Soybean Market Size

Soybean Market Analysis

The Soybean Market size is estimated at USD 198.12 billion in 2024, and is expected to reach USD 277.88 billion by 2029, growing at a CAGR of 7% during the forecast period (2024-2029).

• The production of soybeans kept on increasing in the past few years. The increase in production along with an increase in the area harvested under soybean is likely to drive the market globally. According to FAO, the world soybean production is 336 million metric tons in 2019 increased to 353 million metric ton in 2020. Additionally, soybean can be used for extracting oil, as an edible crop, and as feed for animals. It is frequently used in the culinary business as a salad condiment and for other cooking applications. Soybean is also popular as a low-cholesterol and low-fat food substitute and protein-rich produce. It is an excellent dairy substitute for lactose-intolerant persons. According to the US National Library of Medicine, nearly all humans lose approximately 65% of their ability to digest lactose after infancy. So in such cases, the consumption of soybean helps. The wide usage is driving the soybean market globally.
• 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, South America became the largest market for soybean production with Brazil being the leading country. According to FAO, in 2020, 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.