Soybean Market Size (2024 - 2029)

Soybean Market Analysis

The Soybean Market size is estimated at USD 198.10 billion in 2024, and is expected to reach USD 277.88 billion by 2029, growing at a CAGR of 7.20% during the forecast period (2024-2029).

Soybeans, renowned for their rich plant-based protein content, also boast a variety of beneficial plant compounds. While Asian cuisines often feature whole soybeans, Western nations predominantly utilize heavily processed soy products. The range of soy offerings includes soy flour, soy protein, tofu, soy milk, soy sauce, and soybean oil. Packed with antioxidants and phytonutrients, soybeans are linked to numerous health benefits. Regular consumption of soy products may help women lower their osteoporosis risk, combat obesity, reduce the likelihood of Type 2 diabetes, enhance blood circulation, and alleviate sleep disorders. Over recent years, soybean production has seen a notable uptick. This surge in production, coupled with an expanded harvested area, is poised to propel the global market. As reported by FAO, global soybean production rose from 355.8 million metric tons in 2020 to 372.8 million metric tons in 2021.

Beyond their nutritional benefits, soybeans serve multiple purposes: oil extraction, culinary applications, and animal feed. In kitchens, they're favored as salad condiments and in various cooking methods. Valued for being low in cholesterol and fat, soybeans are a sought-after protein-rich substitute. Moreover, they provide an excellent dairy alternative for those with lactose intolerance. The US National Library of Medicine highlights that about 65% of humans lose their lactose digestion ability post-infancy, underscoring the significance of soybeans in such diets. This versatility is a key driver of the global soybean market.

Globally, the United States, Brazil, Argentina, Canada, Paraguay, and Uruguay dominate soybean production and export, collectively representing over 85% of the world's output. Historically, the U.S. led as the primary producer and exporter. However, Brazil, benefiting from optimal soil quality, favorable weather, and ample water, has surged ahead, making South America the epicenter of global soybean production. The rising adoption of veganism in Western nations, fueled by the growing preference for plant-based proteins, is energizing the soybean market. Additionally, heightened health consciousness among consumers, driven by improved living standards, has further bolstered the market's growth.    

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 into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The report includes the Production Analysis (Volume), Consumption Analysis (Value and Volume), Export Analysis (Value and Volume), Import Analysis (Value and Volume), and Price Trend Analysis. The report offers market estimation and forecasts in value (USD) and volume (metric tons) for all the above segments.