Soybean Global Market Report 2024

Description

Soybeans are legumes that originated in East Asia and are among the most significant crops worldwide due to their high protein and oil content. They are rich in essential amino acids, making them a valuable protein source for human consumption as well as animal feed. Additionally, soybeans play an important role in agricultural practices by enhancing soil health through nitrogen fixation.

The main types of soybeans include conventional and organic varieties. Conventional soybeans are non-genetically modified (non-GMO) and are cultivated using traditional agricultural methods without modern genetic modifications. These soybeans are available in both processed and raw forms and are utilized in a variety of applications, including food and beverages, soybean food products, fermented soya foods, non-fermented products, soybean oils, and animal feed.

The soybean market research report is one of a series of new reports from The Business Research Company that provides soybean market statistics, including the soybean industry's global market size, regional shares, competitors with a soybean market share, detailed soybean market segments, market trends and opportunities, and any further data you may need to thrive in the soybean industry. This soybean market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The soybean market size has grown strongly in recent years. It will grow from $151.85 billion in 2023 to $160.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth during the historic period can be attributed to several factors, including rising global demand, the production of biofuels, favorable weather conditions, supportive trade policies, and the expansion of the livestock industry.

The soybean market size is expected to see strong growth in the next few years. It will grow to $199.75 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth during the forecast period can be attributed to several factors, including population growth, dietary shifts toward plant-based proteins, the impacts of climate change, trade agreements, and market diversification. Key trends expected in this period include a rising demand for organic soybeans, an emphasis on sustainability, fluctuating commodity prices, evolving consumer preferences, and the growth of soy-based alternatives.

The expected increase in animal feed consumption is likely to drive growth in the soybean market moving forward. Animal feed refers to the food provided to domestic animals, which typically consists of grains, forages, and supplements that supply the necessary nutrients for their growth, maintenance, and productivity. The rising demand for animal feed is primarily fueled by the growing global population and the increasing consumption of meat and dairy products. Soybeans are particularly valued in animal feed for their high protein content, essential amino acids, and favorable nutrient profile, making them an efficient nutritional source for livestock. For example, in September 2024, the Agriculture and Horticulture Development Board, a UK-based statutory levy board, reported that total production, including integrated poultry units (IPU), reached 7.81 million tonnes from July to January of that season, reflecting a 1.3% increase from the previous year's production of 7.71 million tonnes. Thus, the rising consumption of animal feed is propelling the growth of the soybean market.

Key companies in the soybean sector are concentrating on developing innovative solutions such as high-yield soy seed varieties to improve crop yield and resilience. High-yield soybean varieties are either genetically enhanced or selectively bred to produce larger quantities of soybeans per acre compared to conventional varieties. For instance, in March 2024, Protealis, a Belgium-based developer of seeds and seed technologies for sustainable plant proteins, introduced four new soybean varieties in Europe, PRO Vesuvio, PRO Helicon, PRO Taranaki, and PRO Jacinto. These varieties have been specifically bred to thrive in shorter growing seasons and colder climates, making them suitable for regions such as Belgium, France, and Germany. This strategic move aims to increase local protein production and provide sustainable alternatives for farmers transitioning from traditional crops. These new varieties are engineered to deliver both high yields and high protein content, which is crucial for European farmers looking to adopt more sustainable practices in their crop rotations.

In January 2023, Cargill Inc., a US-based company that offers food, ingredients, agricultural solutions, and industrial products, acquired Owensboro Grain Company for an undisclosed amount. This acquisition is intended to modernize and expand OGC's operations, aligning with Cargill's strategy to enhance its North American oilseeds network to meet the growing demand in the food, feed, and renewable fuel sectors. Owensboro Grain Company operates as a soybean processing facility and refinery based in the United States.

