Soyabean Market Size, Share, Growth, And Industry Analysis, By Type (Conventional, & Organic), By Application (Food and Beverages, Personal Care, Pharmaceuticals, Animal Feed, Other), And Regional Forecast To 2032

SOYABEAN MARKET OVERVIEW

The global soybean market size was USD 125.11 million in 2023 and is projected to touch USD 183.40 million by 2032, exhibiting a CAGR of 3.6% during the forecast period.

Soy is a booming global demand for plant-based protein and one of the key sources being consumed in the food, beverages, and feed to animals sectors, constantly increasing with steady demand. Factors such as increased adaptation towards vegan and vegetarian diets and high usage of soy products within processed foods are rapidly moving the market forward. Soybeans now form nutrition and functionality components in personal care and pharmaceuticals. In the same way, organic soybean market is also showing up very well with growth in awareness about healthy and sustainable food choices. North America and Asia-Pacific are the key regions of growth presently in the soybean market mainly because of high agricultural output and a strong consumption rate.

CRISES IMPACTING SOYABEAN MARKETRUSSIA-UKRAINE WAR IMPACT

 Soyabean Market Had a Negative Effect Due to Their Significant Role as a Major Producer during the Russia-Ukraine War

Locks related to the Russia-Ukraine war have also impacted soybean supply chains by limiting exports from Ukraine and reducing global availability. At the same time, competition for exporters like that in the U.S. and Brazil intensifies. Rising fertilizer costs, brought about by the conflict, added extra production costs and reduced yields, so it is a volatile development that shifts global trade patterns since countries sourcing imports from Ukraine attempt to find other sources, and this forms uncertainty within the market.

LATEST TREND

"Demand for Organic and Non-GMO Soybeans Increasing Market Size"

Today, the market demand for soybeans is more towards non-GMO and organic soybeans as the consumers are looking at healthy and environmentally-friendly options. North America and Europe are leaders in the soil of the markets for organic products and drive the trend of an ever-increasing number of environmental and health-conscious customers. This rising demand for soybeans to produce plant-based meat substitutes and functional food products has really put pressure on the demand. Majors are coming up with new extraction methods and processing technologies to sustain this increasing trend.

SOYABEAN MARKET SEGMENTATION

BY TYPE

 Based on Type, the global market can be categorized into conventional and organic

• Conventional: The tradition industry holds the major share of the global soybean market. The traditional chemical-based farm system is capable of providing low-cost feedstock of soy to food, beverages, and animal feed industries
• Organic: Organic soybeans are produced without synthetic chemicals and pesticides. This is primarily because consumers are targeting more wholesome, environmentally friendly food and personal care products as well as pharmaceuticals

BY APPLICATION

Based on application, the global market can be categorized into food and beverages, personal care, pharmaceuticals, animal feed, & others

• Food and Beverages: As soybeans are rich in proteins and have functional benefits, they are used in huge quantities to manufacture food products such as tofu, soy milk, and meat substitutes, which thus accounts for the largest application area
• Personal Care: Soy-based ingredients continue to experience increasing applications in personal care and cosmetics due to their moisturizing and antioxidant properties, largely driving the demand in personal care
• Pharmaceuticals: Medicines have incorporated soy as some of its health benefits as it is said to affect the cholesterol and heart health
• Animal Feed: Soybeans are a big portion of animal feed, primarily used in livestock and poultry mainly for their nutritional value
• Other: This category falls within the industrial uses of soybeans such as biofuels and biodegradable plastics where soy is being used as a renewable resource

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.   

DRIVING FACTORS

"Rising Demand for Plant-Based Protein Fuels Market Growth"

The demand for soybeans increases with regard to dietary shifts toward consumption of plant-based diets. Consumers these days are more conscious about the environmental and health benefits of reducing meat consumption. Soybeans are versatile, and there are full proteins in ample quantities, which is the primary ingredient for vegan and vegetarian food products such as plant-based meat alternatives and dairy substitutes. This trend has also exceeded the reason people eat healthier and greener diets, which increases the demand for soybeans and fuels innovation in food products due to healthy-conscious consumers.

 "Expanding Use of Soybeans in Non-Food Industries Drives Market Growth"

Use of soybeans has greatly increased in the non-food sector; personal care, pharmaceuticals, and biofuels. Their functional properties such as moisturizing, antioxidant properties, being biodegradable, and more, are found desirable in personal care products like lotions and cosmetics. Besides that, there is a health benefit in managing cholesterol within pharmaceuticals. Greater application of soybeans within the above areas typify their versatility and creates new potential markets that will further spread soybean market growth as more industries take on the profit of selling soy-based products.

