, make it a valuable ingredient in the food processing sector.
Veganism on the Rise: Opportunities for Market Growth
The expanding vegan population is a direct result of growing consciousness about the benefits of plant-based food items over animal-based products. Ethical, ecological, and health considerations are driving more consumers to adopt vegan diets, leading to increased demand for soy-based products. Soy, known for its high protein content, is emerging as a preferred alternative to meat among vegans and vegetarians.
Soybean by-products, such as soy sauce, tamari, miso, tempeh, tofu, and soymilk, offer a wide variety of options to the growing vegan population. As soy-based products continue to be recommended as top choices for plant-based nutrition, their popularity is expected to rise further. This trend is likely to provide momentum for the overall development of the soybean by-products market.
Health Benefits of Soybean and Soy Foods
Soy is recognized as a high-quality protein source, containing all essential amino acids typically found in meat. It is a potent alternative to animal-based proteins, making it a boon for vegetarians and vegans. Soybean is rich in fiber, protein, and omega-3 fatty acids, while being low in saturated fats. It is also cholesterol-free and lactose-free, making it an ideal choice for health-conscious consumers.
Regular consumption of soy-based products has been associated with various health benefits, including improved cardiovascular health, reduced risk of stroke and coronary heart disease, and better bone health. Soy is also known to help manage menopausal symptoms, such as hot flashes, due to its hormone-like substances. As awareness of these health benefits grows, the demand for soybean by-products is expected to increase.
Sunflower Lecithin: A Rival to Soy Lecithin
Sunflower lecithin has emerged as a strong competitor to soy lecithin due to its natural extraction process and higher choline content. Sunflower lecithin is considered a safer and healthier alternative, as it is free from chemicals used in the extraction process of soy lecithin. Additionally, sunflower lecithin has been shown to be more effective in reducing the risk of degenerative disorders like Parkinson's and Alzheimer's disease, and it is preferred by consumers looking for products that support cognitive and neurological health.
The rise of sunflower lecithin as an alternative to soy lecithin poses a challenge to the growth of the soy lecithin market. However, soy lecithin remains a popular choice in the food industry due to its wide range of applications and established market presence.
Regional Insights
East Asia: A Leading Market for Soybean By-Products
East Asia, particularly China, is a significant market for soybean by-products. The region's dominance in the animal feed industry, coupled with the increasing demand for animal feed products, has driven the growth of the soybean by-products market in this area. China's large-scale production of animal feed and the growing popularity of soybean-derived products are key factors contributing to the market's expansion.
South Asia: Growing Demand in India
India is another major market for soybean by-products, driven by its large population, rising disposable incomes, and expanding food services sector. The increasing demand for soybean-derived products in non-food applications is also contributing to the market's growth in this region. As the Indian market continues to develop, the demand for soybean by-products is expected to rise, providing new opportunities for market players.
Category Insights
Soybean Oil: A Popular Choice in End-Use Industries
Soybean oil is one of the most widely used soybean by-products, holding a significant share in the market. It is a key ingredient in various food products and is known for its numerous health benefits, making it a preferred choice for health-conscious consumers. The increasing adoption of international food trends in regions like India has further boosted the use of soybean oil in the preparation of condiments, dressings, and other food items.
Animal Feed: A Major Driver of Market Growth
The animal feed industry is a significant contributor to the growth of the soybean by-products market. Soybean oil cakes, in particular, are widely used as a protein supplement and source of metabolizable energy in animal feed. The high protein content and amino acid composition of soybean oil cakes make them a valuable ingredient in the animal feed industry, especially in the production of poultry and aquaculture feed.
Competitive Analysis
The global soybean by-products market is characterized by the presence of both large-scale international players and regional and local companies. Multinational corporations with diverse product portfolios dominate the market, targeting the commercial animal feed industry, particularly in poultry and aquaculture. Regional players, although operating on a smaller scale, hold a significant market share and are often more export-oriented.
Key companies profiled
Soybean by-products Industry Research by Category