Soybean Market Share, Size, Trends, Industry Analysis Report, By Type (Conventional, Organic); By Form; By End Use; By Region; Segment Forecast, 2024- 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM4343
- Base Year: 2023
- Historical Data: 2019 – 2022
Report Outlook
- Soybean Market size was valued at USD 156.10 billion in 2023.
- The market is anticipated to grow from USD 162.83 billion in 2024 to USD 232.98 billion by 2032, exhibiting the CAGR of 4.6% during the forecast period.
Market Introduction
The soybean market growth witnesses substantial growth, supported by its diverse applications in the food industry. Soybeans, versatile in culinary uses, form the foundation for various products like tofu, soy milk, and meat substitutes. Their incorporation into an array of food items caters to diverse consumer preferences, including vegetarian and vegan diets. With soy-based alternatives gaining popularity, the market experiences heightened demand.
In addition, companies operating in the market are concentrating on developing new solutions to cater to the growing market demand.
For instance, in November 2023, Pioneer unveiled its latest soybean seed innovation, the Z-Series. This new soybean variety will be accessible in limited quantities for the upcoming 2024 planting season, and more extensive commercial availability is anticipated in 2025.
The soybean market future also experiences notable growth, propelled by its contribution to biofuel production. As the focus on sustainable energy intensifies, soybean oil plays a crucial role in biodiesel manufacturing. This dual application, serving both food and fuel sectors, amplifies the demand for soybeans. The expanding biofuel industry enhances the market's economic importance, aligning with global efforts to reduce reliance on fossil fuels. Soybeans, integral to biofuel production, emerge as key contributors to sustainability, shaping the growth dynamics of the soybean market outlook.
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The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces Center Stack Display market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.
The market future flourishes as plant-based diets gain popularity. With the increasing embrace of vegetarian and vegan lifestyles, soybeans, renowned for their versatility and high protein content, have become integral to plant-based nutrition. The rising demand for soy-based alternatives to meat and dairy aligns with health and environmental consciousness, defining soybeans' essential role in the evolving landscape of global nutrition.
Soybean, which is also known as soya beans, is a legume species that’s widely consumed worldwide. Mainly grown in Asia and South and North America, soybeans are a key part of Asian diets and have been consumed for thousands of years. They’re a good source of several vitamins and minerals, including molybdenum, vitamin K1, folate, copper, manganese, and phosphorous. Also, soybeans are rich in various bioactive plant compounds, such as isoflavones, phytic acid, and saponins.
Soybean comes in many colors, including green soybeans, yellow soybeans, and black soybeans. Green soybeans, which are also called edamame, can be steamed and eaten as an appetizer. Yellow soybeans are largely used to make soy milk, tempeh, and tamari. Black soybeans are popular in several Asian food cultures and are used in fermented or simmered forms in traditional dishes. Soybeans are used in several sectors, including industrial applications, food & beverages, and animal feed, amongst others. Increased emphasis on health consciousness is one of the major factors driving the soybean market forward.
Industry Growth Drivers
Growing Demand for Animal Feed is Projected to Spur the Product Demand
The market is shaped by the surging demand for animal feed, driven by a growing global population seeking increased protein in livestock diets. Soybeans, rich in protein, become a crucial element in formulating animal feed. This demand intensifies with the rising consumption of meat and dairy, especially in expanding economies. Soybeans play a vital role in supporting livestock health and productivity due to their nutritional value, making the escalating demand for animal feed a decisive factor influencing the dynamics of the market.
Rising Health Consciousness is Expected to Drive Market Growth
The market experiences a substantial impact from the increasing emphasis on health consciousness. As consumers prioritize healthier dietary choices, soybeans, renowned for their nutritional advantages, have become integral to modern nutritional preferences. This shift towards mindful eating extends to the growing demand for plant-based proteins and soy-based products. With its rich protein content and essential nutrients, soybeans align with the preferences of health-conscious consumers seeking wholesome and sustainable food alternatives. This evolving dietary awareness influences the growth patterns of the global market.
Industry Challenges
Disease and Pest Outbreaks are Likely to Impede the Market Growth
Disease and pest outbreaks present significant impediments to the market, constraining its growth. Vulnerability to various pathogens increases production costs, prompts heightened pesticide use and leads to yield losses. The economic impact extends to reduced farmer incomes, necessitating continuous research for effective pest management strategies. Proactive measures, including sustainable farming practices and the development of disease-resistant soybean varieties, are imperative to mitigate these challenges and foster resilience in the face of disease and pest pressures in the market.
Report Segmentation
The soybean market analysis is primarily segmented based on type, form, end use, and region.
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By Type |
By Form |
By End Use |
By Region |
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By Type Analysis
Organic Segment is Expected to Experience Significant Growth During the Forecast Period
The organic segment is expected to experience significant growth during the forecast period. Rising consumer demand for organic soybeans reflects a shift toward sustainable, pesticide-free agriculture. Fueled by health consciousness and environmental awareness, consumers opt for non-GMO, organic choices, seeking nutritional benefits and stringent quality standards. The availability of diverse organic soybean products, supported by corporate sustainability initiatives, meets this growing preference. This trend, reflecting a global move towards organic and sustainable food options, transforms the market, highlighting the impact of evolving consumer values on agricultural practices.
By Form Analysis
Processed Segment Accounted for Substantial Market Share in 2023
The processed segment accounted for a substantial market share in 2023. Processed soybeans undergo a transformative journey, yielding diverse products such as essential soybean oil used in cooking, high-protein soybean meal for animal feed, versatile tofu and soy milk, and advanced soy protein isolates and concentrates for various food applications. The process also produces soy flour, textured vegetable protein (TVP), soy sauce, and lecithin and contributes to biodiesel and industrial applications.
By End Use Analysis
Animal Feed Segment Held Significant Market Revenue Share in 2023
The animal feed segment held a significant revenue share in 2023. Renowned for their protein richness and well-rounded amino acid profile, soybeans provide essential nutrients vital for growth. The prevalence of soybean meal, a byproduct with heightened protein content, dominates animal feed formulations, particularly in dairy and livestock industries, supporting optimal health and productivity. In poultry feed, soybeans contribute to efficient egg production and meat development. This versatile ingredient extends to swine nutrition and aquaculture and serves as a sustainable alternative to traditional animal protein sources globally. Ongoing research focuses on refining soy-based formulations and innovative processing methods, enhancing their impact on livestock nutrition.
Regional Insights
Asia-Pacific Region Dominated the Global Market in 2023
In 2023, the Asia-Pacific region dominated the global market. Fueled by a growing population and evolving dietary trends, the region experiences a surging demand for soybeans and soy-based products. Import dependence is prominent, with countries relying on global exporters to meet escalating demands. Diverse cultivation practices, the pivotal role of soybean meal in the expanding livestock industry, and the burgeoning market for plant-based alternatives contribute to the market's dynamism. Government policies, environmental considerations, trade relationships, and the imperative of technological adoption underscore the competitive nature of the Asia-Pacific market, demanding strategic approaches for sustained growth.
The North America region is likely to experience significant growth during the forecast period. The region's market is marked by versatility, encompassing applications in animal feed, vegetable oil production, and diverse food products. Widespread adoption of genetically modified varieties enhances crop resilience. The export-focused approach, particularly with major importers like China, underscores North America's influential position. Crucial to the thriving livestock industry, soybean meal is a primary protein source. The region also actively engages in biofuel production, aligning with sustainability goals. Sustainable cultivation practices, technological adoption, market sensitivity, and ongoing research initiatives further define the dynamic North American market outlook.
Key Market Players & Competitive Insights
The Soybean Market presents a diverse landscape, with the expectation of heightened competition as multiple entrants join the sector. Leading market players consistently enhance their technologies to maintain a competitive advantage, prioritizing efficiency, integrity, and safety. These entities emphasize strategic moves such as partnerships, product enhancements, and collaborative ventures to surpass their counterparts. Their goal is to establish a substantial market share.
Some of the major players operating in the global market include:
- AG Processing Inc.
- Archer-Daniels-Midland Co
- Bunge Limited
- Cargill, Incorporated
- CHS Inc.
- Clarkson Grain Company
- COFCO Corporation
- Fuji Oil Group
- Glencore
- Noble Group Limited
- Nordic Soya Oy
- Olam Agri Holdings Pte Ltd
- SLC Agrícola
- The Scoular Company
- Willmar International Limited
Recent Developments
- In July 2023, Xitavo soybean seed broadened its selection by introducing 11 high-yielding varieties for the upcoming 2024 growing season. MS Technologies owns Xitavo soybean seed, and BASF manages its exclusive distribution.
- In December 2022, Bunge revealed plans to invest around $550 million in constructing a comprehensive facility for soy protein concentrate (SPC) and textured soy protein concentrate (TSPC). Anticipated to cater to the increasing demand from customers, the facility aims to produce essential ingredients essential for the manufacturing of processed meat, plant-based foods, pet food, and feed products.
- In March 2021, Protein Industries Canada committed investment to establish a collaborative venture for the development and commercialization of soybean protein ingredients. This joint effort brings together Canada Protein Ingredients, DJ Hendrick International, Agrocorp Processing, Semences Prograin, and Synthesis Network. The collective goal is to create clean-label protein ingredients sourced from soybeans cultivated in Canada.
Report Coverage
The market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, types, forms, end uses, and their futuristic growth opportunities.
Soybean Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 162.83 billion |
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Revenue forecast in 2032 |
USD 232.98 billion |
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CAGR |
4.6% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
We strive to offer our clients the finest in market research with the most reliable and accurate research findings. We use industry-standard methodologies to offer a comprehensive and authentic analysis of the Soybean market. Besides, we have stringent data-quality checks in place to enable data-driven decision-making for you.
Gain profound insights into the 2024 soybean market with meticulously compiled statistics on market share, size, and revenue growth rate by Polaris Market Research Industry Reports. This thorough analysis not only provides a glimpse into historical trends but also unfolds a roadmap with a market forecast extending to 2032. Immerse yourself in the comprehensive nature of this industry analysis through a complimentary PDF download of the sample report.
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FAQ's
key companies in Soybean Market are AG Processing Inc., Archer-Daniels-Midland Co, Bunge Limited, Cargill, Incorporated
Soybean Market exhibiting the CAGR of 4.6% during the forecast period.
The Soybean Market report covering key segments are type, form, end use, and region.
key driving factors in Soybean Market are growing demand for animal feed is projected to spur the product demand
The global Soybean market size is expected to reach USD 232.98 billion by 2032
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