USD 27.49 billion
Soy Chemicals Market Size, Share, Growth Analysis, By Type(Methyl soyate, Soy wax, Polyols, and others), By Application(Biodiesel, Bioplastics, Oleochemical & Surfactant, Paints & coatings), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG15E2384 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
67
|Figures:
80
Soy Chemicals Market Insights
Soy Chemicals Market size was valued at USD 29.66 Billion in 2023 and is poised to grow from USD 32 Billion in 2024 to USD 58.81 Billion by 2032, growing at a CAGR of 7.9% during the forecast period (2025-2032).
The global soy chemicals market has witnessed substantial growth in recent years, driven by increasing awareness about sustainable and renewable resources, coupled with the diverse applications of soy-based chemicals in various industries. Soy chemicals are derived from soybeans and offer an eco-friendly alternative to petrochemical-based products, contributing to reduced carbon emissions and environmental preservation.
Soy chemicals find applications in industries such as food and beverages, pharmaceuticals, cosmetics, and industrial products. In the food and beverage sector, soy-based ingredients are utilized for their nutritional value and functional properties. The pharmaceutical industry harnesses soy chemicals for their potential health benefits and as ingredients in drug formulations. Additionally, soy-derived chemicals are employed in cosmetics for their natural and skin-friendly characteristics. Growing consumer demand for natural and sustainable products, along with stringent environmental regulations, has prompted manufacturers to incorporate soy-based chemicals into their product portfolios. This trend has led to increased research and development efforts to enhance the efficiency and versatility of soy-derived chemicals, further propelling market growth. The key players in the global soy chemicals market are investing in research and innovation to develop new and advanced soy-based products, strengthen supply chains, and expand their global presence. Overall, driven by environmental consciousness, diversifying applications, and ongoing technological advancements, the soy chemicals market is poised for continued growth in the foreseeable future.
US Soy Chemicals Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Polyols
Fastest Growth
Soy wax
Growth Rate
7.9% CAGR
Global Soy Chemicals Market ($ Bn)
Country Share for North America Region (%)
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Soy Chemicals Market Segmental Analysis
The global soy chemicals market is segmented on the basis of Type, Application, and region. By Type, the market is segmented into Methyl soyate, Soy wax, Polyols, and others. By Application, the market is segmented into Biodiesel, Bioplastics, Oleochemical & Surfactant, Paints & coatings, Printing inks, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Soy Chemicals Market Analysis By Type
As per classification by type, Polyols stands out as the dominant segment. Polyols, which include compounds like polyurethane and polyols used in various industrial applications such as foams, coatings, adhesives, and more, have gained widespread adoption due to their versatility and sustainable attributes. As industries continue to emphasize environmentally friendly solutions, the demand for polyols derived from soy is expected to remain strong, driving the dominance of this segment.
On the other hand, the Soy wax segment is projected to be the fastest-growing segment in the global soy chemicals market. With the increasing shift towards eco-friendly and renewable resources, soy wax has gained popularity as a sustainable alternative to traditional paraffin wax in candles, cosmetics, and packaging materials. The growing consumer preference for natural and biodegradable products is propelling the demand for soy wax, leading to its rapid expansion within the market.
Soy Chemicals Market Analysis By Application
Among the applications in the global soy chemicals market, Biodiesel is the dominant segment. Biodiesel production from soybean oil has gained significant traction as a renewable and environmentally friendly alternative to conventional diesel fuels. The increasing emphasis on reducing greenhouse gas emissions and promoting sustainable energy sources has propelled the adoption of soybean-based biodiesel, driving the dominance of this segment.
On the other hand, the Bioplastics application is the fastest-growing segment in the global soy chemicals market. Bioplastics derived from soybean oil offer a renewable and biodegradable alternative to traditional petroleum-based plastics. As the world focuses on reducing plastic waste and transitioning towards more eco-friendly materials, the demand for soy-based bioplastics has surged, leading to rapid growth in this segment. The versatility and potential for various applications in packaging, automotive, and consumer goods industries further contribute to its fast-paced expansion.
Global Soy Chemicals Market By Type
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Soy Chemicals Market Regional Insights
The global Soy Chemicals Market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The dominant region in the global soy chemicals market is North America. This dominance can be attributed to factors such as a well-established soybean cultivation and processing industry, significant research and development efforts in soy-based products, and increasing consumer demand for sustainable and bio-based alternatives in various industries.
On the other hand, the fastest growing region in the global soy chemicals market is Asia-Pacific. This growth is driven by the region's expanding industrial sectors, growing population, and increasing awareness about the environmental benefits of using soy-based chemicals. Countries like China and India are witnessing a surge in demand for soy-based products due to their focus on reducing reliance on petrochemicals and adopting greener alternatives. Additionally, rising disposable income levels and changing consumer preferences for eco-friendly products contribute to the rapid growth of the soy chemicals market in the Asia-Pacific region.
Global Soy Chemicals Market By Region
- Largest
- Fastest
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Soy Chemicals Market Dynamics
Soy Chemicals Market Drivers
Increasing Demand for Sustainable and Renewable Resources:
- The global soy chemicals market is driven by growing awareness and emphasis on sustainability. Soybeans are a renewable and biodegradable source of raw materials for various chemical products, including biodiesel, bio-based plastics, and biofuels. As the world seeks more environmentally friendly alternatives to traditional petrochemicals, the demand for soy-based chemicals is on the rise.
Health and Environmental Benefits:
- Soy chemicals find applications in a wide range of industries, including food, healthcare, and personal care. The use of soy-based ingredients in products such as cosmetics, dietary supplements, and pharmaceuticals is driven by consumer preferences for natural and organic products. Additionally, soy chemicals contribute to reducing greenhouse gas emissions and dependence on fossil fuels, aligning with global efforts to mitigate climate change.
Soy Chemicals Market Restraints
Fluctuating Raw Material Prices:
- The soy chemicals market is susceptible to fluctuations in soybean prices, which can impact the cost-effectiveness of producing soy-based chemicals. Price volatility in the agricultural sector, influenced by factors such as weather conditions, supply-demand dynamics, and global trade tensions, can create uncertainties for manufacturers and hinder market growth.
Limited Availability and Supply Chain Complexities:
- The consistent supply of high-quality soybeans needed for soy chemical production can pose challenges. Variability in soybean crop yields, coupled with potential disruptions in the supply chain, can affect the availability of raw materials. Additionally, the need for efficient processing methods and infrastructure to extract and convert soy components into chemicals further adds to the complexity of the supply chain.
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Soy Chemicals Market Competitive Landscape
The global soy chemicals market exhibits a competitive landscape characterized by key players focusing on product innovation, strategic partnerships, and expansion strategies. Leading companies like Cargill, Archer Daniels Midland Company, and Elevance Renewable Sciences are actively engaged in research and development to introduce sustainable and eco-friendly soy-based chemicals across various industries, including food, pharmaceuticals, and cosmetics. Collaborative ventures and mergers are prevalent as companies seek to leverage each other's strengths and widen their market reach. Growing consumer preference for bio-based and renewable products has intensified competition, prompting players to differentiate through unique formulations and enhanced product quality. Additionally, investments in advanced technologies and sustainable sourcing of soybeans further enhance market competitiveness. As the demand for environmentally friendly alternatives rises, competition in the global soy chemicals market is expected to remain fierce, fostering continuous innovation and strategic partnerships among industry participants.
Soy Chemicals Market Top Player’s Company Profile
- Archer Daniels Midland Company (USA)
- Cargill, Incorporated (USA)
- Bunge Limited (USA)
- DuPont (USA)
- Wilmar International Limited (Singapore)
- Ag Processing Inc. (USA)
- The Scoular Company (USA)
- DowDupont Inc. (USA)
- Fuji Oil Co., Ltd. (Japan)
- Yihai Kerry (China)
- Ag Processing Inc. (USA)
- Blue California (USA)
- Sonic Biochem Extractions Ltd. (India)
- Victoria Group (Serbia)
- Lucas Meyer Cosmetics (Canada)
- Gushen Group Co., Ltd. (China)
- Austrade Inc. (USA)
- The Nisshin Oillio Group, Ltd. (Japan)
- Soya Mills S.A. (Greece)
- Ruchi Soya Industries Limited (India)
- CHS Inc. (USA)
- Midwest Ag Enterprises, Inc. (USA)
- Ruchi Agri PLC (Ethiopia)
- American Natural Soy (USA)
- Tiancheng Group (China)
Soy Chemicals Market Recent Developments
- In March 2023, DuPont announced that it had launched a new line of soy-based surfactants for use in personal care products. Surfactants are used to clean, emulsify, and thicken products.
- In April 2023, Archer Daniels Midland Company (ADM) announced that it had entered into a joint venture with Cargill to produce and market epoxidized soybean oil (ESBO) in Asia. ESBO is a specialty soy chemical used in a variety of applications, including lubricants, plastics, and coatings.
- In February 2024, for the first time in its 350-year history, Kikkoman launched its dark soy sauce specially crafted exclusively for the Indian market after four years of R&D. The new sauce imparts a rich colour without a single chemical, preservative, or artificial seasoning.
Soy Chemicals Key Market Trends
- Growing Demand for Sustainable and Bio-based Products: As awareness about environmental sustainability and the need to reduce reliance on fossil fuels increases, there is a rising demand for bio-based and renewable alternatives. Soy chemicals, derived from soybeans, are being increasingly used as a source of raw materials for various industrial applications such as adhesives, plastics, coatings, and solvents. This trend is driven by the desire to reduce the carbon footprint and dependence on petrochemicals, leading to a shift towards more eco-friendly and renewable sources like soy-based chemicals.
- Expanding Applications in the Personal Care and Cosmetics Industry: Soy-based ingredients are finding a growing foothold in the personal care and cosmetics industry. Soy's natural properties, such as its high protein content and moisturizing abilities, make it an attractive ingredient for skincare and haircare products. Soy-derived compounds like soy oil, proteins, and isoflavones are being incorporated into formulations to enhance product performance and offer perceived health benefits. This trend aligns with the increasing consumer preference for natural and plant-derived ingredients in personal care products, driving the adoption of soy chemicals in this sector.
Soy Chemicals Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global soy chemicals market analysis, the market is witnessing substantial growth driven by a combination of environmental concerns, renewable sourcing trends, and expanding applications across various industries. Soy-based chemicals, derived from soybeans, offer a renewable and sustainable alternative to traditional petroleum-based chemicals, contributing to reduced carbon emissions and environmental impact. The market's growth is supported by increasing demand for bio-based products in sectors such as food and beverages, pharmaceuticals, cosmetics, and industrial applications. Soy chemicals find use in products like biofuels, adhesives, plastics, and solvents, offering eco-friendly solutions without compromising performance. North America, the leading region in the adoption of soy chemicals due to stringent environmental regulations and consumer preferences for sustainable products. However, Asia-Pacific is emerging as a significant market, propelled by rapid industrialization, growing consumer awareness, and government initiatives promoting bio-based industries. Market players are investing in research and development to enhance soy chemical properties and explore new applications, fostering innovation and market expansion. While the soy chemicals market presents numerous opportunities, challenges include price volatility of soybeans, potential competition from other bio-based feedstocks, and technological limitations in certain applications. In conclusion, the global soy chemicals market is poised for continued growth as sustainability becomes a paramount concern, driving the demand for eco-friendly alternatives across industries and regions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 27.49 billion |
| Market size value in 2031 | USD 54.5 billion |
| Growth Rate | 7.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Soy Chemicals Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Soy Chemicals Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Soy Chemicals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Soy Chemicals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Soy Chemicals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Soy Chemicals Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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