North America soy chemicals market to emerge as a pivotal regional contender over 2018-2024, escalating demand for soy-based food products and medicines to fuel the industry expansion
Pertaining to the surging importance of soybean pertaining to its many medicinal benefits, soy chemicals market has emerged as one of the most profitable spheres of the healthcare cosmos. Experts assert that the consumption of soy can lead to a reduction in cardiovascular diseases, breast cancer, as well as cosmetic and dermatological problems. In addition, soy injections help patients with diabetes mellitus to improve metabolism. Considering the nutritional benefits of soy, most of the nutritionists have been encouraging the consumption of soy and its food derivatives that has resulted in the demand upsurge for soy-based drugs and food products on a large scale. On these grounds, several medical companies have been developing soybean oil-based medicines, providing a push to soy chemicals market trends.
U.S. Soy Polyols Market Size, By Application, 2017 & 2024, (Kilo Tons)
Nowadays, several restaurants and food companies have been making tall claims about having incorporated heart-healthy oils in their products such as dressings, bottled oils, baked goods, snacks, and dips to attract more consumers who have been trying to reduce the inclusion of saturated fat in their diet. The U.S. is one of the largest producers of soybean, accounting for more than 30 percent of worldwide production. In America, soybean is one of the most used ingredients owing to its health potential. In this regard, the U.S. Food and Drug Administration (FDA) has been providing suitable support to pharmacies and biomedical companies that have been involved in the development of soybean oil-based medicines for reducing the risks associated with coronary heart disease and cancer.
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Recently, the agribusiness and food ingredient company, Bunge North America received an approval from the U.S. FDA for its claim related to the consumption of soybean oil and its connection to coronary heart diseases. With its versatile portfolio, Bunge is continuously striving to disseminate the importance of soybean oil and its health benefits. Moreover, facilitated with in-depth scientific and clinical research, Bunge is looking forward to strengthening its business with strategic acquisitions and joint ventures. The growing North America soy chemicals industry is slated to generate such attractive business opportunities for players such as Bunge over the years ahead. Indeed, driven primarily by Canada, U.S., and Mexico, North America soy chemicals market, claim estimates, will register a CAGR of more than 5% over 2018-2024.
In order to target the leading consumers of soybean and its food products, globally renowned companies have been establishing suitable partnerships to commercialize their activities by reducing import costs. Validating the aforementioned fact, on February 2018, Cargill and Archer Daniels Midland company formed a JV to supply soybean meal and oil across Egypt. This JV has also acquired the crush plant of the Egypt based oil company located in Borg Al-Arab. In addition, Cargill also has been investing to expand its daily crush capacity from 3000 metric tons to 6000 metric tons with which it will decrease the soybean meal imports in Egypt. This strategy will help Cargill to expand its business across Egypt and North Africa to enhance its customer base by supplying affordable, safe, and healthy food. With the adoption of such business tactics, the players in the soy chemicals market are aiming to utilize their existing facilities and infrastructure in order to meet the growing regional product demand.
The increasing popularity of soybean oil and its byproducts among the manufacturers of consumer and industrial products over petroleum and other hazardous ingredients is slated to stimulate the industry trends over the years ahead. In addition to medicinal usage, the deployment of soybean products for manufacturing coatings, plastics, solvents, adhesives, rubber, and lubricants will also have a positive influence on business growth. Driven by the rising number of facility expansions, soy chemicals market size is anticipated to be pegged at USD 44.5 billion by the end of 2024.
Author Name : Sunil Hebbalkar
Wax market to chronicle itself in the multibillion dollar business space, heavy product demand from the candle manufacturing and cosmetics sectors to stimulate the industry growth over 2017-2024
The crux of business growth in recent times has been extensively attributed to the vast expanse of R&D programs. Wax market, in this regard, has also been experiencing a transformation, given that as a long-in-existence organic compound, wax has found massive applications in numerous end-use domains. A couple of years ago for instance, a research group from the Colorado State University published a study related to edible superhydrophobic coatings from FDA-approved carnauba and beeswax for the food packaging domain. Traditional wax like beeswax or tallow wax and synthetic wax like paraffin wax have been a part of the wax market landscape since its inception. However, now, with the increasing scarcity of fossil fuels, hydrogenated vegetable wax has also marked its debut in this business space. With the advancement of technology and increasing human endeavor for innovation, wax industry has depicted commendable progress through the product’s varied usage in packing, cosmetics and candle-making industries.
U.S. wax market size, by product, 2013 – 2024 (USD Million)
The candle-making industry has been one of the major and ancient drivers for wax market. While the traditional usage of candles as a chief source of light after sundown does not really exist anymore, the candle manufacturing sector still remains a multimillion dollar business. Aided by the presence of the internet and social media, the trend of manufacturing decorative and scented candles has taken shape, added a new dimension to the growth of the candle producing domain, which in consequence has impelled wax industry size from candle manufacturing. With the evolution of myriad candle types, candle manufacturing has witnessed numerous changes over the centuries. At present, candle manufacturers not only use paraffin and fossil-based wax but also synthetic, bio-based and natural wax, which adds to the multi-dimensional growth of wax industry.
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Besides candle manufacturing, the cosmetics domain also acts as a momentous driver for wax market. In a world that is becoming increasingly obsessed with self-image and beauty, cosmetics sector is set to witness massive growth in next few years, a factor that will positively impact wax industry share over 2017-2024. Rise in disposable incomes and an inclination toward beauty has spurred the demand for better skin and personal care products. Owing to drastically changing climatic conditions, consumers have also been demanding natural and ecofriendly cosmetics in the interest of health and environmental ramifications. These shifting trends, in consequence, will inevitably provide the much-needed boost to wax market expansion. Given how extensively wax is used in the manufacturing of lipsticks, mascaras, lip balms, lotions, eye pencils, and creams, the cosmetics and candle-making sectors are likely to vie with one another in terms of which domain would be most lucrative for impelling global wax market size.
It is prudent to mention that wax industry also receives significant stimulus through the use of wax in food packaging, since the product is an effective medium to create a protective barrier between food and deteriorating factors like moisture and humidity. It not only provides a preservative seal but also adds a glossy sheen on food items like fruits, nut seeds, and fertilizers. Wax coatings also help in delaying ripening, loss of internal moisture, and prolonging shelf life in general, thus expanding the scope of wax market from food packaging.
The FDA has approved the use of wax as an edible coating to be safe, non-toxic, and hypo-allergenic. In response, wax is majorly used to coat whole fruits like avocados, mangoes, pomegranates, melons, apples, and papayas and as a glazing agent for nuts. Indeed, this provides another growth avenue for wax market expansion from the food packaging domain.
Wax market is likely to face a major hindrance in the form of fluctuations in raw material supply and prices. With fossil fuels becoming scarce, wax products that depend solely on petroleum or crude oil for their production are becoming costlier. However, wax industry is rife with innovations related to the manufacture of synthetic waxes that use bio-based materials and are more eco-friendly than conventional wax products. With global economies becoming stronger by the day and the rising per capita income, wax market is estimated to garner significant profits over the ensuing years.
Author Name : Paroma Bhattacharya