iCrowdNewswire Dec 31, 2020 4:31 AM ET
Global organic soybean market is expected to reach a valuation of more than USD 2.2 billion by 2022, according to the latest research report from Market Research Future (MRFR). The global organic soybean market is expected to exhibit a strong 17.71% CAGR over the forecast period from 2017 to 2022, according to the report.
The global organic soybean market is mainly driven by the growing demand for organic soybean and organic soybean oil. Organic soybean is grown with organic methods and has thus caught the attention of consumers who prefer organic foods over conventionally grown foods. Soybean is a widely used grain, with applications in human food, animal feed, oil, and more. Soybean also has several industrial applications, but the organic soybean market is fairly immune to fluctuations in industrial demand, as industrial soybean is mainly grown conventionally. The rising demand for organic soybean in oil and human food and beverage applications is thus likely to be the major driver for the global organic soybean market over the forecast period. Organic soybean oil has become a valued commodity in recent years and is likely to remain a major component of the global organic soybean market over the forecast period.
The growing demand for organic soybean in animal feed is likely to be a major driver for the global organic soybean market over the forecast period. Animal feed is food delivered to livestock animals. The use of organic components in animal feed has gone up in recent years, as the ecological benefits of organic food have come to the fore and encouraged many end users to switch to organic foods rather than conventionally grown foods. This is likely to remain a key driver for the global organic soybean market over the forecast period.
The global organic soybean market is dominated by players such as Pilgrim’s Pride, Tyson Foods Inc., Perdue Farms, Grain Millers Inc., AFG Brasil S/A, Soni Soya Products Pvt. Ltd., and Sapthsathi Organic Agriculture Project (SOAP).
In November 2019, Colorado-based natural food producer Vitamin Cottage Natural Food Markets announced a recall on two-pound organic soybean packages under the Natural Grocers brand due to fear of mold.
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The global organic soybean market is segmented on the basis of application and region.
By application, the global organic soybean market is segmented into crush, food use, and feed use. The crush application segment dominates the global organic soybean market due to the growing demand for organic soybean oil. The crush application segment is likely to remain dominant over the forecast period. The food use segment of the global organic soybean market is expected to exhibit the highest growth rate over the forecast period, of 18.68%.
Latin America holds the dominant share in the global organic soybean market by both value and volume and is likely to remain the leading regional segment of the global organic soybean market due to the growing production of organic soybean in the region. Latin America houses conducive conditions for organic soybean farming, which has resulted in a rapid growth in soybean farming in the region over the last few decades. The Latin America regional segment of the global organic soybean market is expected to rise to a valuation of more than USD 800 million by 2022, at a strong CAGR of 17.82%.
Asia Pacific is also likely to be a major regional market for organic soybean over the forecast period due to the high consumption of both soy chunks and soy sauce in the region. Countries such as China, Japan, Taiwan, and South Korea are massive consumers of soy sauce as well as other soy products, which has resulted in growth in the organic soybean market in the region. The growing awareness about organic farming and the increasing disposable income of consumers in the region has also allowed the organic soybean market to establish a firm base in Asia Pacific. The Asia Pacific market for organic soybean is expected to exhibit the highest CAGR of 18.25% over the forecast period.
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Keywords: Organic, Soybean, Market, Industry, Size, Share