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The global soybean market based on production is led by the United States, accounting for about 35% share of the global output. The country is followed by Brazil, China, Argentina, and India as the largest producers of soybean. The soybean market in India is expected to witness a healthy growth in the coming years due to import restrictions on refined palm oil and palm olein from Malayasia imposed in January 2020. Thus, directing India towards increasing the imports of soybean and sunflower oils.
Soybean, variously known as soya bean, is an edible seed of the pea family (Fabaceae) and an annual legume. Soybean is the most important bean in the world, as it provides plant protein to millions of people, along with supplying ingredients for a lot of chemical products. Consumption of soya beans contains phytic acid, B vitamins, and other dietary minerals. Soybean gives soya vegetable oil as a processed product, which extensively used in food as well as industrial applications. Also, soybean is an important source of protein for livestock feed, which further provides animal protein for human consumption.
Archer Daniels Midland Company (NYSE: ADM) and Cargill are some of the leading producers of soybean oil. In July 2018, both the companies completed their agreement and officially launched SoyVenTM, their new joint venture, to cater to the soybean meal and oil demands from the customers in Egypt. SoyVen is situated in Borg Al-Arab, and it owns and operates the National Vegetable Oil Company soy crush facility, in conjunction to related commercial and functional activities, such as a distinct Switzerland-based entity supplying soybeans to the Egypt crush plant.
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