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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Soybean 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.
Soybean Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global soybean market attained a value of USD 157.6 billion in 2023.
The market is projected to grow at a CAGR of 4.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 226.28 billion by 2032.
The major drivers of the market include the rising health consciousness, rising demand for dairy alternatives, growing markets for adhesives, insecticides, candles, rising construction and automobiles industries, rising middle-class population, and growing urbanisation.
The growing demand from the crushing industry and the wide applications of the product in the food and feed industries are the key industry trends propelling the market growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major applications of the market are animal feed, human food, and biodiesel and lubricants, among others. Human food is further divided into oil, tofu, and soy milk, among others.
The primary natures of soybean in the market are organic and conventional.
The major players in the market are Bunge Limited, Cargill, Incorporated, COFCO International, Andre Maggi Participacoes S.A., CHS Inc., Olam Agri Holdings Pte Ltd, Glencore plc, Nordic Soya Oy, Denofa AS, and Wilmar International, among others.
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