RESTRAINING FACTOR

 "Fluctuating Soybean Prices Due to Global Trade Disruptions"" to Potentially Impede Market Growth"

Fluctuating prices are still one of the major problems in the soybean market and primarily result from geopolitical tensions and trade disruptions. Take, for example the Russia-Ukraine war has already caused uncertainty within global supply chains regarding both the availability and pricing of soybeans. This volatility does not only concern farmers but also food companies that rely heavily on soy, for it can affect profitability and planning if the prices continue to fluctuate. As such, markets have already entered the soybean market that must confront challenges affecting their long term sustainability and potential growth.

OPPORTUNITY

"Growing Demand for Organic and Sustainable Products Presents Market Opportunities"

The increase in organic and sustainably produced soybeans will be a huge opportunity for market growth in soybeans. As the health and environmental concerns continue to gain momentum, consumers are finding all avenues possible to be seen buying products that exhibit the right values for them; such factors include natural soybeans free from synthetic chemicals and GMOs. Companies that are investing in organic soybean farming and other sustainable agricultural processes will easily continue expanding their market shares, especially in North America and Europe, where demand for organics is continuing to grow. Meeting consumer demand, this trend uses sustainability as a source of innovation and differentiation in product offerings.

CHALLENGE

 "Climate Change and Its Impact on Soybean Crop Yield Could Be a Potential Challenge for Consumers"

The soybean market will face challenges concerning climate change. It is against this backdrop that the unpredictable weather patterns will mainly have adverse effects on crop yields. Excessive conditions such as flooding and droughts or extreme temperature changes have impacts on soybean harvest volume and create the problem of supply shortages. These pose an unstable market with increased prices causing pressure to both sellers and buyers. This scenario has made it necessary for the agricultural industries to respond in the sense that those investors mitigating climatic changes on soyabean plantations come up with suitable tactics that ensure stability and strength in such a market against environmental factors.

SOYABEAN MARKET REGIONAL INSIGHTS

• NORTH AMERICA 

North America is one of the highest-grossing markets globally in the soybean market; the U.S itself is one of the world's largest producers and exporters of soybeans. Advanced agricultural practices and a high demand for plant-based food products in this region largely contribute to market growth. Demand for high-quality biofuel drives both high domestic consumption and export demand for the U.S soybean market, primarily for food, animal feed, and biofuel industries. Organic farming is also gaining ground in the U.S. The increased trend of soy-based meat alternatives will accelerate this growth even more.

•  EUROPE

Europe is increasing its soybean market share, largely through increased demand for organic and non-GMO products. Encouraging sustainable agriculture, both Germany and France have maintained higher usage levels of soybeans in food and beverage as well as personal care. Regional GMO prohibitive regulations are also increasing organic soybean usage in the region.

•  ASIA

Asia holds a significant share of the global soybean market both as a producer as well as a consumer. Major consumers are large Asian countries such as China and India, who consume soybeans since they have large populations and rising demand for soybean as food as well as animal feed. China is the largest importer of soybeans with high demanding consumption in food products, animal feed, and industrial applications.

KEY INDUSTRY PLAYERS

"Market Leading Players Focus on Sustainable and Organic Solutions"

Cargill, Archer-Daniels Midland Co., and Kerry are market majors aiming to expand their product horizon by introducing new products and optimizing supply chains. Instead, however, these players are focusing on sustainable and organic soybean-based products that cater to the wellness-conscious and eco-friendly needs of the consumers. They are now forging strategic collaborations with local farmers, furthering the application of agriculture-related technology. These are to increase output in the individual companies so that crops are produced in maximum amounts. The innovations in these soybean food products, personal care items, and biofuels are the core goods set to make a bigger market share and close the gap left in the market from increased demand in some industries.

LIST OF TOP SOYABEAN COMPANIES

• Kerry (Ireland)
• Fuji Oil Group (Japan)
• House Foods Group (Japan)
• The WhiteWave Foods (US)
• DuPont (U.S)
• CHS (U.S)
• Cargill (U.S)
• The Scoular (U.S)
• Archer-Daniels Midland Co. (U.S)

KEY INDUSTRY DEVELOPMENT

March 2024: The company is going to expand its organic soybean processing capacity in North America. Cargill is adding additional capacity to become the country's largest organic soybean processor, a step it said follows strong demand for non-GMO and organic soy-based products. It will fortify the supply chain, produce high-quality soy ingredients for the food, personal care, and pharmaceutical industries, and fill consumer demand for more organic produce.

REPORT COVERAGE

This report covers all the key market dynamics that include growth drivers, restraining factors, opportunities, and challenges within the global soybean market. Additionally, from the perspective of market segmentation, the report has considered the kind-here conventional and organic-and the application segment consisting of food and beverages, personal care, pharmaceuticals, animal feed, and others. Report: There are effects of global crises as a result of the Russia-Ukraine war on prices and the soybean supply chain. In addition, the report includes insights on regions and delves further into North America, Europe, and Asia. Lastly, it gives an overview of key players in the business and new developments such as the upgrading of the organic soybean processing facilities of Cargill. With such massive coverage, the report is bound to equip stakeholders with great know-how so as to make better-informed decisions in the soybean market.