Major companies operating in the soybean market are Glencore plc, Cargill Incorporated, Archer Daniels Midland, Wilmar International Limited, Bunge Limited, COFCO International, Louis Dreyfus Company, CHS Inc., Corteva Agriscience, Scoular, AG Processing Inc., Fuji Oil Co. Ltd., House Foods Corporation, SLC Agricola, Olam Group, Clarkson Grain Company, Nordic Soya Oy, Denofa AS, Noble Ecotech, Protealis

Asia-Pacific was the largest region in the Soybean market in 2023. The regions covered in the soybean market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the soybean market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The soybean market consists of sales of soymeal, soy-based foods, biofuels, and other industrial materials. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Soybean Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on soybean market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for soybean ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The soybean market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Type: Conventional; Organic
2) By Form: Processed; Raw
3) By End-Use: Food And Beverages; Soybean Food Products; Fermented Soya Food; Non-Fermented; Soybean Oils; Animal Feed
Companies Mentioned: Glencore plc; Cargill Incorporated; Archer Daniels Midland; Wilmar International Limited; Bunge Limited
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r20374

1. Executive Summary

2. Soybean Market Characteristics

3. Soybean Market Trends And Strategies

4. Soybean Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Soybean Market Size and Growth

5.1. Global Soybean Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Soybean Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Soybean Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Soybean Market Segmentation

6.1. Global Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Conventional
Organic
6.2. Global Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Processed
Raw
6.3. Global Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Food And Beverages
Soybean Food Products
Fermented Soya Food
Non-Fermented
Soybean Oils
Animal Feed

7. Soybean Market Regional And Country Analysis

7.1. Global Soybean Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Soybean Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Soybean Market

8.1. Asia-Pacific Soybean Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Soybean Market

9.1. China Soybean Market Overview
9.2. China Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Soybean Market

10.1. India Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Soybean Market

11.1. Japan Soybean Market Overview
11.2. Japan Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Soybean Market

12.1. Australia Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Soybean Market

13.1. Indonesia Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Soybean Market

14.1. South Korea Soybean Market Overview
14.2. South Korea Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Soybean Market

15.1. Western Europe Soybean Market Overview
15.2. Western Europe Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Soybean Market

16.1. UK Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Soybean Market

17.1. Germany Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Soybean Market

18.1. France Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Soybean Market

19.1. Italy Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Soybean Market

20.1. Spain Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Soybean Market

21.1. Eastern Europe Soybean Market Overview
21.2. Eastern Europe Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Soybean Market

22.1. Russia Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Soybean Market

23.1. North America Soybean Market Overview
23.2. North America Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Soybean Market

24.1. USA Soybean Market Overview
24.2. USA Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Soybean Market

25.1. Canada Soybean Market Overview
25.2. Canada Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Soybean Market

26.1. South America Soybean Market Overview
26.2. South America Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Soybean Market

27.1. Brazil Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Soybean Market

28.1. Middle East Soybean Market Overview
28.2. Middle East Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Soybean Market

29.1. Africa Soybean Market Overview
29.2. Africa Soybean Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Soybean Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Soybean Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Soybean Market Competitive Landscape And Company Profiles

30.1. Soybean Market Competitive Landscape
30.2. Soybean Market Company Profiles
- 30.2.1. Glencore plc
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Cargill Incorporated
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Archer Daniels Midland
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Wilmar International Limited
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Bunge Limited
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Soybean Market Other Major And Innovative Companies

31.1. COFCO International
31.2. Louis Dreyfus Company
31.3. CHS Inc.
31.4. Corteva Agriscience
31.5. Scoular
31.6. AG Processing Inc.
31.7. Fuji Oil Co. Ltd.
31.8. House Foods Corporation
31.9. SLC Agricola
31.10. Olam Group
31.11. Clarkson Grain Company
31.12. Nordic Soya Oy
31.13. Denofa AS
31.14. Noble Ecotech
31.15. Protealis

32. Global Soybean Market Competitive Benchmarking

33. Global Soybean Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Soybean Market

35. Soybean Market Future Outlook and Potential Analysis

35.1 Soybean Market In 2028 - Countries Offering Most New Opportunities
35.2 Soybean Market In 2028 - Segments Offering Most New Opportunities
35.3 Soybean Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer