Soyabean is one of the most important agro based product, which has commercial value after that rice, wheat, maize etc. Soya bean generally cultivated in the tempered region with water availability. Soya beans have been used for human nutrition for more than 5000 years. Today, soya bean is an important source of protein and oil in human nutrition, especially in Asia. In other parts of the world, soy based foods are consumed merely due to its healthy image. Several health benefits have been found in soy proteins e.g.:
· Cardiovascular health
· Bone Health
· Menopausal symptoms
· Cognition Glycemic Index
· Weight loss/control
During the current season, soybean acreage was up 6.7 per cent to 10.84 million hectare (ha) from 10.16 million ha in the previous season. Average yield rose 29 per cent to 1,059 kg per ha for the current harvesting season from 823 kg in the previous season. The global soybean market reached a volume of almost 347 million metric tons between 2018 and 2019. The market is further expected to grow at a CAGR of 2% in the forecast period of 2020-2025 to reach a volume of 373 million metric tons by 2025.
The global soybean market based on production is led by the us accounting for about 35% share of the worldwide output. The country is followed by Brazil, China, Argentina, and India because the largest producers of soybean. The soybean market in India is expected to witness a healthy growth within the coming years because of import restrictions on refined vegetable oil and palm olein from Malaysia imposed in January 2020. The growing awareness on benefits of soy milk in dessert and beverage is anticipated to positively affect the worldwide market. The supply of varied flavors to boost the taste of soy milk is projected to further drive the demand for this market among adults and children.
Due to the massive scale production of soybean in Asia pacific countries such as India, China, Japan, the APAC region held the highest market share across the world. China features a high consumption of soy milk within the total market. Moreover, North America is projected to grow with a significant rate of growth of more than 6% during the forecast period. The increasing trend in avoiding non-dairy products is anticipated to further drive the demand for soy milk market. Increase in demand for natural based products majorly in nutraceuticals, food & beverages, animal feed and dietary supplements may fuel Soya extract market growth. Rapid urbanization alongside health conscious consumers willing to spend in healthy diets majorly in U.S., China, India and South East Asia may further promote industry market growth.
Few Indian major players are as under
Shrinathji Solvex Ltd.
Shanti Overseas (India) Ltd.
Ruchi Soya Inds. Ltd
Mahakali Foods Pvt. Ltd.
Kriti Nutrients Ltd.
Hershey India Pvt. Ltd.
Bio Nutrients (India) Pvt. Ltd.