Global Soybean Market to Grow at a CAGR of 4.1% in the Forecast Period of 2024-2032

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 2021. 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 Incorporated 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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Market Analysis by Nature, Application and Region:

• Based on nature, the market is divided into organic and conventional.

• On the basis of application, the market is categorised into animal feed, human food, and biodiesel and lubricants, among others. Human food is further divided into oil, tofu, and soy milk, among others.

• Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global soybean market is driven by the crushing industry, where the extraction of soy meal and soy oil takes place.

• The thriving animal feed industry, as well as the increasing applications in various industries, such as oleochemicals, biodiesel, and food industries, are boosting the market growth.

• The increasing awareness about the health benefits of soybean as it offers a healthy alternative to cholesterol and fat-rich food is further enhancing the market for soybean.

• The growing shift towards soybean-based snack and food products such as soy chocolate nuts and soy crisps are propelling the market growth further.

• The growing market for adhesives, candles, insecticides, printing inks, waxes, plastics, etc., are accelerating the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global soybean market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the application and regional markets of soybean.

• It gives an in-depth look at the regional price trends in the global soybean market for the periods (2018-2023) and (2024-2032).

• It analyses the global trade data, looking into the value and volume of the significant importing as well as exporting countries.

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, are the key players in the global soybean market as identified by EMR. The comprehensive report looks into their market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions.

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.