Soybean Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 198.12 Billion |
| Market Size (2029) | USD 277.88 Billion |
| CAGR (2024 - 2029) | 7.00 % |
| Fastest Growing Market | North America |
| Largest Market | South America |
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Soybean Market Analysis
The Soybean Market size is estimated at USD 198.12 billion in 2024, and is expected to reach USD 277.88 billion by 2029, growing at a CAGR of 7% during the forecast period (2024-2029).
- The production of soybeans kept on increasing in the past few years. The increase in production along with an increase in the area harvested under soybean is likely to drive the market globally. According to FAO, the world soybean production is 336 million metric tons in 2019 increased to 353 million metric ton in 2020. Additionally, soybean can be used for extracting oil, as an edible crop, and as feed for animals. It is frequently used in the culinary business as a salad condiment and for other cooking applications. Soybean is also popular as a low-cholesterol and low-fat food substitute and protein-rich produce. It is an excellent dairy substitute for lactose-intolerant persons. According to the US National Library of Medicine, nearly all humans lose approximately 65% of their ability to digest lactose after infancy. So in such cases, the consumption of soybean helps. The wide usage is driving the soybean market globally.
- The United States, Brazil, Argentina, Canada, Paraguay, and Uruguay are the largest producers and exporters of soybean globally, accounting for more than 85.0% of the global production. For many years, the United States was the world's major producer and exporter of soybean. However, South America became the largest market for soybean production with Brazil being the leading country. According to FAO, in 2020, soybean production increased dramatically in Brazil, attributed to the favorable growing conditions augmented by the soil quality, weather conditions, and water availability. The soybean market is driven by the increasing adoption of veganism in western countries due to the popularity of plant-rich proteins in the diet. The increased health awareness among consumers due to the higher standard of living also impacted the market positively.
Soybean Market Trends
This section covers the major market trends shaping the Soybean Market according to our research experts:
Increased Demand for the Byproducts of Soybean
The demand for soybean by-products like soybean meal and oil cakes increased over the past few years. The high nutritional value of the products enhanced their popularity among consumers, and it is increasing the market. The increased disposable income of consumers in developed countries and the improved soybean productivity in these countries contributed to the demand for soybean byproducts. As per the USDA, in 2020, soybean oil production in the United States was recorded at 11.3 million metric ton, increasing from 10.8 million metric ton in 2018. The demand for soybean oil in the country contributed to the production of commodities, which is anticipated to drive the market during the forecast period.
Along with this, soy lecithin a by-product of soybean is a popular food ingredient because it can be used as a wetting agent, to reduce viscosity and crystallization, to manage cholesterol, and to enhance chlorine. It is a food ingredient with significant applications in dietary supplements, ice creams and dairy products, newborn formulae, bread, margarine, and other convenience foods. Furthermore, soybean meal has a unique composition of amino acids and can be used as an alternative to cereal proteins. Additionally, the demand for high-protein animal feedstuffs like soybean meal increased due to the rise in demand for animal protein in quickly developing nations like China. Because growth rates are outpacing increases in yield per land unit over the long run, there is an increasing demand for soybean production. Therefore, soybean meal is used as feed for animals and for human consumption. The main reasons behind the increasing demand for protein-enriched foods are their health benefits and the growing number of livestock, cattle, ruminants, and other animals in the global market.
South America Dominates the Global Export Market
South America is the largest exporter in the global market for soybeans. Brazil, Argentina, and Paraguay account for more than 50% of the world's soybean supply. In South America, Brazil was the largest exporter of soybeans in 2020, accounting for 44.4% of total global exports, followed by Argentina and Paraguay. The soybean production in Brazil accounted for 114.7 million metric ton in 2017, increasing to 121.7 million metric ton in 2020. This increase in production is boosting soybean exports in the coming years. The low value of the Brazilian currency in 2020 made the price of soybeans competitive in the international market. The increased awareness among farmers about soybean cultivation and the well-equipped nature of cultivation in the region enhanced soybean production. The domestic and global demand for oilseeds like soybean has been rising over the years, impacting the prices of soybean and farmers' revenue positively. The US-China trade war contributed to the growing exports from Brazil to China.
