Soybean Meal Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 106.91 Billion |
| Market Size (2029) | USD 133.24 Billion |
| CAGR (2024 - 2029) | 4.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
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Soybean Meal Market Analysis
The Soybean Meal Market size is estimated at USD 106.91 billion in 2024, and is expected to reach USD 133.24 billion by 2029, growing at a CAGR of 4.5% during the forecast period (2024-2029).
The COVID-19 pandemic positively impacted the market due to the increased usage of soybean meal in the food and beverage industry and in the manufacturing of healthcare products. However, the decline in the meat demand around the world and the closure of animal feed manufacturing units have slightly hindered the demand for soybean meal from the feed industry.
An increase in demand for high-quality protein in soybean will continue to drive higher demand for soybean meal, mainly from the animal feed industry, over the forecast period. There is an increase in the global requirement for biodiesel as a major alternative to petrol and diesel. Biodiesel is produced using soybean; therefore, this may fuel the growth of the soybean meal market during the forecast period.
The global need for soybean meal has been increasing rapidly in recent years. An increasing number of farm animals and pet animals in the region of North America and Asia-Pacific is prompting the higher consumption and production of soybean meal products. This is boosting the opportunities for soybean meal manufacturers and the overall market.
Soybean Meal Market Trends
This section covers the major market trends shaping the Soybean Meal Market according to our research experts:
Increasing Demand for Protein-enriched Food for Humans and Animals
Soybean meal has a unique composition of amino acids and can be used as an alternative to cereal proteins. Soybean meal is used in both animal feed and human food industries. The main reasons behind the increasing demand for soybean meal include the health benefits associated with this protein-enriched food and the increasing population of livestock, cattle, ruminants, and other animals that are fed soybean meal. The other reason for the increase in demand is the restrictions placed on slaughterhouse byproducts, which in turn, has increased the market for soybean meal. This is further expected to enhance the market for soybean meals during the forecast period.
The main reasons behind the increasing demand for protein-enriched foods are its health benefits and the number of livestock, cattle, ruminants, and other animals that are fed soybean meal. The other reason for the increase in demand is the restrictions placed on slaughterhouse byproducts, which in turn, has increased the market for soybean meal.
China was the largest soybean meal-producing country, with a capacity of 78.4 million metric ton, followed by the United States with 46.9 million metric ton, in 2020. The major importers of soybean meal are Vietnam, Belgium, Spain, and other countries. The major exporters are the United States, Italy, India, and other countries. Owing to the large numbers of swine, poultry, and aquaculture in these countries, they demand quality protein ingredients to formulate feeds, which supports the commercial production of meat, milk, and eggs.
Asia-Pacific Dominates the Market
Asia-Pacific is the dominant region in the soybean meal market, holding the major share of the market. China, India, Bangladesh, Thailand, Pakistan, and Japan are the major producers of soybean meal in the region. According to the USDA, soybean meal production increased from 69.69 million metric ton and 7.2 million metric ton in 2016-2017 to 78.41 million metric ton and 7.6 million metric ton in 2020-2021 in China and India, respectively. Soybean meal is majorly consumed by the animal feed industry in the region. Soybean meal is widely used in the larger varieties of products like bakery products, health food, cosmetics, and in the manufacturing of antibiotics.
Higher feed production is expected for the remainder of the calendar year 2021 and into 2022 as changes in the livestock and poultry industry drive moderate growth of soybean meal (SBM) use. As China imports large quantities of beans to crush at home to meet its increasing demand for protein meal, in the near future, it is set to become the world's largest producer of soybean meal. Argentina is the biggest soybean meal exporter, followed by Brazil, the United States, and India.
