Soybean Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Soybean Market is Segmented by Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). Each segment will cover production analysis(volume), consumption analysis(value and volume), import analysis(value and volume), export market analysis(value and volume), and price trend analysis. The report offers the market size and forecast based on volume (metric ton) and value (USD thousand) for the above segments.

Market Snapshot

Soybean Market Summary
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: North America
Largest Market: South America
CAGR: 3.5 %
Soybean Market Key Players

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Market Overview

The soybean market is projected to register a CAGR of 3.5% during the forecast period (2022-2027).

The supply chain disruptions and trade restrictions impacted the soybean market during the COVID-19 pandemic. These factors reduced the production of soybean byproducts, which was also reflected in the soybean market.

The United States, Brazil, Argentina, Canada, Paraguay, and Uruguay are the largest producers and exporters of soybean globally, accounting for more than 85.0% of the global production. For many years, the United States was the world’s major producer and exporter of soybean. However, in 2019, soybean production increased dramatically in Brazil, attributed to the favorable growing conditions augmented by the soil quality, weather conditions, and water availability. The soybean market is driven by the increasing adoption of veganism in western countries due to the popularity of plant-rich proteins in the diet. The increased health awareness among consumers due to the higher standard of living also impacted the market positively.

Scope of the Report

Soybean is a leguminous vegetable crop grown in tropical and subtropical climates. It is one of the most valuable crops globally, not only as an oilseed crop and feed for livestock and aquaculture but also as a good source of protein in the human diet and as a biofuel. For the report purpose, soybean, whether or not broken (HS Code 1201), is considered for the analysis. The soybean market is segmented by geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). Each segment will cover production analysis(volume), consumption analysis(value and volume), import analysis(value and volume), export market analysis(value and volume), and price trend analysis. The report offers the market size and forecast based on volume (metric ton) and value (USD thousand) for the above segments.

Geography
North America
United States
Canada
Mexico
Europe
Russia
Italy
Ukraine
Spain
Asia-Pacific
China
India
Japan
Australia
South America
Brazil
Argentina
Paraguay
Middle-East and Africa
South Africa
Egypt
Saudi Arabia

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Key Market Trends

Increased Demand for the Byproducts of Soybean

The demand for soybean byproducts like soybean meal and oil cakes has increased over the past few years. The high nutritional value of the products has enhanced their popularity among consumers. The increased disposable income of consumers in developed countries and the improved soybean productivity in these countries contributed to the demand for soybean byproducts. As per the USDA, in 2020, soybean oil production in the United States was recorded at 11.3 million metric ton, increasing from 9.9 million metric ton in 2016. The demand for soybean oil in the country contributed to the production of commodities, which is anticipated to drive the market during the forecast period. Soybean meal has a unique composition of amino acids and can be used as an alternative for cereal proteins. Therefore, soybean meal is used as a feed for animals and for human consumption. The main reasons behind the increasing demand for protein-enriched foods are their health benefits and the growing number of livestock, cattle, ruminants, and other animals in the global market.

SoyBean Market - Production Volume in Million Metric Ton, Soybean oil, Global, 2017-2020

South America Dominates the Global Export Market

In South America, Brazil was the largest exporter of soybeans in 2020, accounting for 44.4% of total global exports, followed by Argentina and Paraguay. The soybean production in Brazil accounted for 114.7 million metric ton in 2017, increasing to 121.7 million metric ton in 2020. This increase in production may boost soybean exports in the coming years. The low value of the Brazilian currency in 2020 made the price of soybeans competitive in the international market. The increased awareness among farmers about soybean cultivation and the well-equipped nature of cultivation in the region enhanced soybean production. The domestic and global demand for oilseeds like soybean has been rising over the years, impacting the prices of soybean and farmers' revenue positively. The US-China trade war has contributed to the growing exports from Brazil to China. The enhanced livestock population and the growing demand for soybean meals have improved the exports from South American countries in Asia-Pacific and Europe.

SoyBean Market: Growth Rate By Region in %, 2022-27

Recent Developments

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.

In December 2021, Pioneer introduced new soybean seed products called 'Pioneer brand A-Series soybeans' to the US market for the 2022 season.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain/Supply Chain Analysis

  5. 5. MARKET SEGMENTATION (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume and Price Trend)

    1. 5.1 Geography

      1. 5.1.1 North America

        1. 5.1.1.1 United States

        2. 5.1.1.2 Canada

        3. 5.1.1.3 Mexico

      2. 5.1.2 Europe

        1. 5.1.2.1 Russia

        2. 5.1.2.2 Italy

        3. 5.1.2.3 Ukraine

        4. 5.1.2.4 Spain

      3. 5.1.3 Asia-Pacific

        1. 5.1.3.1 China

        2. 5.1.3.2 India

        3. 5.1.3.3 Japan

        4. 5.1.3.4 Australia

      4. 5.1.4 South America

        1. 5.1.4.1 Brazil

        2. 5.1.4.2 Argentina

        3. 5.1.4.3 Paraguay

      5. 5.1.5 Middle-East and Africa

        1. 5.1.5.1 South Africa

        2. 5.1.5.2 Egypt

        3. 5.1.5.3 Saudi Arabia

  6. 6. MARKET OPPORTUNITIES AND FUTURE TRENDS

  7. 7. AN ASSESSMET OF COVID-19 IMPACT ON THE MARKET

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Frequently Asked Questions

The Soybean Market market is studied from 2017 - 2027.

The Soybean Market is growing at a CAGR of 3.5% over the next 5 years.

North America is growing at the highest CAGR over 2021- 2026.

South America holds highest share in 2021.

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