Argentina is the world's top soybean oil and meal exporter. For instance, according to the ITC trade map, Argentina exported 6,010,691 million metric ton of soyabean oil in 2021. Additionally, Paraguay is the fourth-largest soybean exporter in the world. According to data from the Paraguayan Chamber of Soybean Exporters the country exports over half of the soybeans it produces, and its economy depends heavily on shipments abroad of raw materials. The enhanced livestock population and the growing demand for soybean meals have improved exports from South American countries in Asia-Pacific and Europe.
Soybean Market News
November 2022: The World Bank Board of Directors approved a grant agreement of USD 24.58 million to implement a Sustainable Land Management (SLM) in Brazil that increases agricultural productivity for soybean and beef cattle value chains in order to recover large areas of degraded pastures while reducing greenhouse gas emissions.
February 2022: Bayer announced a distribution agreement with M.S. Technologies LLC for soybeans containing the 'Enlist E3 trait'. Under this agreement, Bayer will distribute soybean seeds with Enlist E3 technology in the 2023 crop season.
August 2022: North Dakota Soybean Processors (NDSP), a joint venture between CGB Enterprises Inc. (CGB) and Minnesota Soybean Processors (MnSP) started the construction of a new facility which is expected to crush 42.5 million buses of soybeans in its first year, will produce soybean oil, soybean meal, and hulls. It is planned to be fully operational in 2024.
Soybean Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain/Supply Chain Analysis
5. MARKET SEGMENTATION (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume and Price Trend)
5.1 Geography
5.1.1 North America
5.1.1.1 United States
5.1.1.2 Canada
5.1.1.3 Mexico
5.1.2 Europe
5.1.2.1 Russia
5.1.2.2 Italy
5.1.2.3 Ukraine
5.1.2.4 Spain
5.1.3 Asia-Pacific
5.1.3.1 China
5.1.3.2 India
5.1.3.3 Japan
5.1.3.4 Australia
5.1.4 South America
5.1.4.1 Brazil
5.1.4.2 Argentina
5.1.4.3 Paraguay
5.1.5 Middle East & Africa
5.1.5.1 South Africa
5.1.5.2 Egypt
5.1.5.3 Saudi Arabia
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Soybean Industry Segmentation
Soybean is a leguminous vegetable crop grown in tropical and subtropical climates. It is one of the most valuable crops globally, not only as an oilseed crop, feed for livestock and aquaculture but also as a good source of protein in the human diet and as a biofuel. For the report purpose, soybean, whether or not broken (HS Code 1201), is considered for the analysis.
The soybean market is segmented by geography (North America, Europe, Asia-Pacific, South America, and Middle East & Africa). Each segment will cover production analysis (volume), consumption analysis (value and volume), import analysis (value and volume), export market analysis (value and volume), and price trend analysis. The report offers the market size and forecast based on volume (metric ton) and value (USD thousand) for the above segments.
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Soybean Market Research FAQs
How big is the Soybean Market?
The Soybean Market size is expected to reach USD 198.12 billion in 2024 and grow at a CAGR of 7% to reach USD 277.88 billion by 2029.
What is the current Soybean Market size?
In 2024, the Soybean Market size is expected to reach USD 198.12 billion.
Which is the fastest growing region in Soybean Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Soybean Market?
In 2024, the South America accounts for the largest market share in Soybean Market.
What years does this Soybean Market cover, and what was the market size in 2023?
In 2023, the Soybean Market size was estimated at USD 185.16 billion. The report covers the Soybean Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Soybean Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key factors driving the Soybean Market?
The key factors driving the Soybean Market are a) Rising demand for plant-based protein b) Innovations in areas like protein extraction and conversion to meat alternatives can further expand soybean utilization
Soybean Industry Report
The global soybean market thrives, marked by its varied applications across sectors. Known for its nutritional benefits and versatility, it's pivotal in the food industry, meeting the surge in plant-based diet preference and vegan, vegetarian lifestyles. Soybeans are a mainstay in plant-based nutrition, essential in products like tofu, soy milk, and as meat substitutes, propelled by health-conscious individuals. Beyond food, their role in animal feed is crucial, boosting livestock health with high protein content. The soybean oil's significance in the biofuel sector underscores its dual utility, contributing to sustainability and the move to renewable energy. The rising demand for by-products like meal and oil cakes highlights its economic value. As a key global agricultural commodity, with North and South America and Asia as top producers, the soybean's influence spans cultivation, processing, and trade. For comprehensive market insights including the soybean forecast, access the industry analysis and a free report PDF download from Mordor Intelligence™ Industry Reports. Get a sample of this industry analysis as a free report PDF download.
