Soybean Farming in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Harvest Time: Both Domestic and International Demand for Soybeans Will Skyrocket

The Soybean Farming industry is historically volatile. Before the COVID-19 pandemic, industry revenue had declined because of falling exports to China. In 2018, the US and China entered a trade war brought on by the US imposing tariffs on Chinese steel. The Chinese government responded by placing significant tariffs on US soybeans. China has historically been a major importer of soybeans, so these tariffs resulted in revenue declines for industry growers. However, in 2020, exports of soybeans surged as global supply chain disruptions increased demand for soybeans in other countries. Meanwhile, as the US economy moved beyond the pandemic in 2022, domestic soybean demand grew steadily. Overall, due to the significant growth in 2020 and 2021, industry revenue is expected to grow at an annualized rate of 7.6% to $64.3 billion over the five years to 2023. However, falling soybean prices are expected to cause revenue to fall 2.8% in 2023.

Farms in this industry grow soybeans as their main crop. Soybeans are most often used in livestock feeds and vegetable oils, with a small but growing proportion being used in biofuel production. Establishments that sell soybean seeds to US farmers for growing crops are also included.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.