Global Soybean Seed Market - 2023-2030

Global Soybean Seed Market - 2023-2030

The Global Soybean Seed Market reached US$ 9.2 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 15.7 billion by 2030. The market is growing at a CAGR of 6.9% during the forecast period.

Soybean seeds are rich in protein, dietary fiber, vitamins, and minerals, making them a popular food source for both humans and livestock. For instance, according to the Soybean Processors Association of India, the estimated production of soybean in 2022 in India is 120 million tons. Soybean seeds are used to make a variety of food products, including soy milk, tofu, soy sauce, and tempeh. Soybean seeds can be consumed in their raw or cooked form. In addition to their nutritional benefits, soybean seeds have several health benefits. They have been shown to help lower cholesterol levels, reduce the risk of heart disease, and promote healthy bone growth.

Genetically modified organisms (GMO) soybean seeds have gained substantial market acceptance due to their benefits, such as increased yield potential, enhanced pest and weed resistance, and improved tolerance to herbicides. Farmers who adopt GMO soybean seeds can potentially reduce the need for chemical inputs, leading to improved efficiency and productivity. For instance, a farmer switches to GMO soybean seeds that are genetically engineered to resist a common weed.

Market Dynamics
Health Benefits Associated with Soybean is Driving the Growth of the Soybean Seed Market

The health benefits associated with soybean consumption are a significant driver of the soybean seed market growth. Soybeans are a rich source of protein, fiber, vitamins, and minerals for instance, in 100-gram raw soybeans, 36-gram protein is available which has been linked to several health benefits. Soybean contains isoflavone of about 1.2-4.2 mg/g which has been shown to have a positive effect on cardiovascular health. Specifically, isoflavones may help to reduce the risk of heart disease by improving cholesterol levels and reducing blood pressure. As more people become aware of the potential health benefits of soybeans, the demand for soybean products is likely to increase, driving the growth of the soybean seed market.

Soybeans are low in saturated fat and high in protein and fiber, which can help to promote feelings of fullness and reduce overall calorie intake. Overall, the health benefits associated with soybean consumption are a significant driver of the growth of the soybean seed market. As more people become aware of the potential health benefits of soybeans, the demand for soybean products is likely to increase, leading to increased demand for high-quality soybean seeds.

Growing Demand for Plant-Based Proteins is Showing a Remarkable Opportunity in Soybean Seed Market

There is a global trend toward adopting plant-based diets driven by various factors such as health concerns, environmental sustainability, and ethical considerations. Plant-based diets often rely on plant-based protein sources, and soybeans are one of the most commonly used and versatile plant-based protein options. The market for plant-based meat alternatives has been expanding rapidly. Soy-based products, including soy burgers, soy sausages, and soy-based meat substitutes, are gaining popularity among consumers seeking alternatives to traditional meat products.

Soybean seeds are a crucial raw material for the production of these plant-based meat alternatives. The number of individuals adopting vegan and vegetarian lifestyles is increasing worldwide. Soy-based products, including tofu, soy milk, and tempeh, are staple sources of protein in vegan and vegetarian diets. The growing vegan and vegetarian populations contribute to the demand for soybean seeds as a key ingredient in plant-based protein products.

Environmental Concerns Associated with Soybean Seed Cultivation Hamper the Market Growth

Environmental concerns are a significant restraint on the growth of the soybean seed market. Soybean farming can have negative environmental impacts, which can make it more difficult for farmers to obtain the necessary permits and approvals to grow soybeans. Soybean farming has been linked to deforestation, particularly in countries like Brazil and Argentina, where large areas of forest have been cleared to make way for soybean plantations. This has raised concerns about the impact of soybean farming on the environment and wildlife habitats and has led to calls for more sustainable farming practices.

Soybean farming can also contribute to soil erosion, which can lead to reduced yields and lower profits for farmers. This can make it more difficult for farmers to justify planting soybeans, which can limit the growth of the soybean seed market. Soybean farming often involves the use of pesticides to control pests and diseases. However, the use of pesticides can have negative environmental impacts, such as polluting waterways and harming non-target species. Overall, environmental concerns are a significant restraint on the growth of the soybean seed market.

COVID Impact
The pandemic resulted in shifts in consumer demand and purchasing patterns, which, in turn, could have affected the demand for soybean products and, consequently, soybean seeds. Changes in food consumption patterns, disruptions in the food service sector, and shifts in international trade dynamics could have influenced the demand for soybean seeds. The uncertainty and market disruptions caused by the pandemic led to increased price volatility in agricultural commodity markets, including soybeans. Factors such as changes in demand, supply chain disruptions, and market speculation could have influenced soybean seed prices and market dynamics.

Segment Analysis
The global soybean seed market is segmented based on product type, seed treatment, trait, and region.

Higher Yields and Pest & Disease Resistance of Genetically Modified Soybean Seed

Based on product type, genetically modified (GMO) soybean seeds have the highest share in the soybean seed market. As per FAO, in 202o, 94% of all soybeans planted are of GMO soybeans. GMO soybean seeds have been developed to produce higher yields than conventional soybean seeds. This means that farmers can grow more soybeans per acre, which can increase their profits. GMO soybean seeds have been engineered to be resistant to pests and diseases. This reduces the need for pesticides and other chemical treatments, which can save farmers money and reduce the environmental impact of farming.

GMO soybean seeds have also been developed to be tolerant to herbicides, such as glyphosate. This allows farmers to control weeds more effectively and with less labor, which can save them time and money. Overall, the combination of higher yields, pest and disease resistance, herbicide tolerance, better quality, and market demand has made GM soybean seeds the dominant player in the soybean seed market

Geographical Analysis
Increasing Demand from the Growing Population in the Asia-Pacific Region
The growing population of the Asia Pacific region has a significant impact on the soybean seed market. As the population of the Asia Pacific region grows, there is an increasing demand for food, including protein-rich foods such as soybeans. This has led to an increased demand for soybean seeds to meet the growing demand for soybean products. As per USDA, China produces soybean seed oil of 15.680 million tons in 2021-22.

The Asia Pacific region has also favorable climate conditions for soybean cultivation, including warm temperatures and adequate rainfall. This has made it an attractive region for soybean production, leading to increased adoption of soybean seeds. Overall, the growing population of the Asia Pacific region has increased the demand for soybean products, which has driven the demand for soybean seeds in the region.

Competitive Landscape
The major global players in the market include DuPont de Nemours, Inc., Cargill, Inc., Kerry Group plc, Bayer, BASF SE, Advanta Seeds, Syngenta, Fuji Oil Group, Danone, Corteva Agriscience.

Why Purchase the Report?
• To visualize the global Soybean Seed market segmentation based on product type, seed treatment, trait, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of soybean seed market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global Soybean Seed market report would provide approximately 61 tables, 55 figures, and 200 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies