North America Soybean Derivatives Market is worth USD 73.22 billion in 2021 and estimated to grow at a CAGR of 8%, to reach USD 107.58 billion by 2026. The North America Soybean Derivatives market is developing at an exceptionally quick pace.
In the food industry, soybean derivatives find use in products such as spreads, snacks, breads, baked products, sauces, and mayonnaise. Residual fibers which are produced after the extraction of oil from soybean are also used in the production of feed for aquaculture, bovine etc. Soybean derivatives are also used to manufacture lubricants and hydraulic fluids. Use of soybean derivatives for the production of bio-diesel is also getting increased attention across the globe.
The significant drivers for Soybean Derivatives are increasing North America population, increasing awareness among consumers about health, and high demand for animal feed. Also surge in the functional purpose of soy in feed in developing economies will boost this industry. Difficulty in maintaining pH and operational temperature of Soybean Derivatives limits this industry.
The North America market for Soybean Derivatives is segmented on the basis of Lecithin processing, application, type and region. Based on type, the market is segmented into Soybean, Soy Meal, and Soy Oil. Based on application, the market is segmented into Feed, Food, and Other Industries. Based on Lecithin processing, the market is segmented into Water, Acid, and Enzyme.
Geographically the North America Soybean Derivatives Market is segmented into US, Canada and Rest of North America. North America has the highest no. share in this market .USA has the highest demand followed by Canada and Mexico. The North America region is largely driven by industrial concerns.
Key Players in the Market:
Major Key Players in the North America Soybean Derivatives Market are
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