Soybean Market: Current Analysis and Forecast (2023-2030)

The market for goods produced primarily of soybean is known as the worldwide soybean food and beverage products market. Tofu, soy milk, soy sauce, and a variety of other food and beverage products are among the many varieties of soy-based goods that are consumed as a source of protein. greater demand for plant-based protein products, greater health consciousness, and the growing popularity of vegetarian and vegan diets have all contributed to the market's notable expansion in recent years for food and beverage items made from soybeans. For Instance: In March 2022, Cargill, Inc. invested in upgrading and expanding its soybean processing facilities across seven states in the United States. The funds will be used to increase the capacity and operational effectiveness of the sites. Also in, August 2022, ADM and Benson Hill (US) formed a long-term strategic partnership to scale new soy components in order to meet the rapidly expanding demand for plant-based proteins. The alliance will service a variety of plant-based food and beverage sectors to meet the needs of savoury, sweet, and dairy clients.

The Soybean market is expected to register a CAGR of around 4.9% over the forecast period of 2023-2030. Owing to its nutritious profile, the trend toward clean eating, the growth in health problems (such as lactose intolerance), environmental concerns, and animal welfare. Moreover, the rising investments by companies is also driving the growth of the market during the forthcoming years. For instance, in February 2022, Bayer announced a distribution agreement with M.S. Technologies LLC for soybeans containing the 'Enlist E3 trait'. Under this agreement, Bayer will distribute soybean seeds with Enlist E3 technology in the 2023 crop season

Based on the end-use, the soybean market is segmented into whole soybean, meal, oil and others. The meal segment held the highest share in the soybean market in 2022 because of the high consumption levels from the swine and poultry industry. An increase in demand for high-quality protein in soybean drive higher demand for soybean meal, mainly from the animal feed industry, over the forecast period.

Based on the application, the market is fragmented into animal feed, aqua feed, biofuel, food and beverages, pharmaceutical, others. The food & beverage segment accounted for a significant market share in 2022, and it is estimated that it will grow rapidly at 5% CAGR during the projected timeframe. It is mainly owing to the expansion of the food service and retail sectors. The industry could benefit from the use of soybean oil by reducing production costs and inducing quality with uniformly stable levels. This increased demand for soybean oil for a variety of purposes, including baked goods and prepared foods is accentuating its market size.

For a better understanding of the market adoption of the soybean, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific held an extensive share of the soybean market. The growing demand for soybean can be attributed to the increased soy oil consumption over the past few years. Also, due to its massive population, developing economies such as China and India where more and more people are opting for healthy foods, and increased awareness of the high protein in soybeans. Moreover, the animal feed industry and nutraceuticals are also driving growth in the market in the region. For Instance: China imported more than 100 million tonnes of soybeans in 2020, accounting for about 85% of its domestic consumption that year and about 60 % of the global soybean trade volume.

Some of the major players operating in Kerry Inc., Fuji Oil Group, House Foods Group Inc, The WhiteWave Foods Company, E.I. du Pont de Nemours & Co., CHS Inc., Cargill Inc, The Scoular Company, Archer-Daniels Midland Co., Olam International. Several M&A's along with partnerships have been undertaken by these players.