Market Size of Soybean Meal Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 106.91 Billion |
| Market Size (2029) | USD 133.24 Billion |
| CAGR (2024 - 2029) | 4.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Soybean Meal Market Analysis
The Soybean Meal Market size is estimated at USD 106.91 billion in 2024, and is expected to reach USD 133.24 billion by 2029, growing at a CAGR of 4.5% during the forecast period (2024-2029).
The COVID-19 pandemic positively impacted the market due to the increased usage of soybean meal in the food and beverage industry and in the manufacturing of healthcare products. However, the decline in the meat demand around the world and the closure of animal feed manufacturing units have slightly hindered the demand for soybean meal from the feed industry.
An increase in demand for high-quality protein in soybean will continue to drive higher demand for soybean meal, mainly from the animal feed industry, over the forecast period. There is an increase in the global requirement for biodiesel as a major alternative to petrol and diesel. Biodiesel is produced using soybean; therefore, this may fuel the growth of the soybean meal market during the forecast period.
The global need for soybean meal has been increasing rapidly in recent years. An increasing number of farm animals and pet animals in the region of North America and Asia-Pacific is prompting the higher consumption and production of soybean meal products. This is boosting the opportunities for soybean meal manufacturers and the overall market.
Soybean Meal Industry Segmentation
Soybean meal is the byproduct left after extracting the oil from soybeans. Soybean meal is generally of two categories, high protein soybean meal with 47% - 49% protein and 3% fiber, which is obtained from dehulled seeds, and conventional soybean meal with 43% - 44% protein with hulls. The soybean meal market is segmented by application (animal feed, food industry, beverage, and healthcare products) and geography (North America, South America, Europe, Asia-Pacific, and Middle-East and Africa). The report offers the market size and forecasts in terms of value (USD million) for all the above segments.
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| Animal Feed | |
| Food Industry | |
| Beverage | |
| Healthcare Products |
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Soybean Meal Market Size Summary
The soybean meal market is poised for significant growth over the forecast period, driven by increasing demand for high-quality protein, particularly in the animal feed industry. The market has experienced a positive impact from the COVID-19 pandemic, as the food and beverage sectors, along with healthcare product manufacturing, have increased their reliance on soybean meal. Despite some challenges, such as a decline in global meat demand and the temporary closure of animal feed manufacturing units, the market is expected to expand. The rising global need for biodiesel, a major alternative to traditional fuels, is also anticipated to contribute to the market's growth, as soybean is a key ingredient in biodiesel production.
The demand for soybean meal is further bolstered by the growing populations of livestock and pet animals, particularly in North America and Asia-Pacific, which enhances consumption and production opportunities. The unique amino acid composition of soybean meal makes it a valuable alternative to cereal proteins, benefiting both animal feed and human food industries. Restrictions on slaughterhouse byproducts have also increased the market's appeal. China and the United States are leading producers, with significant export activities supporting global demand. The Asia-Pacific region dominates the market, with countries like China, India, and others being major producers and consumers, particularly in the animal feed sector.
Soybean Meal Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain Analysis
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Animal Feed
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2.1.2 Food Industry
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2.1.3 Beverage
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2.1.4 Healthcare Products
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2.2 Geography (Production Analysis (Volume), Consumption Analysis (Value and Volume), Import Analysis (Value and Volume), Export Analysis (Value and Volume), and Price Trend Analysis)
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.2 Europe
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2.2.2.1 Spain
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2.2.2.2 Croatia
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2.2.2.3 France
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2.2.2.4 Germany
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2.2.2.5 Russia
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2.2.3 Asia-Pacific
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2.2.3.1 India
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2.2.3.2 China
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2.2.3.3 Bangladesh
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Uruguay
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2.2.5 Middle-East and Africa
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2.2.5.1 South Africa
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2.2.5.2 Egypt
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Soybean Meal Market Size FAQs
How big is the Soybean Meal Market?
The Soybean Meal Market size is expected to reach USD 106.91 billion in 2024 and grow at a CAGR of 4.5% to reach USD 133.24 billion by 2029.
What is the current Soybean Meal Market size?
In 2024, the Soybean Meal Market size is expected to reach USD 106.91 billion.
