Due to the large consumer and producer base has fueled substantial demand for soybean food and beverage products in the region.
According to a new report by Univdatos Market Insights, The global Soybean Market was valued at USD 165.09 BN in 2022 and is expected to grow a CAGR of 4.9% during the forecast period (2023-2030).
The growing demand for plant protein nutrients has also emerged as an excellent option in the food processing sector providing low-cost nutrition to the masses specifically in countries like India, China and Japan. For Instance: Ruchi Soya Industries Limited launched its nutraceutical range in 2021, using soya ingredients to produce a healthy range of food products in midst of the Covid-19 pandemic, its demand was driven by changing lifestyles, rising health literacy amongst people and tremendous opportunities in the growing preventive healthcare & dietary supplements category.
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Further, the Asia-Pacific Soybean Market is expected to grow at the largest market share the forecast period (2023-2030), followed by China Over the projected period, the Indian market is expected to witness the largest market share, due to the India's growing population, rising disposable incomes, burgeoning food services industry, and rising demand for non-food applications. For Instance: In 2022, Gujrat Ambuja Exports Limited started serving soya-derived products in the form of flour, flakes, and grits, which could be used in several meat foods, soups, sausages, and various other food sections. Also, it is focusing to extend its reach in the food service and instant food products segment.
According to the Protein Paradox (a paper recently disseminated):
· India accounts for 32% (46.6 million) of the world’s stunted children. Moreover, 84% of the Indian vegetarian population is protein deficient, leading to a myriad of health consequences, like resistance in immunity to COVID-19.
· Nearly 66% of the 1.04 million deaths in children are under the age of five in India, are attributable to malnutrition making a huge opportunity for soy food processing and utilization in India. With almost 52g of protein per 100g of quantity, Soy foods are comparable to animal proteins like chicken eggs and dairy products to meet the protein demands of vegetarian/ vegan populations of the region.
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· Based on the end-use, the soybean market is segmented into whole soybean, meal, oil and others. The meal segment is more popular because of the high consumption levels from the swine and poultry industry. An increase in demand for high-quality protein in soybean drive higher demand for soybean meal, mainly from the animal feed industry, over the forecast period.
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· Based on the application, the market is fragmented into animal feed, aqua feed, biofuel, food and beverages, pharmaceutical, and others. The food & beverage segment accounted for a significant market share, and it is estimated that it will grow rapidly during the projected timeframe. It is mainly owing to the expansion of the food service and retail sectors. The industry could benefit from the use of soybean oil by reducing production costs and inducing quality with uniformly stable levels. This increased demand for soybean oil for a variety of purposes, including baked goods and prepared foods is accentuating its market size.
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