How Is The Global Soybean Market Defined?
Soybeans are legumes that are native to East Asia and are among the most important crops globally due to their high protein and oil content. They are rich in essential amino acids, making them a valuable source of protein for both human consumption and animal feed. The crop also plays a significant role in agricultural practices, as it can improve soil health through nitrogen fixation.
Soybean Global Market Report 2024 provides data on the global soybean market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The soybean market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Soybean Market Size Expected To Expand, And At What Annual Growth Rate?
The soybean market is expected to grow from $151.85 billion in 2023 to $160.29 billion in 2024, reflecting a CAGR of 5.6%. The growth is driven by global demand, biofuel production, favorable weather, and trade policies. By 2028, the market is projected to grow to $199.75 billion at a CAGR of 5.7%. Factors fueling growth include population growth, dietary shifts toward plant-based proteins, and climate impacts. Key trends include increasing demand for organic soybeans, sustainability efforts, fluctuating commodity prices, and a shift toward soy-based alternatives.
What Are The Key Drivers Fueling Growth In The Soybean Market?
The growing consumption of animal feed is boosting the soybean market. Animal feed, which provides essential nutrients for livestock, is in higher demand due to global population growth and increased meat and dairy consumption. Soybeans, rich in protein and essential nutrients, are a key ingredient in animal feed. For instance, the Agriculture and Horticulture Development Board reported in September 2024 that total feed production, including integrated poultry units, reached 7.81 million tons from July to January, a 1.3% increase compared to the same period the previous year. This rise in feed consumption supports the growth of the soybean market.
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What Are The Principal Market Segments In The Global Soybean Market?
The soybean market covered in this report is segmented –
1) By Type: Conventional, Organic
2) By Form: Processed, Raw
3) By End-Use: Food And Beverages, Soybean Food Products, Fermented Soya Food, Non-Fermented, Soybean Oils, Animal Feed
Which Emerging Market Trends Are Altering The Soybean Sector?
Leading companies in the soybean market are introducing high-yield soy seed varieties to enhance crop productivity and resilience. These seeds are designed to produce higher yields per acre compared to traditional varieties. For example, in March 2024, Protealis, a Belgium-based developer of seeds and sustainable plant protein technologies, launched four new soybean varieties—PRO Vesuvio, PRO Helicon, PRO Taranaki, and PRO Jacinto—in Europe. These varieties are specifically designed for shorter growing seasons and cooler climates, supporting sustainable farming practices in regions like Belgium, France, and Germany.
What Is The Leading Region In The Soybean Market?
Asia-Pacific was the largest region in the Soybean market in 2023. The regions covered in the soybean market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
