The global roasted soybean market has been witnessing steady growth since the past few years, and this growth trend is projected to continue throughout the forecast period of 2020–2030. The global roasted soybean market is estimated to register a CAGR of 6% throughout the forecast period.
Roasted soybeans include high levels of calcium, which supports bone health, and potassium is perfect for those watching their heart health. They also are a great source of magnesium, which helps promote a healthy heart, muscles, immune system, and nerve function. Thus, roasted soybeans are becoming popular among consumers as well as manufacturers in the food and feed industry. Apart from retail sales, roasted soybeans are becoming a healthy and nutritional choice of bakery, snacks, and convenience food manufacturers.
As the effects of COVID-19 are being felt around the world, food & beverage companies are facing significantly reduced demand and numerous supply chain disruption challenges. Roasted soybean is mostly marketed and distributed through the retail sector, and this sector has been badly disrupted due to COVID-19 pandemic. Also, international trade has been suspended, due to which, there has been a negative impact on the trade and supply of agriculture commodities. These factors are expected to hamper the growth of the global roasted soybean market for the next couple of years at least.
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Key Takeaways of Roasted Soybean Market Study
- Whole roasted soybean has been gaining popularity as a healthy snack across the globe.
- Roasted soybean is used for the preparation of healthy as well as vegan snacks for health-conscious consumers; thus, demand for roasted soybean is increasing globally.
- The organic segment, in terms of nature, is projected to register the highest CAGR in the global roasted soybean market over the forecast period of 2020-2030.
- The flour segment, under form, is projected to register a significant growth rate in the global roasted soybean market over the forecast period.
- The roasted soybean market in Europe and the Middle East & Africa is expected to register a healthy growth rate over the forecast period; post virus impacts will lead to a surge in the market.
- Europe is one of the largest dairy producers; thus, the demand for roasted soybean for animal feed will be impacted till market recovery in the second quarter of 2020; third quarter and fourth quarter will witness some market recovery.
- Elasticity in prices could continue if a severe economic recession results. The former is more likely than the latter in the long run.
- The situation resulting from COVID-19 is fluid. Economic damages will result due to this pandemic. The extent of those damages will depend on market responses.
- Chinese demand for soybeans is growing, in light of the recovery phase from COVID-19, particularly given that the U.S. has been harder hit by COVID-19 than China. A U.S. recession would increase Chinese soybean imports from U.S. Moreover, a major recession will impact livestock demand, which will have an impact on soybean prices.
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“Roasted soybean is mainly used for delicious snack manufacturing and direct consumption. Manufacturers of roasted soybean could gain more profits by targeting the feed industry, and snacks and convenience food industry. The COVID-19 pandemic has disrupted the global food and beverage industry on a large scale. It has affected the production and trade of agriculture commodities, which is negatively impacting the global roasted soybean market,” says a PMR analyst.
Global Roasted Soybean Market: Competitive Landscape
Key players in the global roasted soybean market are focusing on increasing their penetration in markets such as Europe, Asia Pacific, and the Middle East and Africa, to expand their regional footprint. Some of the major players in the global roasted soybean market, such as SunOpta Inc., KLC Farms Roasting Inc., Natural Products, Inc., Jabsons Foods, Mindals AGRO, and others, are engaged in increasing their organic portfolios, owing to the increased demand for organic roasted soybean products. In addition, these key players are focused on providing clean label, gluten-free, non-GMO products to end-user industry verticals and consumers. They are also emphasizing on using latest technology to produce the highest quality and most consistent roasted soybeans in the industry.
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