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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.
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Soybean Market Analysis
8.1 Key Industry Highlights
8.2 Global Soybean Historical Market (2018-2023)
8.3 Global Soybean Market Forecast (2024-2032)
8.4 Global Soybean Market by Nature
8.4.1 Organic
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Conventional
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Soybean Market by Application
8.5.1 Animal Feed
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Human Food
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.2.3 Breakup by Food and Beverage Type
8.5.2.3.1 Oil
8.5.2.3.2 Tofu
8.5.2.3.3 Soy Milk
8.5.2.3.4 Others
8.5.3 Biodiesel and Lubricants
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Soybean Market by Region
8.6.1 North America
8.6.1.1 Historical Production (2018-2023)
8.6.1.2 Production Forecast (2024-2032)
8.6.1.3 Historical Consumption (2018-2023)
8.6.1.4 Consumption Forecast (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Production (2018-2023)
8.6.2.2 Production Forecast (2024-2032)
8.6.2.3 Historical Consumption (2018-2023)
8.6.2.4 Consumption Forecast (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Production (2018-2023)
8.6.3.2 Production Forecast (2024-2032)
8.6.3.3 Historical Consumption (2018-2023)
8.6.3.4 Consumption Forecast (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Production (2018-2023)
8.6.4.2 Production Forecast (2024-2032)
8.6.4.3 Historical Consumption (2018-2023)
8.6.4.4 Consumption Forecast (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Production (2018-2023)
8.6.5.2 Production Forecast (2024-2032)
8.6.5.3 Historical Consumption (2018-2023)
8.6.5.4 Consumption Forecast (2024-2032)
9 North America Soybean Market Analysis
9.1 Market by Nature
9.2 Market by Application
9.3 Market by Country
9.3.1 United States of America
9.3.1.1 Historical Trend (2018-2023)
9.3.1.2 Forecast Trend (2024-2032)
9.3.2 Canada
9.3.2.1 Historical Trend (2018-2023)
9.3.2.2 Forecast Trend (2024-2032)
10 Europe Soybean Market Analysis
10.1 Market by Nature
10.2 Market by Application
10.3 Market by Country
10.3.1 United Kingdom
10.3.1.1 Historical Trend (2018-2023)
10.3.1.2 Forecast Trend (2024-2032)
10.3.2 Germany
10.3.2.1 Historical Trend (2018-2023)
10.3.2.2 Forecast Trend (2024-2032)
10.3.3 France
10.3.3.1 Historical Trend (2018-2023)
10.3.3.2 Forecast Trend (2024-2032)
10.3.4 Italy
10.3.4.1 Historical Trend (2018-2023)
10.3.4.2 Forecast Trend (2024-2032)
10.3.5 Others
11 Asia Pacific Soybean Market Analysis
11.1 Market by Nature
11.2 Market by Application
11.3 Market by Country
11.3.1 China
11.3.1.1 Historical Trend (2018-2023)
11.3.1.2 Forecast Trend (2024-2032)
11.3.2 Japan
11.3.2.1 Historical Trend (2018-2023)
11.3.2.2 Forecast Trend (2024-2032)
11.3.3 India
11.3.3.1 Historical Trend (2018-2023)
11.3.3.2 Forecast Trend (2024-2032)
11.3.4 ASEAN
11.3.4.1 Historical Trend (2018-2023)
11.3.4.2 Forecast Trend (2024-2032)
11.3.5 South Korea
11.3.5.1 Historical Trend (2018-2023)
11.3.5.2 Forecast Trend (2024-2032)
11.3.6 Australia
11.3.6.1 Historical Trend (2018-2023)
11.3.6.2 Forecast Trend (2024-2032)
11.3.7 Others
12 Latin America Soybean Market Analysis
12.1 Market by Nature
12.2 Market by Application
12.3 Market by Country
12.3.1 Brazil
12.3.1.1 Historical Trend (2018-2023)
12.3.1.2 Forecast Trend (2024-2032)
12.3.2 Argentina
12.3.2.1 Historical Trend (2018-2023)
12.3.2.2 Forecast Trend (2024-2032)
12.3.3 Mexico
12.3.3.1 Historical Trend (2018-2023)
12.3.3.2 Forecast Trend (2024-2032)
12.3.4 Others
13 Middle East and Africa Soybean Market Analysis
13.1 Market by Nature
13.2 Market by Application
13.3 Market by Country
13.3.1 Saudi Arabia
13.3.1.1 Historical Trend (2018-2023)
13.3.1.2 Forecast Trend (2024-2032)
13.3.2 United Arab Emirates
13.3.2.1 Historical Trend (2018-2023)
13.3.2.2 Forecast Trend (2024-2032)
13.3.3 Nigeria
13.3.3.1 Historical Trend (2018-2023)
13.3.3.2 Forecast Trend (2024-2032)
13.3.4 South Africa
13.3.4.1 Historical Trend (2018-2023)
13.3.4.2 Forecast Trend (2024-2032)
13.3.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code - 1201)
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Price Analysis
17.1 North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.2 Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.3 Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.4 Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.5 Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Bunge Limited
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Cargill, Incorporated
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 COFCO International
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Andre Maggi Participacoes S.A.
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 CHS Inc.
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Olam Agri Holdings Pte Ltd
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Glencore plc
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 Nordic Soya Oy
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 Denofa AS
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 Wilmar International
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.11 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Soybean Market: Key Industry Highlights, 2018 and 2032
2. Global Soybean Historical Market: Breakup by Nature (USD Million), 2018-2023
3. Global Soybean Market Forecast: Breakup by Nature (USD Million), 2024-2032
4. Global Soybean Historical Market: Breakup by Application (USD Million), 2018-2023
5. Global Soybean Market Forecast: Breakup by Application (USD Million), 2024-2032
6. Global Soybean Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Soybean Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Soybean Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Soybean Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Soybean Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Soybean Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Soybean Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Soybean Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Soybean Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Soybean Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Soybean Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Soybean Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Major Importing Countries by Volume
19. Major Exporting Countries by Volume
20. Major Importing Countries by Value
21. Major Exporting Countries by Value
22. North America Historical Price Trends and Forecast (2018-2032)
23. Europe Historical Price Trends and Forecast (2018-2032)
24. Asia Pacific Historical Price Trends and Forecast (2018-2032)
25. Latin America Historical Price Trends and Forecast (2018-2032)
26. Middle East and Africa Historical Price Trends and Forecast (2018-2032)
27. Global Soybean Market Structure
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.
The global soybean market attained a volume of nearly value of USD 157.6 billion in 2023, driven by the growing demand from the crushing industry. Aided by rising health consciousness and rising demand for dairy alternatives, the market is expected to witness further growth in the forecast period of 2024-2032, growing at a CAGR of 4.1%, to reach a value of USD 226.28 billion by 2032.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. Based on nature, the market is divided into organic and conventional. The major applications of soybean in the market are animal feed, human food, and biodiesel and lubricants, among others. Human food is further divided by food and beverage type into oil, tofu, and soy milk, among others. The major regional markets for soybean are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 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.
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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