DUBLIN--(BUSINESS WIRE)--The "Soybean Market Report by Nature, Form, End User, Regions and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global soybean market will reach US$ 245.89 billion by 2032 from US$ 165.56 billion in 2023, with a CAGR of 4.49% between 2024 and 2032.
The world has witnessed an expand in the production of soybeans and this has striven the global market. Included among the leading countries that produce and export soybean product are United States of America, Brazil, Argentina, Canada, Paraguay and Uruguay since they contribute more than 85 percent. In the past, the USA remain predominant in soybean production, while South America and particularly Brazil have taken the lead in recent years.
World consumption of soybeans has risen significantly in the past twenty years and is expected to rise in the future. For this reason, 80 million metric tons of soybeans will be required in the next decade to meet the global requirement of this strategic product for feed, food, and fuel needs arising out of the establishment of new middle-class consumers in various countries across the globe. According to the United States Department of Agriculture, the world's soybean production by 2024-2025 is projected at 422 Million tons, an increase of 6 percent for the marketing year.
China is the largest global importer of soybeans, and it controls 60% of total importation. European union, Mexico, Japan and Taiwan are also among the largest importers of the commodity though not as massive as China. It underscores the necessity of core actors that include the US, Brazil, and the China in agenda setting of the international soybean marketplace. These stakeholders must always realize that they are influential in the market and at the same time they are cost.
The escalating demand for soy in global markets is as a result of the demand for meat and vegetable protein sources. As the manufacturing and business processes become more advanced and people relocating from rural areas to cities, the consumption of meats especially meat and dairy products is on the rise, particularly in the developing countries. Soybeans are formulated into animal feeds hence perform a very crucial function of supplying protein and vitamins for poultry, swine and cattle. This implies that as business activities increase, so does the population of animals and therefore the need for soybeans for feeding these animals.
Furthermore, the food processing industry also makes use of soybeans in making foods such as soy milk, tofu, soy sauce, as well as soy cooking oil. The consumption of value-added products such as soy milk and soy burgers due to a growth in business ventures and better standards of living, for utilization in food processing, there is increased demand for soybeans as a raw material.
Interest in biodiesel produced from soybean oil arises from the following worthy features. Because they grow in large scale and there are existing industries that already produce soybeans for other uses, soybeans are a very easily accessible feedstock for biofuel production. Sustainability is made possible merely by using the residual soybean in feeding animals. This makes soybean ideal oilseed feedstock since acreage devoted to its production has exceeded that of other oilseeds. Another feature indicative of the high potential of soybeans in the biodiesel market and having a great potential for growth is its growth by more than one billion gallons per year through conversion of the biodiesel capacity within a short time period, including zero speck before 2008.
United States Soybean Market
The United States is a major global market for soybeans, particularly for usage as protein and oil in the food and stock-foods industry. The US plays a remarkable role as the largest producer as well as exporter of soybeans, major states are Illinois, Iowa, Minnesota, Nebraska, and others. These have boosted the production of the US in various ways including; improvement in technology, improved farming practices and the strong demand market. It is an international market and large exportations to China, Mexican, and the European Union take place.
New trade barriers pushed US and China to decrease their exports through imposing a tariff. Sustainability in supplying domestic demand comes from the increased intake of plant diets and soy products known to have health benefits. The Remunerative fuel standard and the programs offered by the United States Department of Agriculture increase the use of soybean oil in biodiesel. In November 2023, Cargill Sid's Ohio's production unit increased facility capacity in response to ascending feed, food, and renewable fuel industries.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $165.56 Billion |
| Forecasted Market Value (USD) by 2032 | $245.89 Billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
Company Analysis: Overview, Recent Developments, Financial Insight
- Kerry Group P.C.
- Fuji Oil Co. Ltd.
- House Foods Corporation
- Danone North America
- DuPont de Nemours, Inc.
- CHS Inc.
- Cargill, Inc.
- Scoular
- Archer-Daniels-Midland Co.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Soybean Market
6. Global Soybean Market Share Analysis
6.1 By Nature
6.2 By Form
6.3 By End User
6.4 By Country
7. Nature
7.1 Conventional
7.2 Organic
8. Form
8.1 Processed
8.2 Raw
9. End User
9.1 Food & Beverages
9.2 Animal-feed
9.3 Others
10. Countries
10.1 North America
10.1.1 United States
10.1.2 Canada
10.2 Europe
10.2.1 France
10.2.2 Germany
10.2.3 Italy
10.2.4 Spain
10.2.5 United Kingdom
10.2.6 Belgium
10.2.7 Netherlands
10.2.8 Turkey
10.3 Asia Pacific
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 South Korea
10.3.5 Thailand
10.3.6 Malaysia
10.3.7 Indonesia
10.3.8 Australia
10.3.9 New Zealand
10.4 Latin America
10.4.1 Brazil
10.4.2 Mexico
10.4.3 Argentina
10.5 Middle East & Africa
10.5.1 Saudi Arabia
10.5.2 United Arab Emirates
10.5.3 South Africa
11. Porter's Five Forces Analysis
11.1 Bargaining Power of Buyers
11.2 Bargaining Power of Suppliers
11.3 Degree of Competition
11.4 Threat of New Entrants
11.5 Threat of Substitutes
12. SWOT Analysis
12.1 Strength
12.2 Weakness
12.3 Opportunity
12.4 Threats
For more information about this report visit https://www.researchandmarkets.com/r/9qcj1b
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