(MENAFN- America News Hour) The organic soybean market has witnessed continued demand during the last few years and is projected to reach USD 635.45 million at a CAGR of 12.15% by 2022 in terms of value. In terms of volume, global organic soybean market is estimated to be pegged at 0.77 million tons by 2017 end and it is estimated to reach 1.21 million tons by 2022 end with registering a massive CAGR of 9.44%. Asia Pacific is accounting for maximum market proportion of 61.2% in the year of 2017 and it is estimated to retain its dominance throughout the forecast period of 2017-2022.
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Growing consumer concerns regarding health, the environment, and animal welfare, along with their willingness to pay premium price for healthy food is fuelling the growth of organic soybean in developing nations. Moreover, the presence of organic food & beverages has increased over the years in conventional food supply chains due to the development of private labels. Also, government authorities, NGOs and farmer organizations in developing countries are promoting organic farming by financial support, market information, and trends in organic food market. Developing countries are providing subsidies to small farmers for organic farming. NGOs, farmer organizations, traders are conducting training programs to encourage farmers for adopting organic farming.
Traditional farming, conventional farming equipment and practices have reached their limits of effectiveness to increase agricultural yield. With monumental challenges in form of increasing food demand coupled with increasing food safety concern and growing environmental and animal health concern, it becomes imperative to address such problems in agricultural sector and take necessary measures to improve the quantity and quality of agricultural produce. Research and development will lead to development of new product to improve the quality of the product and improve its functionality by including better formulation.
Regional Analysis:
The Global Organic soybean Market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Among the region, Asia Pacific region is estimated to account for the highest market proportion in the year of 2017 and it is expected to continue throughout the forecast period of 2017-2023. Among the Asia Pacific countries, China is holding 76% of market proportion in the Asia Pacific organic soybean market and it is estimated to register a healthy CAGR of 11.74% during the forecast period of 2016-2022. However, Latin America region is projected to register a highest growth rate of 12.93% during the forecast period.
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Segments:
Organic soybean is segmented on the basis of application which are crush and uncrush. Crush segment is further segmented into soymeal and oil. Soymeal segment is accounting for the maximum market proportion in the organic soybean market and it is estimated to witness a growth of 11.79% during the forecast period. Among the uncrush segment, feed use is accounting for highest market share and it is projected to observe a substantial growth of 13.36% during the forecast period.
Key Players:
The leading market players in the global organic soybean market primarily are Sapthsathi Organic Agriculture project (S.O.A.P.) (India), Soni Soya Products PVT LTD (India), Shanti Worldwide Private Limited (India), Divine Soya & Agro Food Private limited (India), Radiance Overseas (India), AFG Brasil S/A, Simmons Grain Company, Grain Millers Inc., Perdue Farms, Tyson Foods Inc., The Andersons, Inc., Pilgrim's Pride
Target Audience:
Global organic soybean manufacturers
Raw material suppliers
Retailers and wholesalers
E-commerce companies
Traders, importers and exporters
Key Findings:
• the consumption of organic commodity has increased in the developed economies which include the U.S., the U.K., Germany and other Western European countries which has positively impacted to upsurge the price of organic soybean especially during the time period 2011 to 2015.
• Organic soybean market in Latin America will witness higher growth rate (~12.9%) during the forecast period 2016 to 2022 due to availability of large organic harvesting area compare to other regions.
Regional and Country Analysis of Global Organic soybean Market Development and Demand Forecast to 2023 Market
As per the MRFR analysis, the global organic soybean market is expected to reach 1.21 million tons by 2023 at a CAGR of 9.44% during the forecasted period.
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The reports also cover country level analysis:
o North America
• U.S.
• Canada
• Mexico
o Latin America
• Brazil
• Argentina
• Rest of Latin America
o Europe
• Ukraine
• Italy
• Serbia
• Rest of Europe
o Asia Pacific
• China
• India
• Rest of Asia-Pacific
o Middle East & Africa
• Iran
• Turkey
• Rest of Middle East & Africa
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