Global Soybean Market

Soybean Market Insights

The soybean market is expected to experience a high rate during the forecast period. The soybean is known as either soja bean or soya bean. Their economic importance is reflected in the rise of their exports globally. Soybeans provide a rich source of proteins to people and acts as raw materials for the production of chemical products. The continued demand for the soybean market is supported by China’s rising consumption levels and also it’s soybean crush industry. Soybean meal finds its largest percentage use in the poultry and livestock. The demand for soybean oil is fulfilled by its use in the food and also in the industrial processes. The growing U.S. soybean market for exports will be the biggest determinant of soybean demand during the forecast period. The COVID-19 impact led to decreased consumption of soybean oils and biodiesel products owing to their multifold uses in different verticals.

Soybean Market: By Soybean Type

Based on the soybean type, the market considers green, dried, and mature soybeans into account. The dried soybean category will experience high demand owing to its high protein, minerals, and folate content. The dried soybeans are extensively used in snacks in Korea, Japan, and Indonesia. The high demand from the East Asian economies drives the segment’s growth during the forecast period. The green soybean segment will register an upward trend in this market. They are highly consumed items in Chinese and Japanese eating joints. The many health benefits of green soybeans include - lowering the blood sugar and cholesterol levels.

Soybean Market: By Type

Based on the type, the market takes GMO and conventional soybeans into account. Genetically modified soybeans would have a significant dominance in this market.  The United States leads the market for large GMO soy production.  GMO soy drives their demand from the animal food, and also from the production of soybean oil. The conventional soybeans would experience rising trends as they aim to provide higher yield at significantly lower seed and weed costs.

Soybean Market: By Application

Based on the application, the market considers soybean meal, soybean oil, livestock feed, and others. Soybean meal is expected to be the maximum revenue generating segment for this market. The high consumption levels from the swine and poultry industry will push the market demand for soybeans oils in a positive direction.  The soybean oil segment would also show tremendous growth in the market. The major source of soybean oil demand is fulled by biodiesel products and favorable diesel use policies in the U.S could push the demand for soybean oil in a positive direction.

Soybean Market: By End Use

Based on the End-Use, the market considers dietary supplements, food & beverage, personal care, and industrial among others. The food & beverage industry could benefit from the use of soybean oil through reduced production costs and induced quality with consistent stability levels.  The industrial segment too would be growing rapidly in this market. It is used as a substitute for petroleum and harmful ingredients in the consumer as well as industrial manufacturing units. The soybean component is blended to make lubricants, adhesives, and coatings among others. The rising number of components and excellent efficiency as a substitute lead the market towards high growth during the forecast period.

Soybean Market: By Region

Based on the region, North America would represent abundant growth for the soybean market supply. The increasing soybean export market in the United States and the multifold uses of soybean in the U.S prominent poultry industry would lead the soybean market to grow even in the pandemic. Asia-Pacific would support the soybean market through its high consumption levels in China, Japan, and Korea.

Market share and Competitive Analysis

Some of the key players operating in the market include House Foods Group Inc, The White Wave Foods Company, CHS Inc, Cargill Inc, The Scoular Company, Nordic Soya, Soni Soya, Fuji Oil Group, Kerry Inc, Aeon, MEFTA, The Delong Co., Inc., New Organics, Green Hake, and Pristine among others.

Please note: This is not an exhaustive list of companies profiled in the report.

Check the Press Release on Global Soybean Market Report