Soy Chemicals Market
Soy Chemicals Market Analysis By Type (Soy Oil, Soy Wax, Fatty Acids, Soy Polyols, Soy Isoflavones, Soy Methyl Soyate) By End-use and By Region – Global Market Insights 2022 to 2032
Soy Chemicals Market Outlook (2022-2032)
Worldwide demand for soy chemicals is expected to increase rapidly at a CAGR of 7.5% from 2022 to 2032. The global soy chemicals market is thereby anticipated to increase from its current valuation of US$ 24.35 billion to top US$ 50 billion by the end of 2032.
Soy Chemicals Market Size (2022)
US$ 24.35 Billion
Predicted Market Value (2032F)
US$ 50.06 Billion
Global Market Growth Rate (2022-2032)
North America Soy Chemicals Market Revenue (2022)
US$ 8.34 Billion
Key Companies Profiled
Rising focus on sustainability and biodegradable products are expected to drive the sales of soy chemicals for the production of biodiesels. The biodiesels segment currently accounts for a market valuation of US$ 3.52 billion in the global soy chemicals industry and is expected to rise at a CAGR of 6% through 2032.
Increasing popularity of soy chemicals as an alternative to petroleum-based products is expected to majorly drive demand for soy chemicals over the coming years.
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Soy Chemical Consumption Survey (2017-2021) in Comparison to Growth Forecast (2022-2032)
Soy chemicals are bio-based chemicals that are seeing an increase in demand as the trend of sustainability becomes a mainstream phenomenon on a global scale. Increasing demand for soy-based chemicals is also being influenced by the rising consumption of soy milk and soy oil owing to the rising availability of these products.
Shipments of soy chemicals saw a rise in demand at a CAGR of 6.4% from 2017 to 2021 and accounted for a market valuation of US$ 23 billion in 2021.
Increasing popularity of veganism and plant-based food products will also positively influence demand for products such as soy oil derivatives, soy milk chemicals, soy sauce chemicals, etc. Extensive use of soy-based chemicals in the production of biodiesels, biodegradable plastics, paper, and cosmetics is also anticipated to positively drive soy chemical sales across the forecast period.
Increasing focus on renewable energy and efforts to minimize dependency on crude oil will increase consumption of soy oil derivatives such as soy isoflavones, soy methyl soyate, soy polyols, and soy wax over the coming years.
From 2022 to 2032, the soy chemicals & materials market is anticipated to exhibit expansion at a CAGR of 7.5%.
What is a Major Factor Driving Soy Chemical Consumption?
“Rising Demand for Sustainable & Biodegradable Products Aiding Sales Growth of Soy Chemicals”
The world has witnessed a notable increase in the focus on sustainability and the use of biodegradable products to minimize the adverse impacts of human activity on the environment. Stringent mandates to ensure that biodegradable products are manufactured and used to reduce harmful waste will favor the use of renewable and bio-based chemicals such as soy chemicals.
As such, increasing focus on sustainability will bolster demand for soy chemicals across the world over the coming years.
What is the Regional Scenario for the Sales of Soy Chemicals?
“Presence of Developed Agricultural Sector in North America Driving Demand for Soy Chemicals”
North America is witnessing a substantial increase in the focus on sustainability, which is significantly driving demand for bio-based products and chemicals in the region. Increasing investments in the production and development of biodiesels and other renewable products will drive demand for soy chemicals across the continent.
The North America soy chemicals market currently accounts for a dominant market share of 34.3% in the global soy chemicals industry and is set to expand at a CAGR of 7.3% throughout the forecast period.
However, sales of soy chemicals are anticipated to rise at the highest CAGR of 9% in the Asia Pacific region through 2032. This region is expected to offer highly rewarding opportunities for soy chemical manufacturers over the coming years.
The presence of robust agriculture sectors, increasing investments in renewable energy generation, rising demand for bio-based products, and supportive government initiatives are anticipated to be major drivers for soy chemical consumption in Asia Pacific.
Moreover, increasing consumption of soy milk and soy sauce will propel the demand for soy milk chemicals and soy sauce chemicals in the region. The Asia Pacific region is anticipated to account for a revenue of US$ 16.38 billion by 2032, and major revenue is expected to be generated from China and Japan.
Demand for soy chemicals in Europe is projected to rise at 6.7% CAGR from 2022 to 2032. Increasing consumption of soy oil derivatives and rising demand for soy-based food products such as soy milk and soy sauce will prominently increase the sales of soy-based chemicals in the region. Germany, the United Kingdom, and France are expected to lead the demand growth for soy chemicals in Europe over the years to come.
Stringent mandates to reduce fossil fuel use in this region are expected to boost soy-based chemical manufacturing and will further bolster soy chemical demand in Europe through 2032.
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What’s Driving Sales of Soy Chemicals in the United States?
“Increasing Demand for Bio-based Products & Presence of Developed Agricultural Sector”
The government of the United States is increasing its focus on bio-based products to achieve its sustainability goals, and this is expected to majorly propel soy chemical demand in the nation over the forecast period. The market for soy chemicals in the U.S. is projected to attain a value of US$ 15.82 billion by the end of 2032 while expanding at a CAGR of 7.4%.
The presence of a developed agricultural sector in the U.S. will also favor soy chemicals market potential over the coming years.
Will China Be a Rewarding Market for Soy Chemical Manufacturers?
“Increasing Investments in Renewable Chemical Manufacturing to Provide New Opportunities”
China is a major manufacturing hub in the global landscape, and this is why it is a highly rewarding nation for several markets. Chemical manufacturing is a major industry in China, and with the increasing demand for renewable and bio-based chemicals, these industries have widened their manufacturing capabilities to accommodate the high demand.
Supportive government initiatives and increasing investments in the chemical manufacturing sector are expected to boost sales of soy chemicals in China.
The China soy chemicals & material market is anticipated to account for a dominant market share of 46.6% in the Asia Pacific soy chemicals industry by the end of 2032.
Which Type of Soy Chemicals is Most Popularly Used?
“Soy Oil Accounts for Major Revenue Share”
Soy oil derivatives such as soy polyols, soy methyl soyate, soy isoflavones, and soy oil chemicals have seen a prominent increase in their scope of application across various industry verticals, and hence, their demand has also increased. To meet this high demand, consumption of soy oil has also increased and is expected to rise further across the forecast period.
Demand for soy oils is projected to rise at a high CAGR of 8.7% from 2022 to 2032 and end up with a market valuation of US$ 17.56 billion by the end of the forecast assessment. On the other hand, demand for soy wax is expected to be high in the cosmetics industry owing to the rising use of soy wax in organic cosmetic products.
Will Rising Demand for Biodegradable Plastics Influence Soy Chemical Shipments?
“Rising Use of Soy Chemicals in Biodegradable Plastic Manufacturing being Witnessed”
The world has witnessed a hike in demand for bio-based and biodegradable products as the focus on environment conservation bolsters. Stringent mandates against the use of conventional plastics and polymers will also increase the use of soy chemicals in the plastic manufacturing industry.
The plastics and polymers end-use segment accounts for a major market share of 25.3% in 2022 and will exhibit growth at an impressive CAGR of 9.9% throughout the forecast period.
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COVID-19 Pandemic Analysis
The soy chemicals market experienced a drop in demand in the COVID-19 pandemic that engulfed the world in 2020. However, the soy chemicals market has been making a steady recovery in the post-pandemic as the world trade has returned to normal and restrictions across the globe have been lifted.
Soy chemical manufacturers are focusing on deploying new strategies to recover from the losses incurred in the pandemic and are expected to cash in new opportunities developed by increasing focus on sustainability across the world.
Competitive Landscape :
Key soy chemical manufacturers are focusing on expanding their product portfolio of soy-based chemicals as demand for soy products increases across the world. Soy chemical suppliers are also expected to adopt various other strategies to increase their market presence across the world.
Also, chemical soy sauce brands are expected to do well over the coming years.
- In December 2021, Pioneer, a leading name in seed product manufacturing, announced the launch of a new line of soybean products. The new range is named “Pioneer Brand A-Series Soybeans” and was launched specifically for the 2022 farming season in the United States.
Key Segments Covered in Soy Chemicals Industry Research
Soy Chemicals Market by Type :
- Soy Oil
- Soy Wax Market
- Fatty Acids
- Soy Polyols
- Soy Isoflavones
- Soy Methyl Soyate
- Other Types
Soy Chemicals Market by End Use :
- Plastics & Polymers
- Food & Beverages
- Paper & Pulp
- Other End Uses
Soy Chemicals Market by Region :
- North America
- Latin America
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