According to a new report published by UnivDatos Markets Insights, the Soybean Market was valued at more than USD 165.09 billion in 2022 and is expected to grow at a CAGR of around 4.9% from 2023-2030. The analysis has been segmented into End-User Industry (Whole Soybean, Meal, Oil, Others); Application (Animal Feed, Aqua Feed, Biofuel, Food and beverages, Pharmaceutical, Others); Region/Country.
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The Soybean market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Soybean market. The Soybean market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Soybean market at the global and regional levels.
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Key Market Dynamics
The demand for the Soybean can be attributed to the increased demand for soybean by-products like soybean meal and soybean oil, increased disposable income of consumers in developed countries. The growing middle-class population and growing urbanization are also driving the growth of the soybean market. Other factors influencing the soybean market are the increasing markets for adhesives, insecticides, candles, printing inks, waxes, plastics, etc. The demand for these products is growing rapidly with the rising construction and automobiles industries across major markets. 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. Owing to the glaring statistics, the increasing cases of diseases like obesity have led to a shift to soybean-based snack and food products like soy chocolate nuts and soy crisps, driving the soybean market further. It is also helpful for people suffering from anemia as it is a rich source of iron and copper, helping in the formation of red blood cells. Furthermore, increasing consumer awareness of nutritious and healthy oils such as olive oil has had a considerable impact on the use of this oil across retail aisles.
The global Soybean market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
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· Based on the end-use, the soybean market is segmented into whole soybean, meal, oil, and others. The meal segment is more popular because of the high consumption levels from the swine and poultry industry. An increase in demand for high-quality protein in soybean drives higher demand for soybean meal, mainly from the animal feed industry, over the forecast period. Globally the demand for organic food is increasing at a robust growth rate in the form of oil, meal, protein, and for other purposes.
· Based on the application, the market is fragmented into animal feed, aqua feed, biofuel, food and beverages, pharmaceutical, and others. The food & beverage segment accounted for a significant market share, and it is estimated that it will grow rapidly 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.
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Soybean Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
- Rest of the World
Asia-Pacific held an extensive share of the soybean market. The growing demand 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 high protein in soybeans. The demand for soybeans in the key markets is being primarily driven by the increasing consumption of soybean as a natural alternative to meat and dairy proteins and utilization as an ingredient in sports nutrition and in clean-labelled products.
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Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analyst’s sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Soybean market. The major players have been analyzed by using research methodologies for getting insight views on global competition
Recent Developments:
· In 2021, Archer Daniels Midland announced its plan to build a new soy crushing plant and refinery in North Dakota to meet the increasing demand from food, feed, industrial and biofuel customers. This facility features state-of-the-art automation technology and will have the capacity to process 150,000 bushels of soybeans per day.
· In August 2022, North Dakota Soybean Processors (NDSP), a joint venture between CGB Enterprises Inc. (CGB) and Minnesota Soybean Processors (MnSP) started the construction of a new facility which is expected to crush 42.5 million buses of soybeans in its first year, will produce soybean oil, soybean meal, and hulls. It is planned to be fully operational in 2024.
· In 2020-2021, Cargill committed to altering its soy supply chain that would be free from deforestation whilst safeguarding local vegetation beyond forests, encouraging responsible production, recognizing, and maintaining the rights of workers and native communities, and protecting the high standards of transparency by reporting cases of important metrics and grievances.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Soybean Market?
• Which factors are influencing the Soybean Market over the forecast period?
• What are the global challenges, threats, and risks in the Soybean Market?
• Which factors are propelling and restraining the Soybean Market?
• What are the demanding global regions of the Soybean Market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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