Analysis of Potential Impact of COVID-19 on Soybean Market

 Global Soybean Market: Snapshot

The market for soybean has been steadily rising and this has led to companies expending money into research and development of new and better products to satisfy the customer demand for different food products.

Majorly fuelling demand in the global soybean market is the rising awareness among people about its health benefits. Their increasing applications in various end-use segments such as animal feed is also serving to boost demand. Serving to hamper demand in the global soybean market, on the other hand, is the dairy protein ingredients that have the first mover advantage and greater consumer acceptance.

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A report by Transparency Market Research forecasts the global soybean market to rise at a CAGR of 5.0% during the period between 2017 and 2025 to become worth US$215.746 bn by 2025 from US$146.23 bn in 2017.

Organic Soybean to Grow at Greater Pace due to Discerning Consumers

The two main sources of soybean can be classified into conventional and organic. Of the two, the organic segment is more popular because of the increasing preference of consumers for organic stuff sans chemicals and artificial additives that are usually bad for health. In the years ahead, the segment will likely expand at a greater CAGR of 8.1% to become worth US$1.38 bn. The conventional segment is expected to rise at a CAGR of 5.0% to attain a value of US$214.366 bn.

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Depending upon end use again, the soybean market can be segmented into food and beverages, personal care, dietary supplements, pharmaceuticals, animal feed, etc. Among them, the segment of animal feed accounts for maximum share in revenue at present. The report by TMR estimates the share to be around 75.1% currently. In the years ahead too, the animal feed sector is predicted expand at a healthy clip. The soy meal segment accounts for the largest share and is followed by the soy oil segment.

Some of the main end products in the global soybean market are whole, protein, oil, meal, and others namely tofu, soybean milk, fiber. The protein segment of the soybean market can be further sub-segmented into soy protein concentrates, isolates, and hydrolysates. Amongt these segments, the soybean meal segment occupies leading share in the market – about 72.9%.

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Asia Pacific with Substantial Population Emerges as Major Contributor to Demand

Geographically, some of the key segments in the global soybean market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of them, Asia Pacific is expected to account for the leading share vis-à-vis demand in the years to come due to its massive population, developing economies wherein more and more people are opting for healthy food, and rising awareness about the high protein content of soybean. The animal feed industry and nutraceuticals are also stoking growth in the market in the region. Asia Pacific will most likely be trailed by Latin America and North America. Together, Asia Pacific and Latin-America are likely to account for approximately 78.1% share by the end of 2025. The demand for soybeans in the three key markets is being primarily driven by the increasing consumption of soybean as a natural alternative to meat and dairy proteins and utilization as an ingredient in sports nutrition and in clean-labelled products.

Some of the prominent companies operating in the global soybean market are Kerry Inc., Fuji Oil Group, House Foods Group Inc, The WhiteWave Foods Company, E.I. du Pont de Nemours & Co., CHS Inc., Cargill Inc, The Scoular Company, Archer-Daniels Midland Co.

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