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Soybean Meal Market Size (2024 - 2029)

The soybean meal market is projected to experience growth over the forecast period, driven by rising demand for high-quality protein, particularly from the animal feed industry. The market's expansion is further supported by the increasing global requirement for biodiesel, which is produced from soybeans. Despite some challenges posed by declining meat demand and the closure of animal feed manufacturing units, the market's size is expected to grow due to the heightened consumption and production of soybean meal products, especially in North America and Asia-Pacific. The COVID-19 pandemic has also positively influenced the market by boosting the use of soybean meal in the food and beverage sector and healthcare product manufacturing.

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Market Size of Soybean Meal Industry

Soybean Meal Market Summary
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).

  • Soybeans are vital for both animal and human nutrition. During processing, soybeans yield oil and pulp. The USDA reports that over 85% of the world's soybeans are crushed for meal and oil, with only 15% consumed directly. Soybean meal is widely used, especially in poultry and cattle feed. Its high digestibility makes it valuable for balancing animal rations and addressing amino acid deficits. While primarily used as animal feed for its protein content, the oil extracted from soybeans is mainly for cooking and biodiesel. Together, soybeans and their derivatives are among the top traded agricultural commodities, accounting for over 10% of the global agricultural trade value in 2021, as per the USDA. Given its crucial role as a protein source in the global feed industry, soybean meal is a strategically traded raw material year-round.
  • Recently, global demand for soybean meal has surged. Regions like North America and Asia-Pacific, with growing populations of farm and pet animals, are increasing their soybean meal consumption and production. This trend not only offers lucrative opportunities for soybean meal manufacturers but also strengthens the overall market. The International Grain Council (IGC) notes that global soybean production jumped from 357 million metric tons in 2021-2022 to 390 million metric tons in 2023-2024, an increase of 10 million metric tons. The council anticipates production will reach 413 million metric tons by the end of 2024-2025. This growth is primarily fueled by the rising demand for high-quality protein in soybeans, especially from the animal feed sector.

Soybean Meal Industry Segmentation

Soybean meal, a byproduct of oil extraction from soybeans, comes in two primary forms, high-protein soybean meal, derived from dehulled seeds, boasts 47% - 49% protein and 3% fiber, while conventional soybean meal, containing hulls, has 43% - 44% protein. 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, Middle-East, and Africa). The report provides market size and forecasts, expressed in USD, for all the mentioned segments.

Application
Animal Feed
Food Industry
Beverage
Healthcare Products
Geography (Production Analysis (Volume), Consumption Analysis (Value and Volume), Import Analysis (Value and Volume), Export Analysis (Value and Volume), and Price Trend Analysis)
North America
United States
Canada
Mexico
Europe
Spain
Croatia
France
Germany
Russia
Asia-Pacific
India
China
Bangladesh
South America
Brazil
Argentina
Uruguay
Middle-East and Africa
South Africa
Egypt
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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.

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Soybean Meal Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Demand for Protein-Based Food

        1. 1.2.1.1 Rising Demand for Quality Livestock Feed

          1. 1.2.1.1.1 Growing Livestock Industry

    3. 1.3 Market Restraints

      1. 1.3.1 Global Price Fluctuation in Soybean

        1. 1.3.1.1 Climate Change affecting Production

    4. 1.4 Value Chain Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Application

      1. 2.1.1 Animal Feed

      2. 2.1.2 Food Industry

      3. 2.1.3 Beverage

      4. 2.1.4 Healthcare Products

    2. 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)

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

        3. 2.2.1.3 Mexico

      2. 2.2.2 Europe

        1. 2.2.2.1 Spain

        2. 2.2.2.2 Croatia

        3. 2.2.2.3 France

        4. 2.2.2.4 Germany

        5. 2.2.2.5 Russia

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 India

        2. 2.2.3.2 China

        3. 2.2.3.3 Bangladesh

      4. 2.2.4 South America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Uruguay

      5. 2.2.5 Middle-East and Africa

        1. 2.2.5.1 South Africa

        2. 2.2.5.2 Egypt

Soybean Meal Market Size FAQs

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.

In 2024, the Soybean Meal Market size is expected to reach USD 106.91 billion.

Soybean Meal Market Report Snapshots

Soybean Meal Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)