Soy Chemicals Market - An Overview
The global soy chemicals market is expected to witness moderate growth during the forecast period between 2021 and 2031.
Soy chemicals are bio-based products derived generally from soybean. Soy chemicals have emerged as a suitable alternative for petroleum products and are biodegradable in nature.
Soy chemicals have been extensively deployed in the production of cosmetics, bioplastics, and biodiesel, leading to increased product demand and growth in the overall soy chemicals market.
Soy chemicals have also become a key ingredient in the manufacturing of several products such as soy milk and soy oil. Products such as soy milk have witnessed a high demand among consumers in the last few years, owing to their increased nutritional value.
Soy oil has been deployed as vegetable oil to extract chemicals such as waxes, polyols, and isoflavones.
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Soy Chemicals Market - Trends and Opportunities
Rising demand for renewable energy sources in leading economies worldwide is the key growth driver for the soy chemicals market.
Also, increasing awareness about bio-based products owing to greater knowledge of the environment and health among the consumers is anticipated to fuel the growth in the soy chemicals market, in future.
Growing awareness about the increasing effects of global warming is leading to the increased production of bio-based products.
Government initiatives and measures, promoting the benefits of soy chemicals could help fuel the growth in the overall soy chemicals market, in the years ahead.
Other factors such as ease of production of soybean and rising investments in research and development activities could also contribute to the growth of the soy chemicals market, in the years ahead.
Food and beverages application segment is expected to make the largest contribution to the overall soy chemicals market owing to increased soy chemicals in food products produced in leading economies, globally.
Soy Chemicals Market - Competitive Landscape
The global soy chemicals market is extremely competitive, with the presence of several leading market players. Many of them are expected to account for a large share in the overall soy chemicals market, in the upcoming years.
Growth strategies such as novel product launches could help well-established soy chemicals market players, gain a competitive edge over other players.
Pioneer introduced a new line of soybean products, in December 2021, named ‘Pioneer brand A-Series soybeans’ for the US market for the 2022 season.
Collaborations with smaller players could help prominent soy chemicals market players expand their market presence and increase their revenue shares.
RD undertakings to produce improved quality of products could be a key growth strategy for the leading soy chemicals market players, in the years ahead.
A few leading players in the global soy chemicals market include Archer Daniels Midland Company, Cargill Inc., Dow Chemicals, Biobased Technologies LLC, Pioneer, and Lanxess.
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Soy Chemicals Market - Regional Assessment
The global soy chemicals market is classified into four regions, namely, North America, Europe, Asia Pacific, and rest of the world.
North America is expected to be the dominant region in the global soy chemicals market owing to increased demand for bio-based products and the presence of developed agricultural sectors in countries such as US and Canada.
Asia Pacific is expected to offer lucrative growth opportunities for the global soy chemicals market in the years ahead owing to increasing agricultural activities in countries such as India and huge investments in renewable chemicals in countries, belonging to the region.
Europe is anticipated to witness moderate growth in the global soy chemicals market in the years ahead owing to increasing soy-based chemical manufacturing due to stringent government policies to reduce fossil fuel emissions in countries such as UK and Germany.
The rest of the world is expected to witness moderate growth in the global soy chemicals market, in the coming years.
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