COMPETITION TO HEAT UP AS SOYA PRODUCERS FOCUS ON R & D ON CHANGING MARKETPLACEThursday, November 2, 2017
A growing trend in the market was projected to be behind leading companies’ increasing focus on the rising markets of soybean derivatives, according to a new study by global market research company Transparency Market Research (TMR). The report forecast the global soya market to grow at a compound annual growth rate (CAGR) of 5% between 2017 and 2025, an increase from the current US$146.23bn to US$215.746bn by the end of the period. The organic soya segment was likely to expand at a greater pace approximately 8% CAGR compared with the conventional market, due to increasing consumer preference for natural, additive-free products.
Asia Pacific was the leading geographic region in terms of demand, and this would grow still further, due to its growing population, developing economies giving rise to more health conscious consumers and a rising awareness of soyabeans’ high protein content. Growing awareness of soya’s health benefits which according to TMR included improving metabolism, protecting heart health and decreasing the risk of cancer and diabetes, would drive growth globally as well.
“Another factor proving beneficial for the market is the thrust on R&D by savvy players in order to come up with innovative soya-based foods with greater functionality and the incorporation of newer blends suitable for various applications. One such growth area is application in animal feed,” said the RMT report’s lead analyst. Some of the leading players in the soya market include Archer Daniels Midland, Cargill, CHS, El du Pont de Nemours & Co., Fuji Oil Group, House Foods Group, Kerry, Scoular, and WhiteWave Foods Co.