Soybean Market Report 2024

This Soybean market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The soybean market size has grown strongly in recent years. It will grow from $151.85 billion in 2023 to $160.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth during the historic period can be attributed to several factors, including rising global demand, the production of biofuels, favorable weather conditions, supportive trade policies, and the expansion of the livestock industry.

The soybean market size is expected to see strong growth in the next few years. It will grow to $199.75 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth during the forecast period can be attributed to several factors, including population growth, dietary shifts toward plant-based proteins, the impacts of climate change, trade agreements, and market diversification. Key trends expected in this period include a rising demand for organic soybeans, an emphasis on sustainability, fluctuating commodity prices, evolving consumer preferences, and the growth of soy-based alternatives.

The expected increase in animal feed consumption is likely to drive growth in the soybean market moving forward. Animal feed refers to the food provided to domestic animals, which typically consists of grains, forages, and supplements that supply the necessary nutrients for their growth, maintenance, and productivity. The rising demand for animal feed is primarily fueled by the growing global population and the increasing consumption of meat and dairy products. Soybeans are particularly valued in animal feed for their high protein content, essential amino acids, and favorable nutrient profile, making them an efficient nutritional source for livestock. For example, in September 2024, the Agriculture and Horticulture Development Board, a UK-based statutory levy board, reported that total production, including integrated poultry units (IPU), reached 7.81 million tonnes from July to January of that season, reflecting a 1.3% increase from the previous year's production of 7.71 million tonnes. Thus, the rising consumption of animal feed is propelling the growth of the soybean market.

Key companies in the soybean sector are concentrating on developing innovative solutions such as high-yield soy seed varieties to improve crop yield and resilience. High-yield soybean varieties are either genetically enhanced or selectively bred to produce larger quantities of soybeans per acre compared to conventional varieties. For instance, in March 2024, Protealis, a Belgium-based developer of seeds and seed technologies for sustainable plant proteins, introduced four new soybean varieties in Europe, PRO Vesuvio, PRO Helicon, PRO Taranaki, and PRO Jacinto. These varieties have been specifically bred to thrive in shorter growing seasons and colder climates, making them suitable for regions such as Belgium, France, and Germany. This strategic move aims to increase local protein production and provide sustainable alternatives for farmers transitioning from traditional crops. These new varieties are engineered to deliver both high yields and high protein content, which is crucial for European farmers looking to adopt more sustainable practices in their crop rotations.

In January 2023, Cargill Inc., a US-based company that offers food, ingredients, agricultural solutions, and industrial products, acquired Owensboro Grain Company for an undisclosed amount. This acquisition is intended to modernize and expand OGC's operations, aligning with Cargill's strategy to enhance its North American oilseeds network to meet the growing demand in the food, feed, and renewable fuel sectors. Owensboro Grain Company operates as a soybean processing facility and refinery based in the United States.

Major companies operating in the soybean market are Glencore plc, Cargill Incorporated, Archer Daniels Midland, Wilmar International Limited, Bunge Limited, COFCO International, Louis Dreyfus Company, CHS Inc., Corteva Agriscience, Scoular, AG Processing Inc., Fuji Oil Co. Ltd., House Foods Corporation, SLC Agrícola, Olam Group, Clarkson Grain Company, Nordic Soya Oy, Denofa AS, Noble Ecotech, Protealis.

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.

The countries covered in the soybean market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Soybeans are legumes that originated in East Asia and are among the most significant crops worldwide due to their high protein and oil content. They are rich in essential amino acids, making them a valuable protein source for human consumption as well as animal feed. Additionally, soybeans play an important role in agricultural practices by enhancing soil health through nitrogen fixation.

The main types of soybeans include conventional and organic varieties. Conventional soybeans are non-genetically modified (non-GMO) and are cultivated using traditional agricultural methods without modern genetic modifications. These soybeans are available in both processed and raw forms and are utilized in a variety of applications, including food and beverages, soybean food products, fermented soya foods, non-fermented products, soybean oils, and animal feed.

The soybean market research report is one of a series of new reports that provides soybean market statistics, including the soybean industry's global market size, regional shares, competitors with a soybean market share, detailed soybean market segments, market trends and opportunities, and any further data you may need to thrive in the soybean industry. This soybean 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 market consists of sales of soymeal, soy-based foods, biofuels, and other industrial materials. 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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