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Soybean Market

Global Soybean Market Growth, Analysis, Trends, Forecast: By Nature: Organic, Conventional; By Application: Animal Feed, Human Food, Biodiesel and Lubricants, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Key Trends and Developments in the Market; 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.

 

Soybean Market

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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.

 

Soybean Market By Segments

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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

 

  • Biodiesel and Lubricants
  • Others

 

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

 

Soybean Market By Region

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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

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Nature
  • Application
  • Region
Breakup by Nature
  • Organic
  • Conventional
Breakup by Application
  • Animal Feed
  • Human Food
  • Biodiesel and Lubricants
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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
  • Wilmar International
  • Others

 

*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.

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 (2018-2028)
23.    Europe Historical Price Trends and Forecast (2018-2028)
24.    Asia Pacific Historical Price Trends and Forecast (2018-2028)
25.    Latin America Historical Price Trends and Forecast (2018-2028)
26.    Middle East and Africa Historical Price Trends and Forecast (2018-2028)
27.    Global Soybean Market Structure

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.

Analyst Review

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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