Soybean Market Forecasts to 2030 – Global Analysis By Product Type (Soybean Seeds, Soybean Oil, Soy Meal, Soy Protein, Soy Lecithin and Other Product Types), Source, Distribution Channel, Form, Application and By Geography

Soybean Market Forecasts to 2030 – Global Analysis By Product Type (Soybean Seeds, Soybean Oil, Soy Meal, Soy Protein, Soy Lecithin and Other Product Types), Source, Distribution Channel, Form, Application and By Geography

According to Stratistics MRC, the Global Soybean Market is accounted for $166.40 billion in 2024 and is expected to reach $244.17 billion by 2030 growing at a CAGR of 6.6% during the forecast period. Soybean is a leguminous plant native to East Asia, widely cultivated for its seeds, which are rich in protein, oil, and other essential nutrients. Known for its versatility, soybeans are used in a variety of food products, including tofu, soy milk, and soy sauce, as well as animal feed. Soybean oil is a major vegetable oil used in cooking and industrial applications. The plant is also a key source of plant-based protein, making it a popular ingredient in vegan and vegetarian diets, and is crucial for biofuel production.

According to the USDA, U.S. soybean oil production reached 12.28 million metric tons in 2023, up from 11.3 million metric tons in 2019. This growing demand for soybean oil is set to bolster the market during the forecast period.

Market Dynamics:

Driver:

Increasing demand for plant-based proteins

The rising popularity of plant-based proteins is a key factor driving growth in the soybean market. As more consumers shift toward vegetarian, vegan, and flexitarian diets, soybeans, which are rich in high-quality protein, have become a key ingredient in plant-based food products. Soy protein is used in a wide range of meat alternatives, dairy substitutes, and protein-rich snacks, appealing to health-conscious consumers and those seeking sustainable food options. The growing awareness of the environmental benefits of plant-based diets further boosts the demand for soy-based products, positioning soybeans as a critical source of protein in the global food industry.

Restraint:

Health concerns over excessive soy consumption

Concerns about the potential health risks of consuming too much soy are affecting the soybean market. Some studies suggest that high intake of soy products, particularly those containing phytoestrogens, may disrupt hormonal balance, potentially leading to issues like thyroid dysfunction or reproductive health concerns. Additionally, excessive consumption may pose risks for individuals with soy allergies. These concerns have led to cautious consumer behavior, with some avoiding soy-based products in favour of other plant-based protein sources. Despite the health benefits of moderate soy consumption, these growing health-related worries may influence the demand for soy products, particularly in certain markets and demographics.

Opportunity:

Technological advancements in soybean farming

Technological innovations in soybean farming are significantly contributing to the expansion of the soybean market. Innovations such as genetically modified (GM) seeds, precision farming, and advanced irrigation techniques have enhanced crop yields, making soybean production more efficient and resilient. GM soybeans, for example, are designed to be resistant to pests, diseases, and environmental stress, which reduces the need for pesticides and increases overall productivity. Additionally, data-driven technologies, like sensors and satellite imagery, enable farmers to optimize planting, irrigation, and harvesting processes, further boosting production efficiency and meeting the rising global demand for soybeans.

Threat:

Climate change and weather risks

Climate change and weather-related risks present major obstacles to the soybean market. Soybeans are highly sensitive to weather conditions, and extreme events such as droughts, floods, or unexpected temperature shifts can severely impact crop yields. Shifting rainfall patterns and prolonged dry spells in key growing regions, like the U.S. Midwest and Brazil, can lead to reduced harvests and increased production costs. These unpredictable weather events not only disrupt supply chains but also create price volatility in the market, making it harder for producers to plan and affecting global soybean availability, which in turn influences food production and global trade.

Covid-19 Impact

The COVID-19 pandemic had a mixed impact on the soybean market. Initially, the global supply chain disruptions, including labor shortages and transportation delays, led to challenges in soybean production and distribution. However, the pandemic also led to an increased demand for plant-based proteins as consumers turned to healthier food options. The rise in plant-based diets boosted the demand for soy products, especially in meat alternatives. Additionally, disruptions in animal feed production led to a greater reliance on soymeal, further driving soybean demand.

