Global Soybean Market Size to exceed USD 293.10 Billion by 2033: Market Insight Report

Global Soybean Market Size to exceed USD 293.10 Billion by 2033             

According to a research report published by Spherical Insights & Consulting, The Global Soybean Market Size is Expected to Grow from USD 192.10 Billion in 2023 to USD 293.10 Billion by 2033, at a CAGR of 4.32% during the forecast period 2023-2033.  

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Soybean Market Size, Share, and COVID-19 Impact Analysis, By Form (Raw, and Processed), By End-use (Animal Feed, and Industrial Use), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

In the legume family, soybeans are hairy annual plants that are cultivated for their edible seeds, which are rich in oil and protein. One of the many health advantages of soybeans is that a wonderful source of fiber, protein, vitamins, and minerals. Demand is driven by growing consumer awareness of these advantages, especially for goods like protein supplements, tofu, and soy milk. Vegetarian and vegan diets are becoming more popular, and omnivores are generally consuming more plant-based proteins. A staple of many plant-based diets, soybeans are high-protein, adaptable legumes. Furthermore, this is because of its high protein content and related health advantages, such as its ability to lower the risk of heart disease and several types of cancer, soybeans have grown in popularity. It makes them especially enticing to consumers who are health-conscious, vegetarian, or vegan. However, soybean farming practices are directly impacted by regulations pertaining to the use of pesticides and herbicides, including glyphosate. Although the goal of these restrictions is to protect the environment and assure food safety, farmers may face increased expenses and difficulties in their operations.

The processed segment is estimated to hold the largest share of the global soybean market during the forecast period.

Based on the form, the global soybean market is segmented into raw and processed. Among these, the processed segment is estimated to hold the largest share of the global soybean market during the forecast period. The high protein content, necessary amino acids, and other health advantages of soybeans, such as heart health and a possible decreased risk of several types of cancer, are well known. Health-conscious customers find processed soybean products like tofu, soy milk, and soy protein isolates appealing due to their nutritional profile. Plant-based diets are becoming more and more popular worldwide due to ethical, environmental, and health reasons.

The animal feed segment is anticipated to hold the largest share of the global soybean market during the forecast period.

Based on the end use, the global soybean market is segmented into animal feed and industrial use. Among these, the animal feed segment is anticipated to hold the largest share of the global soybean market during the forecast period. This is because of their high protein content; soybeans are a great way for animals to get necessary amino acids. A prominent ingredient in animal feed formulas, soybean meal is a high-protein residue of the extraction of soybean oil. Soybeans are a great source of protein as well as other vital nutrients like fiber, energy, vitamins, and minerals. When soybeans are added to animal feed, their nutrient density guarantees that the animals are fed a well-balanced diet.

Asia-Pacific is expected to hold the largest share of the global soybean market during the forecast period.

Asia-Pacific is expected to hold the largest share of the global soybean market during the forecast period. The Asia Pacific area is expanding due to demographic, cultural, and economic causes. Many Asian nations have traditionally relied heavily on soybeans in their diets, with regional cuisines having strong roots in traditional dishes like tofu, soy sauce, and miso. This cultural connection guarantees a consistent demand. The region's substantial population expansion increases demand for food supplies, such as soybeans. As income levels have increased due to economic development throughout Asia Pacific, people are now able to include more protein-rich meals made from soybeans in their diets.

North America is estimated to grow at a rapid pace in the global soybean market during the forecast period. The industry is growing quickly because of a number of variables, such as regional governmental effects, consumer trends, and agricultural developments. Steady demand is supported by the adaptability of soybeans, which are employed in a wide range of goods, from food items to industrial uses like biofuels and bioplastics. Improved soybean varieties and more effective farming methods brought forth by agricultural advancements increased yields and profitability.

Company Profiling

Major vendors in the global soybean market are Willmar International Limited, Ag Processing, Inc., SLC Agrícola, Glencore, Louis Dreyfus Company., ADM, The Scoular Company, Cargill, Clarkson Grain Company, Incorporated, Bunge Limited, Kohinoor Feeds & Fats Pvt. Ltd., and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development 

• In November 2023, the expansion and modernization project was completed in September at Cargill's integrated soybean crush and refined oils facility in Sidney, Ohio. The goal of this upgraded plant is to better serve farmers and meet the increasing demand for soy products in the feed, food, and renewable fuel industries.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global soybean market based on the below-mentioned segments: 

Global Soybean Market, By Form

• Raw
• Processed

Global Soybean Market, End-Use

• Animal Feed
• Industrial Use 

Global Soybean Market, By Regional 

• North America 
  • US
  • Canada
  • Mexico
• Europe 
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America 
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa 
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa