Soybean Market Report by Nature, Form, End User, Regions and Company Analysis 2024-2032

The global soybean market will reach US$ 245.89 billion by 2032 from US$ 165.56 billion in 2023, with a CAGR of 4.49% between 2024 and 2032.

Soybean (Glycine max) is among the most important food staples that are rich in protein and vegetable oil. Soybean is the primary grain source that avails adequate nutrient omega-3 fatty acids and alpha-linolenic acid. Moreover, it is shown that biotin possesses the primary nutritional significance as a vitamin protagonist; it is found that the concentration of biotin in soybeans is higher than it is in other vegetables, fruits, and almost all kinds of meat products. Soybean includes over 36% proteins, 30% carbohydrates, and dietary fiber, vitamins, and minerals that cannot be underestimated. It also contains 20% oil; more essential than other crops because of its capabilities in generating edible oil. Soybeans is rich in phytochemicals such as isoflavones and phenolic compounds that are good health to human beings.

Global Soybean Market Trends

Today, the world has witnessed an expand in the production of soybeans and this has striven the global market. Included among the leading countries that produce and export soybean product are United States of America, Brazil, Argentina, Canada, Paraguay and Uruguay since they contribute more than 85 percent. In the past, the USA remain predominant in soybean production, while South America and particularly Brazil have taken the lead in recent years.

World consumption of soybeans has risen significantly in the past twenty years and is expected to rise in the future. For this reason, 80 million metric tons of soybeans will be required in the next decade to meet the global requirement of this strategic product for feed, food, and fuel needs arising out of the establishment of new middle-class consumers in various countries across the globe. According to the United States Department of Agriculture, the world’s soybean production by 2024-2025 is projected at 422 MIlion tons, an increase of 6 percent for the marketing year.

China is the largest global importer of soybeans, and it controls 60% of total importation. European union, Mexico, Japan and Taiwan are also among the largest importers of the commodity though not as massive as China. It underscores the necessity of core actors that include the US, Brazil, and the China in agenda setting of the international soybean marketplace. These stakeholders must always realize that they are influential in the market and at the same time they are cost.

The escalating demand for soy in global markets is as a result of the demand for meat and vegetable protein sources. As the manufacturing and business processes become more advanced and people relocating from rural areas to cities, the consumption of meats especially meat and dairy products is on the rise, particularly in the developing countries. Soybeans are formulated into animal feeds hence perform a very crucial function of supplying protein and vitamins for poultry, swine and cattle. This implies that as business activities increase, so does the population of animals and therefore the need for soybeans for feeding these animals. Furthermore, the food processing industry also makes use of soybeans in making foods such as soy milk, tofu, soy sauce, as well as soy cooking oil. The consumption of value-added products such as soy milk and soy burgers due to a growth in business ventures and better standards of living, for utilization in food processing, there is increased demand for soybeans as a raw material.

Interest in biodiesel produced from soybean oil arises from the following worthy features. Because they grow in large scale and there are existing industries that already produce soybeans for other uses, soybeans are a very easily accessible feedstock for biofuel production. Sustainability is made possible merely by using the residual soybean in feeding animals. This makes soybean ideal oilseed feedstock since acreage devoted to its production has exceeded that of other oilseeds. Another feature indicative of the high potential of soybeans in the biodiesel market and having a great potential for growth is its growth by more than one billion gallons per year through conversion of the biodiesel capacity within a short time period, including zero speck before 2008.

United States Soybean Market

The United States is a major global market for soybeans, particularly for usage as protein and oil in the food and stock-foods industry. The US plays a remarkable role as the largest producer as well as exporter of soybeans, major states are Illinois, Iowa, Minnesota, Nebraska, and others. These have boosted the production of the US in various ways including; improvement in technology, improved farming practices and the strong demand market. It is an international market and large exportations to China, Mexican, and the European Union take place. New trade barriers pushed US and China to decrease their exports through imposing a tariff. Sustainability in supplying domestic demand comes from the increased intake of plant diets and soy products known to have health benefits. The Remunerative fuel standard and the programs offered by the United States Department of Agriculture increase the use of soybean oil in biodiesel. In November 2023, Cargill Sid’s Ohio’s production unit increased facility capacity in response to ascending feed, food, and renewable fuel industries.

Soybean Market Company Analysis

The prominent companies in the soybean market are Kerry Group P.C., Fuji Oil Co. Ltd., House Foods Corporation, Danone North America, DuPont de Nemours, Inc., CHS Inc., Cargill, Inc., Scoular, and Archer-Daniels-Midland Co.

Soybean Market Company News

In November 2022, Cargill strategically announced the acquisition of Owensboro Grain Company, strengthening our position in the soybean market.

Nov 2022: The World Bank has approved a substantial $24.58 million grant for a Sustainable Land Management project in Brazil. This project is designed to significantly increase agricultural productivity in the soybean and beef cattle value chains, all while effectively reducing greenhouse gas emissions.

In August 2022, Bayer demonstrated its commitment to sustainability by expanding its investment to acquire a majority share in CoverCress Inc., a sustainable, lower-carbon oilseed producer.

In June 2023, Argus acquired Mercaris, a sustainable agriculture pricing provider based in the US.

In November 2023, Arizona acquired a patented soy-based concrete protectant developed in Indiana.

February 2022: Bayer has partnered with M.S. Technologies LLC to distribute soybeans with the 'Enlist E3 trait' for the 2023 crop season.

August 2022: North Dakota Soybean Processors (NDSP), a joint venture between CGB Enterprises Inc. and Minnesota Soybean Processors, is constructing a new facility to crush 42.5 million bushels of soybeans annually. The facility will also produce soybean oil, meal, and hulls and is expected to be operational in 2024.

Nature - Global Soybean Market is divided into 2 viewpoints

1. Conventional
2. Organic

Form - Global Soybean Market is divided into 2 viewpoints

1. Processed
2. Raw

End User - Market is divided into 3 viewpoints

1. Food & Beverages
2. Animal-feed
3. Others

Countries - Market breakup into

North America

1. United States
2. Canada

Europe

1. France
2. Germany
3. Italy
4. Spain
5. United Kingdom
6. Belgium
7. Netherlands
8. Turkey

Asia Pacific

1. China
2. Japan
3. India
4. Australia
5. South Korea
6. Thailand
7. Malaysia
8. Indonesia
9. New Zealand

Latin America

1. Brazil
2. Mexico
3. Argentina

Middle East & Africa

1. South Africa
2. Saudi Arabia
3. United Arab Emirates

All key players have been covered from 3 viewpoints:

• Overview
• Recent Development
• Financial Insight

Company Analysis:

1. Kerry Group P.C.
2. Fuji Oil Co. Ltd.
3. House Foods Corporation
4. Danone North America
5. DuPont de Nemours, Inc.
6. CHS Inc.
7. Cargill, Inc.
8. Scoular
9. Archer-Daniels-Midland Co.