Soybean Market Global Forecast Report by Nature (Conventional, and Organic), Form (Processed, and Raw), End User (Food & Beverages, Animal-feed, and Others), Regions and Company Analysis 2024-2032

Soybean Market Analysis

Soybean Market Definition 

Soybeans are used in various industries, along with food, feed, biodiesel technology, and commercial programs. They are normally cultivated for oil and protein extraction. Despite their shallow oil content, soybeans are the world's biggest supply of fit to be eaten oil, accounting for over half of all oilseed production. Soybean content varies depending on variety and growing conditions. Plant breeding advances brought about protein stages ranging from 40% to 45% and fat stages ranging among 18% and 20%. Typically, a 1% growth in protein content material consequences in a 0.5% drop in oil content material. This highlights soybeans' crucial position in lots of industries, as well as the importance of soybean marketplace stakeholders.

Global Soybean Market trends

Global soybean production has multiplied dramatically over 50 years, achieving over 100 million metric tons a year. The 3 biggest producers are America, Brazil, and China, with America being the most significant. Improved yields from plant breeding and more desirable agricultural practices were crucial to this increase. Many countries have initiated big-scale soybean production due to financial benefits and accelerated world production.

The world's soybean production for the 2022-2023 season is predicted to be 378.2 million metric tons, up from the previous season. The International Grain Council (IGC) predicted that production improved with the aid of 10 million tons from 2021–2022, to 367 million lots in 2022–2023.

Leading producers and importers substantially effect the global soybean marketplace, with China leading. China has emerged as the world's largest importer of soybeans, accounting for more than 60% of global soybean commerce. This highlights the vital role of leading producers and importers, consisting of the US, Brazil, and China, in setting the global soybean marketplace. These stakeholders must understand that they have an effect on and cost within the marketplace.

Technological developments, ecologically traumatic conditions, converting uncertainties, developing customer selections, and climate trade will impact the soybean marketplace's future. All stakeholders must know that worldwide collaboration, sustainable practices, and innovation may be essential to guarantee its sustainability and increase within the following years. This coordinated movement is sizeable and vital to the soybean industry's long-term viability and development. It is a call to action for all stakeholders to make contributions to the enterprise's sustainability and boom.

Growth Drivers

Rising Demand for Plant-Based Proteins

The enhancement of the consumer’s decisions, which credit healthy and plant-based diets, has dramatically increased the consumption of soybeans. Being proteinaceous, the soybeans are incorporated into a wide range of foods in form of tofu, soy milk and substitutes for meat. This is in line with the international dimension towards sustainable production practices as plant proteins are considered to be environmentally friendly as compared to animal proteins. The continued rise in vegan and Vegetarianism, accompanied by the growing knowledge of the effect of plant-based products on the environment and the health importance is the primary driver of the soybean market.

Expanding Animal Feed Industry

Soybeans have a very vital role to play in animal feed, particularly for poultry, pigs, as well as cattle. Meat consumption is on the rise around the world and especially in the developing countries, this has fostered the demand for better and efficient animal feeds that can support healthy animals for human consumption. Soybean meal which is produced after extracting oil from soya bean is widely used because it is cheap and has very high protein content. Expansion of the livestock population with a higher tendency of meat consumption in the developing countries will also be an influential driver for soybean for livestock feed.

Biodiesel Production Growth

Soybean oil is widely used in manufacture of biodiesel, a type of renewable energy required in products such as diesel engines and vehicles because of its environmental influence and legal incentive. This is why governments, and industries are seeking to incorporate more of these bio fuels into their plans of cutting down on carbon emissions as well as minimizing the use of fossil fuels. The increasing emphasis on the utilisation of renewable resources in the glob world means that the use of soybean oil for biodiesel production is likely to increase greatly hence driving the growth of the global soybean market.

United States Soybean Market

The US soybean market is expanding because of the move towards a fiber-rich weight loss program, more use of soybean oil, and bulk soybean transportation. The growth in obesity has resulted in a move towards soy-based, totally wholesome snacks, and elevated soybean intake is prompted by a preference to avoid health issues such as anemia. Furthermore, soybeans are high in copper and iron, aiding movement and oxygenation. In October 2023, Louis Dreyfus Company announced the development of a soybean processing manufacturing facility in Ohio, USA.

