The global soy derivatives market size is projected to reach USD 344.05 billion in 2028. The demand for these derivatives is anticipated to rise exponentially in the near future because of the high demand for biodiesel as an alternative to fossil fuels. Fortune Business Insights™ published this information in a new study, titled, “Soy Derivatives Market, 2021-2028.” As per the study, the market stood at USD 204.11 billion in 2020. It would exhibit a CAGR of 6.8% in the forecast period between 2021-2028.
Archer-Daniels-Midland Company Enters Joint Venture with Marfrig
In June 2020, the Archer-Daniels-Midland Company (ADM), a food processing firm based in Chicago, joined hands with Marfrig, a reputed beef producer to develop a joint venture called PlantPlus Foods. It would deliver plant-based products to South America and North America. As per a company official, “The new joint venture will expand our leadership capabilities and enhance our position in the global market. It will also help us to deliver a complete range of solutions, flavors, and ingredients as per the consumer demand.”
COVID-19 Pandemic: Closure of Industries & Logistical Bottlenecks to Propel Growth
Livestock farmers and soybean producers were affected severely on account of the logistical bottlenecks and closure of industries. But, the surging demand for plant-based protein sources is expected to bring the market back on track. Also, the ongoing U.S.-China trade war is set to affect the condition of the soy derivatives industry as the U.S. alone accounts for approximately 40% of the total soybean exports. Our report will help you better understand the current market scenario.
We refer to secondary data sources, namely, press releases of end-user facilities, investor presentations, annual reports, and industry journals to collect in-depth information of the market. Our novel bottom-up approach aids in generating vital data about the competitive landscape and recent industry developments, such as new product launches, collaborations, agreements, joint ventures, partnerships, contracts, and acquisitions.
Drivers & Restraints-
Increasing Government Initiatives to Shift to Soybean Cultivation would Aid Growth
Several companies operating in the market are investing in research and development activities to refine their quality and production technology. They will be able to broaden their business capabilities by improving technologies required during processing. At the same time, they are also striving to improve yields and productivity of soybean protein and oil.
Information source: https://www.fortunebusinessinsights.com/soy-derivatives-market-105065