Soybean Meal Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Market Definition and Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Overview
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4.2 Market Drivers
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4.3 Market Restraints
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4.4 Value Chain Analysis
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5. MARKET SEGMENTATION
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5.1 Application
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5.1.1 Animal Feed
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5.1.2 Food Industry
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5.1.3 Beverage
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5.1.4 Healthcare Products
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5.2 Geography (Production Analysis (Volume), Consumption Analysis (Value and Volume), Import Analysis (Value and Volume), Export Analysis (Value and Volume), and Price Trend Analysis)
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5.2.1 North America
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5.2.1.1 United States
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5.2.1.2 Canada
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5.2.1.3 Mexico
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5.2.2 Europe
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5.2.2.1 Spain
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5.2.2.2 Croatia
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5.2.2.3 France
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5.2.2.4 Germany
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5.2.2.5 Russia
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5.2.3 Asia-Pacific
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5.2.3.1 India
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5.2.3.2 China
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5.2.3.3 Bangladesh
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5.2.4 South America
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5.2.4.1 Brazil
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5.2.4.2 Argentina
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5.2.4.3 Uruguay
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5.2.5 Middle-East and Africa
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5.2.5.1 South Africa
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5.2.5.2 Egypt
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6. MARKET OPPORTUNITIES AND FUTURE TRENDS
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7. IMPACT OF COVID-19 ON THE MARKET
Soybean Meal Industry Segmentation
Soybean meal is the byproduct left after extracting the oil from soybeans. Soybean meal is generally of two categories, high protein soybean meal with 47% - 49% protein and 3% fiber, which is obtained from dehulled seeds, and conventional soybean meal with 43% - 44% protein with hulls. The soybean meal market is segmented by application (animal feed, food industry, beverage, and healthcare products) and geography (North America, South America, Europe, Asia-Pacific, and Middle-East and Africa). The report offers the market size and forecasts in terms of value (USD million) for all the above segments.
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| Animal Feed | |
| Food Industry | |
| Beverage | |
| Healthcare Products |
| Geography (Production Analysis (Volume), Consumption Analysis (Value and Volume), Import Analysis (Value and Volume), Export Analysis (Value and Volume), and Price Trend Analysis) | |||||||
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Soybean Meal Market Research FAQs
How big is the Soybean Meal Market?
The Soybean Meal Market size is expected to reach USD 106.91 billion in 2024 and grow at a CAGR of 4.5% to reach USD 133.24 billion by 2029.
What is the current Soybean Meal Market size?
In 2024, the Soybean Meal Market size is expected to reach USD 106.91 billion.
Which is the fastest growing region in Soybean Meal Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Soybean Meal Market?
In 2024, the Asia Pacific accounts for the largest market share in Soybean Meal Market.
What years does this Soybean Meal Market cover, and what was the market size in 2023?
In 2023, the Soybean Meal Market size was estimated at USD 102.31 billion. The report covers the Soybean Meal Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Soybean Meal Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the emerging technologies impacting Soybean Meal processing?
The emerging technologies impacting Soybean Meal processing are a) Novel fermentation techniques b) Improved extraction methods for increased efficiency and sustainability
Soybean Meal Industry Report
The global soybean meal market is on a trajectory of substantial growth, driven by its pivotal role in the food industry and as a vital component in animal feed. Its rich amino acids profile, despite a deficiency in cystine and methionine, underscores its importance in enhancing milk production and weight gain among various livestock. The shift towards organic products and methods, particularly noted in regions like Australia, Asia, and Latin America, is contributing significantly to market expansion. Additionally, the market is diversified into organic and conventional segments with broad applications spanning the food, animal feed industries, and emerging pharmaceutical uses, showcasing its versatility. The online sales channel's rapid growth due to its convenience and accessibility is further propelling market dynamics. With Asia-Pacific at the forefront, led by production and consumption giants such as China and India, the market's expansion is bolstered by technological advancements in soybean processing and an increasing consumer awareness of soybean meal's health advantages. Insights from soybean meal analysis by Mordor Intelligence™ Industry Reports project a promising future for this market, underpinned by continuous innovation and expansion. Get a sample of this industry analysis as a free report PDF download.