Europe Soybean Market

Germany Soybean Market

Germany is among the largest importers of soybeans in Europe and this can be easily understood since there is a high demand for plant proteins as well as for animal feed in this country. With the current change of attitude towards sustainable farming and consumer friendly agriculture, soybeans remain the primary source of protein and other products that are healthy to the society. Germany relies on imports of soya beans mostly from South America to sustain its expanding plant based food business. Moreover, the livestock sector nutritional needs concentrates with soyabean meal and therefore this creates demand for this product. Next year in March 2024, Protealis, the global Seeds and Seed technology company focusing on plant based proteins and seeds unveiled four new soy seeds. These new varieties have been recently registered only in France and Germany and, therefore, add new products to the company’s list.

Italy Soybean Market

Italy is also one of the major consumers of soybeans and the European country with huge production and processing industry. ITALIAN growers also raise soybeans for feed and food use locally and export also using non-GMO and sustainable soybean for compliance with EU market requirements. Soy products are utilized in the food processing industry as ingredients in processed foods and in beverages and the soybean meal is used by the livestock production industry in feeds. The given country’s focus on the development of sustainable agriculture, especially when it comes to production of organic foods, stimulates the local and European consumption of soybeans.

Soybean Market Company Analysis

Kerry Group p.C., Fuji Oil Co. Ltd., House Foods Corporation, Danone North America, DuPont de Nemours, Inc., CHS Inc., Cargill, Inc., Scoular, and Archer-Daniels-Midland Co. are the leading comapnies in the soybean market.

Soybean Market Company News

June-2024: A Tata company, Rallis India Ltd has released a new herbicide for soybean and groundnut crops known as ‘Mark Plus’ initially, for three states most involved in the agricultural process.

January 2024, Benson Hill, Inc. has enhancement in soybean breeding program that results to a seed portfolio doubles in the year 2025.

ADM expected to produce GMO-free soybeans from Germany’s farms by June, 2024.

In November 2022, Cargill strategically announced the acquisition of Owensboro Grain Company, strengthening our position in the soybean market.

Nov 2022: The World Bank has approved a substantial $24.58 million grant for a Sustainable Land Management project in Brazil. This project is designed to significantly increase agricultural productivity in the soybean and beef cattle value chains, all while effectively reducing greenhouse gas emissions.

In August 2022, Bayer demonstrated its commitment to sustainability by expanding its investment to acquire a majority share in CoverCress Inc., a sustainable, lower-carbon oilseed producer.

In June 2023, Argus acquired Mercaris, a sustainable agriculture pricing provider based in the US.

In November 2023, Arizona acquired a patented soy-based concrete protectant developed in Indiana.

February 2022:  Bayer has partnered with M.S. Technologies LLC to distribute soybeans with the 'Enlist E3 trait' for the 2023 crop season.

August 2022: North Dakota Soybean Processors (NDSP), a joint venture between CGB Enterprises Inc. and Minnesota Soybean Processors, is constructing a new facility to crush 42.5 million bushels of soybeans annually. The facility will also produce soybean oil, meal, and hulls and is expected to be operational in 2024.

Nature – Market is divided into 2 viewpoints

1.    Conventional
2.    Organic

Form – Market is divided into 2 viewpoints

1.    Processed
2.    Raw

End User – Market is divided into 3 viewpoints

1.    Food & Beverages
2.    Animal-feed
3.    Others

Countries – Market breakup in 25 viewpoints:

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    France
2.2    Germany
2.3    Italy
2.4    Spain
2.5    United Kingdom
2.6    Belgium
2.7    Netherlands 
2.8    Turkey

3.    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    South Korea
3.5    Thailand
3.6    Malaysia
3.7    Indonesia
3.8    Australia
3.9    New Zealand

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia
5.2    United Arab Emirates
5.3    South Africa

All key players have been covered from 3 viewpoints:

•    Overview
•    Recent Development
•    Financial Insight

Company Analysis:

1.    Kerry Group P.C.
2.    Fuji Oil Co. Ltd.
3.    House Foods Corporation
4.    Danone North America
5.    DuPont de Nemours, Inc.
6.    CHS Inc.
7.    Cargill, Inc.
8.    Scoular
9.    Archer-Daniels-Midland Co.

Report Details: