Market Size of Soybean Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 198.12 Billion |
Market Size (2029) | USD 277.88 Billion |
CAGR (2024 - 2029) | 7.00 % |
Fastest Growing Market | North America |
Largest Market | South America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Soybean Market Analysis
The Soybean Market size is estimated at USD 198.12 billion in 2024, and is expected to reach USD 277.88 billion by 2029, growing at a CAGR of 7% during the forecast period (2024-2029).
- The production of soybeans kept on increasing in the past few years. The increase in production along with an increase in the area harvested under soybean is likely to drive the market globally. According to FAO, the world soybean production is 336 million metric tons in 2019 increased to 353 million metric ton in 2020. Additionally, soybean can be used for extracting oil, as an edible crop, and as feed for animals. It is frequently used in the culinary business as a salad condiment and for other cooking applications. Soybean is also popular as a low-cholesterol and low-fat food substitute and protein-rich produce. It is an excellent dairy substitute for lactose-intolerant persons. According to the US National Library of Medicine, nearly all humans lose approximately 65% of their ability to digest lactose after infancy. So in such cases, the consumption of soybean helps. The wide usage is driving the soybean market globally.
- The United States, Brazil, Argentina, Canada, Paraguay, and Uruguay are the largest producers and exporters of soybean globally, accounting for more than 85.0% of the global production. For many years, the United States was the world's major producer and exporter of soybean. However, South America became the largest market for soybean production with Brazil being the leading country. According to FAO, in 2020, soybean production increased dramatically in Brazil, attributed to the favorable growing conditions augmented by the soil quality, weather conditions, and water availability. The soybean market is driven by the increasing adoption of veganism in western countries due to the popularity of plant-rich proteins in the diet. The increased health awareness among consumers due to the higher standard of living also impacted the market positively.
Soybean Industry Segmentation
Soybean is a leguminous vegetable crop grown in tropical and subtropical climates. It is one of the most valuable crops globally, not only as an oilseed crop, feed for livestock and aquaculture but also as a good source of protein in the human diet and as a biofuel. For the report purpose, soybean, whether or not broken (HS Code 1201), is considered for the analysis.
The soybean market is segmented by geography (North America, Europe, Asia-Pacific, South America, and Middle East & Africa). Each segment will cover production analysis (volume), consumption analysis (value and volume), import analysis (value and volume), export market analysis (value and volume), and price trend analysis. The report offers the market size and forecast based on volume (metric ton) and value (USD thousand) for the above segments.
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Soybean Market Size Summary
The soybean market is poised for significant growth over the forecast period, driven by increasing production and expanding harvested areas globally. The versatility of soybeans, used for oil extraction, as an edible crop, and as animal feed, contributes to their rising demand. Soybeans are particularly valued for their health benefits, being low in cholesterol and fat while high in protein, making them a popular choice in culinary applications and as a dairy substitute for those with lactose intolerance. The market is further bolstered by the growing trend of veganism and increased health awareness, particularly in Western countries, which has led to a higher consumption of plant-rich proteins. The demand for soybean by-products, such as soybean meal and oil cakes, has also seen a notable increase, supported by the high nutritional value of these products and the rising disposable incomes in developed nations.
South America, with Brazil, Argentina, and Paraguay at the forefront, dominates the global soybean production and export landscape. Brazil, in particular, has seen a substantial increase in soybean production due to favorable agricultural conditions, making it a leading exporter. The competitive pricing of Brazilian soybeans in the international market, aided by a weaker local currency, has further enhanced its export potential. The demand for soybean meal as a high-protein animal feed has surged, driven by the growing livestock populations and the need for animal protein in rapidly developing countries like China. Additionally, strategic initiatives, such as sustainable land management projects and technological advancements in soybean cultivation, are expected to further boost production and export capabilities in the region.
Soybean Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain/Supply Chain Analysis
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2. MARKET SEGMENTATION (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume and Price Trend)
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2.1 Geography
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2.1.1 North America
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2.1.1.1 United States
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2.1.1.2 Canada
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2.1.1.3 Mexico
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2.1.2 Europe
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2.1.2.1 Russia
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2.1.2.2 Italy
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2.1.2.3 Ukraine
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2.1.2.4 Spain
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2.1.3 Asia-Pacific
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2.1.3.1 China
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2.1.3.2 India
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2.1.3.3 Japan
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2.1.3.4 Australia
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2.1.4 South America
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2.1.4.1 Brazil
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2.1.4.2 Argentina
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2.1.4.3 Paraguay
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2.1.5 Middle East & Africa
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2.1.5.1 South Africa
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2.1.5.2 Egypt
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2.1.5.3 Saudi Arabia
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Soybean Market Size FAQs
How big is the Soybean Market?
The Soybean Market size is expected to reach USD 198.12 billion in 2024 and grow at a CAGR of 7% to reach USD 277.88 billion by 2029.
What is the current Soybean Market size?
In 2024, the Soybean Market size is expected to reach USD 198.12 billion.