Soybean Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The soybean market is projected to register a CAGR of 3.5% during the forecast period (2021-2026). The supply chain disruptions due to the trade restrictions have impacted the market for soybean during the COVID-19 pandemic. These factors have reduced the production of soybean by-products like meal, oil, cake, etc which has been reflected on the market for soybean as well. 

The United States, Brazil, Argentina, Canada, Paraguay, and Uruguay are the largest producers and exporters of soybean in the world, 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 has increased dramatically in Brazil surpassing Brazil's soybean production. The increased production of Soybean can be attributed to the favorable growing conditions augmented by the soil quality, weather conditions, and water availability. The market for soybean is driven by the increasing adoption of veganism in western countries owing to the popularity of plant-rich proteins in the diet. The increased health awareness among consumers due to the higher standard of living has also impacted the market affirmatively.

Scope of the Report

Soybean is a leguminous vegetable crop grown in tropical and subtropical climates. It is one of the most valuable crops in the world, 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. The soybean market is segmented by Geography (North America, Europe, Asia-Pacific, South America, and Middle-East & 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.

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Key Market Trends

Increased demand for by-products of Soybean

The demand for by-products of soybean like soybean meal, oil cakes, etc has been increasing over the past few years. The high nutritional value of the products has enhanced the popularity among consumers. The increased disposable income of consumers in developed countries along with the improved productivity of soybean in these countries has contributed to the enhanced demand for soybean by-products. In 2019, the soybean oil production in the United States was recorded at 10.8 million metric ton, showing an increase from 10.0 million metric ton in 2016, as per FAO statistics. The demand for soybean oil in the country has contributed to the production of the commodities. This 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 human consumption as well. The main reasons behind the increasing demand for protein-enriched foods are its health benefits and the growing number of livestock, cattle, ruminants, and other animals in the global market.

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