Global Soybean Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Soybean Market Outlook

The global soybean market attained a consumption value of USD 157.6 billion in 2023. The consumption is expected to further grow at a CAGR of 4.1% in the forecast period of 2024-2032 to reach a value of USD 226.28 billion by 2032.

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The United States leads the global soybean market in terms of production. The region accounts for around 34% of the global output. The United States is followed by Brazil, Argentina, China, and India as the other largest producers of soybean. The major exporting countries include the United States, Brazil, Argentina, Canada, and Paraguay. Brazil is the largest soybean exporter, exporting a significant volume to China and Spain. China and Spain together account for 80% of the total imports of soybean. The United States is among the significant soybean exporters, exporting majorly to China and Mexico.

The major consuming regions include China, accounting for over 30% of the total consumption. It is followed by the United States, Argentina, Brazil, and the European Union. The most dominant end-use sector is the crushing industry, which results in the production of soy meal and soy oil. Soy oil is widely being used in the food, oleochemicals, and biodiesel industry, whereas soy meal has its uses in animal feed. China imports more than 60% of its soybean to meet its regional demand, especially in the crushing industry. China is planning to reduce its imports by shifting from corn production to soybean production and providing subsidies to the farmers who are doing that transition from corn to soybean production. Other importing regions are the European Union, Mexico, Egypt, and Argentina.

Market Segmentation

Soybean is also known as soya beans. It is an annual legume and an edible seed of the pea family (Fabaceae). Its scientific name is Glycine max. Soybeans are the most economically important bean in the world, supplying plant protein for millions of people plus ingredients for a lot of chemical products. They contain significant quantities of phytic acid, B vitamins, and dietary minerals. Soy vegetable oil, widely used in food as well as industrial applications, is a significant soybean processing product. It is the most important source of protein for livestock feed, which, in return, provides animal protein for human consumption.

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Based on nature, the market is divided into:

• Organic

• Conventional

On the basis of application, the market is categorised into:

• Animal Feed

• Human Food

Breakup by Food and Beverage Type

• Oil

• Tofu

• Soy Milk

• Others

The EMR report also covers the regional markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Market Analysis

The global soybean market is majorly being driven by the crushing industry, where soy meal and soy oil are extracted. These are the end products, which have wide applications in the food and feed industries. Soy meal is used in the animal feed industry, whereas soy oil has its applications in the various industries, including oleochemicals, biodiesel, and food industries.

Soybean is widely used in the food industry as condiments in salads and for other cooking purposes. Soybean is also popular as a healthy alternative to cholesterol and fat-rich food. It is the ideal dairy alternative for people who are lactose intolerant. Moreover, it gives numerous health benefits with a high nutrient content of fibres, protein, antioxidants, phytoestrogens, omega-3 fatty acids, among others. The increasing cases of diseases like obesity have led to a shift to soybean-based snack and food products like soy chocolate nuts and soy crisps, driving the soybean market further. It is also helpful for people suffering from anaemia as it is a rich source of iron and copper, helping in the formation of red blood cells. Thus, the rising health consciousness and rising demand for dairy alternatives are driving the growth of the global soybean market.

Other driving factors for the soybean market are the growing markets for adhesives, insecticides, candles, printing inks, waxes, plastics, etc. The demand for these products is growing rapidly with the rising construction and automobiles industries across major markets. The rising middle-class population and growing urbanisation are also propelling the growth of the soybean market.

The comprehensive report covers the macro and micro aspects of the industry. The EMR report provides an in-depth assessment of the industry based on Porter’s five forces model, along with giving a SWOT analysis. This report also provides the regional historical (2018-2023) and forecast (2024-2032) price analysis for the product. It also assesses the global trade data, covering the volume and value of leading importing and exporting countries. Key demand and price indicators have also been provided within the report. The report also provides a cost and value chain analysis of the market.

Key Highlights of the Report

Soybean Market Report Snapshots

Soybean Market Size

Soybean Market Analysis