The global soybean market is expected to rise at a CAGR of 5.0% during the forecast period between 2018 and 2023. The United States is the world's largest producer and exporter of soybeans. However, in the recent days, the soybean production in Brazil and Argentina has increased drastically making them the second leading producers. It has been predicted that soybean trade will increase to approximately 137 million tons in the coming years. The increasing awareness about the health benefits of soybean and its use in animal and aqua feed are some of the factors driving the market.
What is Soybean?
Soybean is a high value and profitable crop. The economic stability of soy production is determined by the commercial utilization of soybean as a whole foo, meal or oil. Soybean and its products offer tremendous health benefits when incorporated into your regular diet. The different soy products include whole soybean such as miso, tempeh, soy milk, tofu and several others. Soy oil and soy meal are also used on a large scale as food and animal feedstuff. These products are widely used as they are inexpensive, high-quality, and mineral-rich plant protein with lots of soluble fiber, plant-based omega-3 fatty acids, and consists of disease-fighting phytonutrients. Soybean products are used as a main source of protein in animal and aqua feed.
Market Research and Market Trends of Soybean:
- The convergence of biotechnology and emerging technologies will improve the yield and quality of soybeans. Most of the soybean producers are implementing the use of new tools to grow crops more efficiently. Such improvements in agriculture practice will reduce the crop development cycles which in turn will increase the production.
- Several agriculture equipment manufacturers are developing intelligent equipment for connected farming incorporated with sensors. These systems will help us detect the crops which are contaminated or spoilt due to some causes. This allows the farmer to take preventive measures and improve the crop production. However, the growth in autonomous vehicles and equipment will decrease need for manpower in agricultural practices.
- As soy grows all around the world, companies are considering it as a viable and renewable replacement for petrochemicals that are used in everyday materials. Soy is being used as it is environment friendly, less toxic and less dangerous than other petrochemical products. However,the benefit of using soy will reduce our consumption of and dependence on foreign oil.
Who are the Major Players in Soybean Market?
The companies referred in the market research report are Kerry Inc., Fuji Oil Group, House Foods Group Inc, The WhiteWave Foods Company, E.I. du Pont de Nemours & Co., CHS Inc., Cargill Inc, The Scoular Company, Archer-Daniels Midland Co.
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