Soybean Meal Market Size (2024 - 2029)

The soybean meal market is projected to experience growth over the forecast period, driven by rising demand for high-quality protein, particularly from the animal feed industry. The market's expansion is further supported by the increasing global requirement for biodiesel, which is produced from soybeans. Despite some challenges posed by declining meat demand and the closure of animal feed manufacturing units, the market's size is expected to grow due to the heightened consumption and production of soybean meal products, especially in North America and Asia-Pacific. The COVID-19 pandemic has also positively influenced the market by boosting the use of soybean meal in the food and beverage sector and healthcare product manufacturing.

Market Size of Soybean Meal Industry

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Soybean Meal Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 106.91 Billion
Market Size (2029) USD 133.24 Billion
CAGR (2024 - 2029) 4.50 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Soybean Meal Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Soybean Meal Market Analysis

The Soybean Meal Market size is estimated at USD 106.91 billion in 2024, and is expected to reach USD 133.24 billion by 2029, growing at a CAGR of 4.5% during the forecast period (2024-2029).

The COVID-19 pandemic positively impacted the market due to the increased usage of soybean meal in the food and beverage industry and in the manufacturing of healthcare products. However, the decline in the meat demand around the world and the closure of animal feed manufacturing units have slightly hindered the demand for soybean meal from the feed industry.

An increase in demand for high-quality protein in soybean will continue to drive higher demand for soybean meal, mainly from the animal feed industry, over the forecast period. There is an increase in the global requirement for biodiesel as a major alternative to petrol and diesel. Biodiesel is produced using soybean; therefore, this may fuel the growth of the soybean meal market during the forecast period.

The global need for soybean meal has been increasing rapidly in recent years. An increasing number of farm animals and pet animals in the region of North America and Asia-Pacific is prompting the higher consumption and production of soybean meal products. This is boosting the opportunities for soybean meal manufacturers and the overall market.

Soybean Meal Industry Segmentation

Soybean meal is the byproduct left after extracting the oil from soybeans. Soybean meal is generally of two categories, high protein soybean meal with 47% - 49% protein and 3% fiber, which is obtained from dehulled seeds, and conventional soybean meal with 43% - 44% protein with hulls. The soybean meal market is segmented by application (animal feed, food industry, beverage, and healthcare products) and geography (North America, South America, Europe, Asia-Pacific, and Middle-East and Africa). The report offers the market size and forecasts in terms of value (USD million) for all the above segments.

Application
Animal Feed
Food Industry
Beverage
Healthcare Products
Geography (Production Analysis (Volume), Consumption Analysis (Value and Volume), Import Analysis (Value and Volume), Export Analysis (Value and Volume), and Price Trend Analysis)
North America
United States
Canada
Mexico
Europe
Spain
Croatia
France
Germany
Russia
Asia-Pacific
India
China
Bangladesh
South America
Brazil
Argentina
Uruguay
Middle-East and Africa
South Africa
Egypt
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Soybean Meal Market Size Summary

The soybean meal market is poised for significant growth over the forecast period, driven by increasing demand for high-quality protein, particularly in the animal feed industry. The market has experienced a positive impact from the COVID-19 pandemic, as the food and beverage sectors, along with healthcare product manufacturing, have increased their reliance on soybean meal. Despite some challenges, such as a decline in global meat demand and the temporary closure of animal feed manufacturing units, the market is expected to expand. The rising global need for biodiesel, a major alternative to traditional fuels, is also anticipated to contribute to the market's growth, as soybean is a key ingredient in biodiesel production.

The demand for soybean meal is further bolstered by the growing populations of livestock and pet animals, particularly in North America and Asia-Pacific, which enhances consumption and production opportunities. The unique amino acid composition of soybean meal makes it a valuable alternative to cereal proteins, benefiting both animal feed and human food industries. Restrictions on slaughterhouse byproducts have also increased the market's appeal. China and the United States are leading producers, with significant export activities supporting global demand. The Asia-Pacific region dominates the market, with countries like China, India, and others being major producers and consumers, particularly in the animal feed sector.

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Soybean Meal Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Value Chain Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Application

      1. 2.1.1 Animal Feed

      2. 2.1.2 Food Industry

      3. 2.1.3 Beverage

      4. 2.1.4 Healthcare Products

    2. 2.2 Geography (Production Analysis (Volume), Consumption Analysis (Value and Volume), Import Analysis (Value and Volume), Export Analysis (Value and Volume), and Price Trend Analysis)

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

        3. 2.2.1.3 Mexico

      2. 2.2.2 Europe

        1. 2.2.2.1 Spain

        2. 2.2.2.2 Croatia

        3. 2.2.2.3 France

        4. 2.2.2.4 Germany

        5. 2.2.2.5 Russia

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 India

        2. 2.2.3.2 China

        3. 2.2.3.3 Bangladesh

      4. 2.2.4 South America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Uruguay

      5. 2.2.5 Middle-East and Africa

        1. 2.2.5.1 South Africa

        2. 2.2.5.2 Egypt

Soybean Meal Market Size FAQs

The Soybean Meal Market size is expected to reach USD 106.91 billion in 2024 and grow at a CAGR of 4.5% to reach USD 133.24 billion by 2029.

In 2024, the Soybean Meal Market size is expected to reach USD 106.91 billion.

Soybean Meal Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)