Global Soybean Market Analysis
The global soybean market will reach US$ 245.89 billion by 2032 from US$ 165.56 billion in 2023, with a CAGR of 4.49% between 2024 and 2032.
Soybean (Glycine max) is one of the most important food staples due to its high protein and vegetable oil content. It is the primary source of grain that provides ample omega-3 fatty acids and alpha-linolenic acid. Additionally, soybeans are rich in biotin, which is a crucial vitamin. The concentration of biotin in soybeans is higher than in other vegetables, fruits, and almost all types of meat products. Soybeans contain over 36% protein, 30% carbohydrates, dietary fiber, vitamins, and minerals. They also contain about 20% oil, making them essential for producing edible oil. Soybeans are also rich in phytochemicals such as isoflavones and phenolic compounds, which benefit human health.
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Global Soybean Market Trends
Growing Production worldwide: Global soybean production is increasing due to rising demand for soybeans as a protein source in human and animal diets. Soybeans are used in various industries, including food processing, biofuels, and animal feed, which boost Production. Advancements in agricultural technology and farming practices have increased yields and efficiency. Favorable weather conditions and government policies supporting agricultural development contribute to soybean production growth worldwide.
The global consumption of soybeans has increased: They have risen significantly due to their versatile uses in food products, animal feed, and biofuels. This growth is driven by increasing demand for protein-rich diets, expanding livestock production, and the rising popularity of soy-based products in various industries. The consumption of soybeans worldwide has grown significantly over the past two decades and is expected to continue rising in the coming years. To meet the global demand for this versatile product in feed, food, and fuel, approximately 80 million metric tons of soybeans will be needed in the next decade, driven by the rising number of new middle-class consumers in various countries. According to United States Department of Agriculture projections, global soybean production is expected to reach 422 million tons by 2024-2025, marking a 6 percent increase for the marketing year.
Growing import of soybeans across the globe: Several countries stand out as major global importers of soybeans, with China leading the pack due to its vast demand for livestock feed and vegetable oil production. The European Union also imports significant soybeans, primarily for animal feed. Other major importers include Southeast Asian countries, such as Indonesia and Vietnam, where soybeans are crucial for feed and food processing industries. In South America, Brazil imports soybeans to supplement its domestic Production and meet export demands. These importing countries rely on soybeans to support their agricultural sectors, maintain livestock populations, and meet dietary needs. The global soybean trade thus plays a crucial role in ensuring food security, supporting livestock production, and meeting the diverse industrial demands of importing nations.
Global soy demand rises due to increased meat and vegetable protein needs: The escalating demand for soy in global markets results from the demand for meat and vegetable protein sources. As the manufacturing and business processes become more advanced and people relocate from rural areas to cities, the consumption of meats, especially meat and dairy products, is on the rise, particularly in developing countries. Soybeans are formulated into animal feeds and hence are crucial to supplying protein and vitamins for poultry, swine, and cattle. This implies that as business activities increase, so does the population of animals and, therefore, the need for soybeans to feed these animals. Furthermore, the food processing industry also uses soybeans to make foods such as soy milk, tofu, soy sauce, and soy cooking oil. The consumption of value-added products such as soy milk and soy burgers is due to a growth in business ventures and better living standards for utilization in food processes, increasing demand for soybeans as a raw material.
United States Soybean Market
The United States is a primary global soybean market for protein and oil in the food and livestock industries. The US is the largest producer and exporter of soybeans, with central producing states including Illinois, Iowa, Minnesota, and Nebraska. Improvements in technology, farming practices, and strong demand have driven this growth. The US exports to China, Mexico, and the European Union, but trade barriers have decreased exports due to tariffs. There is a domestic demand for soybeans due to the increased consumption of plant-based diets and soy products with health benefits. The United States Department of Agriculture also offers programs that promote using soybean oil in biodiesel. In November 2023, Cargill’s Ohio production unit increased its facility capacity to meet the growing demand in feed, food, and renewable fuel industries.
Soybean Market Company Analysis
The prominent companies in the soybean market are Kerry Group P.C., Fuji Oil Co. Ltd., House Foods Corporation, Danone North America, DuPont de Nemours, Inc., CHS Inc., Cargill, Inc., Scoular, and Archer-Daniels-Midland Co.
Soybean Market Company News
In November 2022, Cargill strategically announced the acquisition of Owensboro Grain Company, strengthening our position in the soybean market.
Nov 2022: The World Bank has approved a substantial $24.58 million grant for a Sustainable Land Management project in Brazil. This project is designed to significantly increase agricultural productivity in the soybean and beef cattle value chains, all while effectively reducing greenhouse gas emissions.
In August 2022, Bayer demonstrated its commitment to sustainability by expanding its investment to acquire a majority share in CoverCress Inc., a sustainable, lower-carbon oilseed producer.
In June 2023, Argus acquired Mercaris, a sustainable agriculture pricing provider based in the US.
In November 2023, Arizona acquired a patented soy-based concrete protectant developed in Indiana.
February 2022: Bayer has partnered with M.S. Technologies LLC to distribute soybeans with the ‘Enlist E3 trait’ for the 2023 crop season.
August 2022: North Dakota Soybean Processors (NDSP), a joint venture between CGB Enterprises Inc. and Minnesota Soybean Processors, is constructing a new facility to crush 42.5 million bushels of soybeans annually. The facility will also produce soybean oil, meal, and hulls and is expected to be operational in 2024.
Nature – Global Soybean Market is divided into 2 viewpoints
- Conventional
- Organic
Form – Global Soybean Market is divided into 2 viewpoints
- Processed
- Raw
End User – Market is divided into 3 viewpoints
- Food & Beverages
- Animal-feed
- Others
Countries – Market breakup into
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Malaysia
- Indonesia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
All key players have been covered from 3 viewpoints:
- Overview
- Recent Development
- Financial Insight
Company Analysis:
- Kerry Group P.C.
- Fuji Oil Co. Ltd.
- House Foods Corporation
- Danone North America
- DuPont de Nemours, Inc.
- CHS Inc.
- Cargill, Inc.
- Scoular
- Archer-Daniels-Midland Co.
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