The revenue of the soy-based chemicals market is about USD 27.9 billion in 2023, and it will power at 7.5 % rate by the end of this decade, to touch USD 45.6 billion by 2030. 

The development of this industry is because of the increasing worries of individuals with regards to the consequences of the consumption of fossil fuels on the environment. 

This is powering to a shift in the preference of clienteles in the direction of eco-friendly practices. This is the reason that soy-based chemicals, helping supernumerary conventional chemicals formulated from crude oil are observing growing consumption. The most-prevalent derivative of soybean is soy milk, widely put to use in in the food and beverage sector.

The major trends in the industry are the growing requirement for soybeans in the food & beverage industry and the increasing use of bio-based products globally. Regarding this, the rising vegan trend lifts the industry, by leading to a growing requirement for proteins resultant from sources apart from animals.

Soy milk is particularly general amongst vegans and also those whose bodies cannot stand the lactose in milk. Likewise, tofu and tempeh are two extensively consumed soy products in the cuisine of East Asia and now becoming prevalent in other regions also. 

According to the reports, these products have an advanced protein content than all conservative nuts and dairy products.

The soy oil category, on the basis of type, is the major contributor of revenue in the soy-based chemicals market, and it will perceive high growth in the years to come. Byproducts of soy oil, for example, polyols, methyl soyate, and isoflavones, have experienced an enormous increase in their application in dissimilar industries. Soybean oil is itself extensively used in cooking as an alternative for animal fats, including lard, ghee, and butter. 

Furthermore, it is put to use for nourishing the hair and as a conditioner on the skin. Additionally, it can be used as a carrier oil, being put to use for diluting other essential oils, before the application on the skin.

North America led the industry, and it will power at a strong rate in the years to come. The continent is perceiving a substantial increase in the emphasis on sustainability, boosting the requirement for bio-based products and chemicals.

Furthermore, the growing backing for the production of biodiesels and numerous other renewable goods will boost the need for soy chemicals in the region by the end of this decade.

It is because of the growing worries of the people with regards to the outcomes of the consumption of fossil fuels on the environment, the demand for soy-based chemicals is on the rise. This trend will continue in the years to come as well.