The soy meal segment is expected to be the largest during the forecast period

The soy meal segment is estimated to be the largest, due to its use as a high-protein animal feed, especially in poultry, swine, and cattle farming. As the global demand for meat and dairy products increases, the need for efficient and nutritious animal feed also rises. Additionally, the shift toward more sustainable and plant-based feed options, due to environmental and health concerns, further boosts the popularity of soy meal. Its cost-effectiveness and high nutritional value make it a preferred choice for livestock feed globally.

The animal feed segment is expected to have the highest CAGR during the forecast period

The animal feed segment is anticipated to witness the highest CAGR during the forecast period, as soy meal, a by-product of soybean processing, is a vital protein source for livestock. As global meat and dairy consumption increases, especially in emerging economies, the need for high-quality, cost-effective animal feed rises. Soybeans are a preferred feed ingredient due to their high protein content, digestibility, and nutritional benefits. Additionally, the growing trend of sustainable and plant-based animal feed options further drives soybean usage in animal nutrition.

Region with largest share:

Asia Pacific is expected to have the largest market share during the forecast period due to increasing demand for soy-based products, such as tofu, soy milk, and soy protein, due to rising health consciousness and the popularity of plant-based diets. Additionally, the region’s growing livestock sector fuels demand for soy meal as a key animal feed ingredient. Increasing urbanization, rising incomes, and changing dietary patterns further contribute to the demand for soy products. Additionally, the expansion of biofuel production in countries like China and India also supports soybean market growth in the region.

Region with highest CAGR:

North America is projected to witness the highest CAGR over the forecast period, owing to strong demand for soy-based products in food, animal feed, and biofuel sectors. The U.S. is a major producer and exporter of soybeans, with increasing consumption of soy protein in plant-based food products and meat substitutes. The growing livestock industry further boosts the demand for soy meal in animal feed. Additionally, the rise in biodiesel production, supported by government policies and sustainability goals, contributes to the continued growth of the soybean market in North America.

Key players in the market

Some of the key players profiled in the Soybean Market include Cargill, Inc., Archer Daniels Midland Company (ADM), Bunge Limited, Louis Dreyfus Company (LDC), Olam Group, China National Chemical Corporation, Wilmar International Limited, Sojaprotein, Golden State Foods Corporation, COFCO Corporation, Sime Darby Plantation, Sinograin, Tate & Lyle PLC, Tyson Foods, Inc., Ruchi Soya Industries Ltd., Adani Wilmar Limited, The Scoular Company, The Andersons, Inc., Bunge Brazil, and Viterra Inc.

Key Developments:

In November 2023, Cargill launched a new line of plant-based soy protein products designed for the food industry, aimed at meeting the growing demand for plant-based proteins in meat alternatives and other food products.

In August 2023, Bunge introduced a new soybean oil refining process that increases efficiency and reduces energy consumption, improving sustainability in the production of soybean oil for food and industrial applications.

In May 2023, Archer Daniels Midland (ADM) announced the expansion of its plant-based protein portfolio, including new formulations of soy protein isolates and concentrates to cater to the growing demand for vegan and plant-based foods.

In March 2023, Olam introduced new soy protein concentrates aimed at the food and beverage industry, specifically designed to enhance texture and protein content in meat analogs and snacks.

Product Types Covered:
• Soybean Seeds
• Soybean Oil
• Soy Meal
• Soy Protein
• Soy Lecithin
• Other Product Types

Sources Covered:
• Conventional
• Organic

Distribution Channels Covered:
• Direct Sales
• Indirect Sales

Forms Covered:
• Processed
• Raw

Applications Covered:
• Food and Beverages
• Animal Feed
• Biodiesel
• Pharmaceuticals
• Personal Care and Cosmetics
• Dietary Supplements
• Other Applications

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

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements