Soybean Market - Forecast(2023 - 2028)

The Soybean Market size is estimated to reach $259 billion by 2030, growing at a CAGR of 4.4% during the forecast period 2023-2030. Soybeans are edible high-protein plant food and are used to make flour, oil & other food products. Health-conscious consumers are widely opting for low-cholesterol Soybean meals and low-fat food substitutes due to their wide variety of health benefits, the growing livestock market and awareness about the benefits of protein-enriched diets among economies. These are the key Soybean Market trends.

Global bulk shipping of soybeans and increased R&D activities to produce sustainable soybeans are set to drive the Soybean Market growth. In 2022, Trading Economics stated that the United States, Brazil, Argentina and Paraguay are the biggest producers and exporters of soybeans in the world, concentrating more than 80% of total production and 90% of total exports. China is the biggest importer of soybeans (60% of total imports) followed by the European Union, Mexico, Japan and Taiwan. This represents the Soybean Industry Outlook. 

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COVID-19 / Ukraine Crisis - Impact Analysis: 

The COVID-19 epidemic and global lockdown procedures disrupted several economic activities. Additionally, COVID-19 restricted people's ability to mobilize for employment, particularly farmers. People's incomes and purchasing power have declined as a result. Food insecurity and an increase in the number of undernourished people are the results of rising food prices. The increased demand for soy products post-pandemic would cause the soybean industry to grow.

The conflict between Russia and Ukraine resulted in significant losses of life and property. The agriculture industry has been negatively impacted and the supply chain has been disturbed. The commercial and agricultural sectors badly suffered from the war. As a result, soy products and soybean oils saw a significant increase in prices worldwide. With consumer demand at an all-time high and inadequate production & supply infrastructure, there has recently been a serious crisis in the import and export of soybean feed.

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Key Takeaways:

Dominance of the Asia-Pacific Region

Geographically, Asia-Pacific (Soybean Market) held the largest share with 41% of the overall market in 2022 and it is poised to dominate the market over the period 2023-2030. This is owing to the increasing demand for low-cholesterol, low-fat and protein-rich produce for animals & humans among health-conscious consumers.

Growing Consumer Demand for Low-fat Food Substitutes.

Based on Source Type, the Conventional segment held the largest Soybean Market share in 2022 and it is estimated to grow with the fastest CAGR of 4.3% during 2023-2030. This is due to the rising use of genetically modified variants to enhance outcomes and address the growing demand for low-fat food substitutes among consumers.

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Increasing Public Awareness of Health

According to the Soybean Market forecast, the Dietary supplements segment is estimated to grow at the fastest CAGR of 5.5% for the period 2023-2030. Low-fat soybean feeds are becoming popular as people are more aware of the benefits of a healthy diet and how it helps our bodies resist diseases. This is resulting in the growth of the market.

Large-scale use of Edible, Soybean Oil among Consumers

Soybeans have an abundance of protein, amino acid and fibre content with a complete absence of cholesterol. It also has several health benefits like reducing the risk of heart failure and others. Globally, out of all the soybeans processed, 80% are processed for soybean oil. As per a recent study by IndustryARC, in 2021 China was the leading country in soybean oil consumption with about 18.5 million metric tons consumed. The U.S. held the second position with about 11.3 million metric tons of soybean oil consumed, which significantly contributed to the overall Soybean Market growth.

Introduction of Initiatives by Global Authorities to Promote the Use of Biofuel

In March 2022, Eni and the Ministry of Agriculture and Rural Development of the Republic of Mozambique signed an agreement to work together and advance agricultural projects in Mozambique to produce oil seeds & soy oils that would be used as agro-feedstock for the creation of biofuel. Several such initiatives are contributing to market growth. The rising demand for biofuel among consumers to promote sustainable growth and the increasing popularity of soy food among people following vegan diets, owing to its rich protein content and ability to be processed into milk and meat substitutes, are key Soybean Market opportunities. 

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Adverse Environmental Effects to Hamper Market Growth

Brazilian soy farming is directly contributing to the destruction of the Amazon rainforest by clearing forests for new, large soy farms and indirectly by uprooting small farmers. Construction of infrastructure (such as roads and ports) to facilitate soy expansion also puts a strain. Guardian News and Media Ltd. in its recent article stated that more than 400 sq miles of Amazon rainforest have been felled to expand farms growing soya in the Brazilian state of Mato Grosso in 10 years, despite an agreement to protect it. 

Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Soybean Market. The top 10 companies in this industry are:

1. Kerry Group plc (Plant-based Food solution)
2. Fuji Oil Group (Soy-based products/ingredients)
3. House Foods Corporation (Non-GMO Tofu)
4. Danone North America (Soy meal)
5. DuPont de Nemours, Inc. (Soybean Products)
6. CHS Inc. (Soybean Oil)
7. Cargill, Inc (Soybean Oil)
8. Scoular (Soymilk)
9. Archer-Daniels-Midland Co. (Soybean Oils)
10. Nordic Soya Oy (Soy protein concentrate) 

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