Market Trends of Soybean Derivatives Industry
This section covers the major market trends shaping the Soybean Derivatives Market according to our research experts:
Increased Demand for Plant-based Protein
Consumer tastes are shifting toward a more nutritious diet focusing on a more sustainable lifestyle and less reliance on animal proteins. According to the Veganz study, 23% of Europeans are flexitarian. Among the 23%, most (57%) want to become vegetarians, while 8% hope to adopt a vegan diet. At the country level, major European countries with flexitarian eaters are Austria (31.8%), Germany (30%), and Portugal (28.6%), with major drivers being health and sustainability. This shift from traditional animal-based products to organic and plant-based food items as an optimum dietary option is paving the way for the soybean derivatives market globally. Consumer acceptance of plant-based foods and drinks increased in recent years due to a broader range of product availability, enhanced product development and innovation in plant-based proteins, and a wider range of accessible alternatives and replacements. For instance, the US retail sales of plant-based foods grew by 27% in 2020, bringing the market value to USD 7 billion, according to data from the Plant-based Foods Association and The Good Food Institute, Washington.
North America to Drive the Global Market
North America is a leading producer and exporter of soybean in the world. The driving factors for soy protein ingredients in North America are the changing food consumption patterns and food requirements and inclination toward vegetarian products for protein sources. Moreover, as per the data released by the Soy Nutrition Institute, the United States produces about one-third of all soybeans in the world, followed closely by Brazil and Argentina. This factor is increasing the scope for further production of soy ingredients in the country. The production of soy protein-based products, particularly beverages made from soy, is growing rapidly in the health food industry.
