Soybean Processing Global Market Report 2024

The soybean processing market has grown strongly in recent years. It will grow from $84.91 billion in 2023 to $91.79 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The expansion observed during the historical period can be attributed to several factors, including the transformative impact of the industrial revolution, an increased demand for protein, rising awareness of health and nutrition, agricultural policies, and shifts in economic dynamics.

The soybean processing market is expected to see strong growth in the next few years. It will grow to $127.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period can be ascribed to several factors, including the increasing global population, a surge in demand for plant-based alternatives, sustainability initiatives, changing consumer preferences, and dynamics in international trade. Notable trends expected in the forecast period encompass preferences for clean labels, innovation in functional foods, advancements in processing methods, and the adoption of sustainable agriculture practices. These trends are poised to play a significant role in shaping the trajectory of the market during the forecasted period.

The soybean processing market is poised for growth, driven by the escalating prevalence of diseases such as obesity. Obesity, characterized by abnormal fat accumulation and associated health risks, has prompted increased attention to soybean processing as a preventive measure. Research indicates that soy protein, a key component of soybean processing, has demonstrated efficacy in preventing or reducing body fat formation and improving insulin resistance in experimental obesity models. The consumption of specific soybeans, particularly black and yellow varieties, has shown promise in mitigating diet-induced obesity by modulating lipid metabolism. Notably, statistics from the UK's Office for Health Improvement and Disparities highlight a significant obesity rate among individuals aged 18 and above, emphasizing the relevance of addressing obesity-related concerns. Consequently, the surge in diseases such as obesity is identified as a key driver propelling the soybean processing market.

The soybean processing market is expected to benefit from the heightened awareness of healthy lifestyles. Increased awareness, defined as individuals' knowledge of practices contributing to overall health and well-being, is contributing to a growing demand for soybean processing and healthier soybean products. The nutritional benefits associated with soy products, including their role in weight management, cholesterol reduction, and heart health, align with the goals of individuals adopting healthier lifestyles. Reports from the International Food Information Council reveal a substantial increase in the number of Americans adopting various diets and eating patterns, emphasizing clean eating, mindful eating, calorie counting, and plant-based diets. Consequently, the heightened awareness of healthy lifestyles emerges as a significant factor driving the growth of the soybean processing market.

Technological advancements have emerged as a prominent trend in the soybean processing market, with major companies actively investing in innovative technologies to enhance their market positions. A notable example is Zeakal Inc., a US-based plant science and technology company, which introduced photo seed technology in April 2021. This innovative technology is designed to augment the photosynthetic capacity and efficiency of soy plants, resulting in improved oil, protein, and sustainability profiles. The application of Photo Seed technology led to a substantial increase in soy's nutritional value, with enhanced oil composition by up to 17% and protein by up to 7% on a dry weight basis, while maintaining yields comparable to contemporary cultivars.

Strategic partnerships have become a prevalent approach among major companies in the soybean processing industry, enabling them to offer essential communication services to individuals, businesses, and governments. This collaborative strategy involves leveraging mutual strengths and resources for shared benefits and success. For instance, in September 2023, Bartlett Agri Enterprises Inc., a US-based livestock company, joined forces with POSCO International, a South Korean-based company specializing in international trade. The partnership aims to capitalize on new business opportunities in the soybean processing and grain origination export markets. Through the combined expertise and resources of both entities, they intend to foster growth and sustainability in the agricultural sector.

In January 2023, Cargill Inc., a leading US-based food corporation, completed the acquisition of Owensboro Grain Company LLC for an undisclosed amount. This strategic acquisition aligns with Cargill's objectives to enhance and expand capacity across its North American oilseeds network. The acquisition positions Cargill to meet the increasing demand for oilseeds in sectors such as food, feed, and renewable fuels. Owensboro Grain Company LLC, a US-based producer and supplier, contributes to Cargill's capabilities by providing edible oils, soy products, animal feeds, crude oil, and refined vegetables.

Major companies operating in the soybean processing market report are Archer-Daniels-Midland Company, DuPont de Nemours Inc., CHS Inc., The Scoular Company, Fuji Holdings Corporation, Batory Foods Inc., Nutra Food Ingredients LLC, Osage Food Products Inc., Bunge Limited, Cargill Incorporated, Wilmar International Ltd., Kerry Group plc, Crown Soya Protein Group Company, Foodchem International Corporation, Louis Dreyfus Company B.V., AG Processing Inc., Sodrugestvo Group of Companies, Noble Group Limited, Aceitera General Deheza S.A., Marubeni Corporation, Richardson International Limited, COFCO International, J-Oil Mills Inc., Ruchi Soya Industries Limited, The Andersons Inc., Green Plains Inc., Buhler Industries Inc., Clarkson Grain Company Inc., Consolidated Grain and Barge Co., Delong Co. Inc.

Asia-Pacific was the largest region in the soybean processing market in 2023. The regions covered in the soybean processing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the soybean processing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of soybean processing products include whole soybeans, meal, oil, and other derivatives. Whole soybean foods are derived from the entire soybean, catering to different soybean types, including conventional, genetically modified organisms (GMOs), non-genetically modified organisms (non-GMOs), and organic soybeans. These products are accessible through both online and offline distribution channels, serving various applications such as animal feed, aquafeed, biofuel, food and beverages, personal care, among others. The versatility of soybean processing products makes them integral across multiple industries.

The soybean processing market research report provides soybean processing market statistics, including soybean processing industry global market size, regional shares, competitors with a soybean processing market share, detailed soybean processing market segments, market trends and opportunities, and any further data you may need to thrive in the soybean processing industry. This soybean processing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The soybean processing market includes revenues earned by entities by preparation and dehulling, extraction, disadvantaging, oil refining and processing, and oleochemicals. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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