Market Overview:

The Soybean Market size is estimated to reach $259 billion by 2030, growing at a CAGR of 4.4% during the forecast period 2023-2030, according to a recent report published by IndustryARC. The growth of the Soybean Market is fueled by an increasing inclination towards low-cholesterol, low-fat, protein-rich produce with rising health consciousness among consumers. It is also boosted by the expansion in R&D activities to produce sustainable soybean food products & oils. In June 2021, the U.S. department of agriculture stated that U.S. soybean exports reached the second-highest value ever at $7 billion, nearly double the same period in 2020. Health-conscious consumers are widely opting for low-cholesterol Soybean meals and low-fat food substitutes due to their wide variety of health benefits, the growing livestock market and awareness about the benefits of protein-enriched diets among economies. These are the key Soybean market trends.

Read the full report here - “Soybean Market By Source Type (Conventional, Organic), By Distribution Channel (Online Distribution, Offline Distribution), By Application (Food and Beverages, Animal Feed, Pharmaceutical, Dietary Supplements, Biofuel, Personal care, Lubricants and Other), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030”.

Asia-Pacific accounted for a significant market share in 2022:

Asia-Pacific dominated the soybean market with a 41% share of the overall market in 2022. Developing countries like India and others observed that their protein consumption is less than the average recommended. As per the recent survey conducted by the national sample survey office, it was revealed that 73% are deficient in protein while the majority are unaware of its daily requirement. So government initiatives such as the Right to protein are introduced by the government to spread awareness and encourage soy food consumption. The increasing livestock farming and switch towards biofuel in this region are also significantly contributing to the market. These factors are fueling the growth of the Asia-Pacific Soybean industry, thereby contributing to the Soybean industry outlook.

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Soybean Market Growth Drivers:

The rising awareness about various health benefits of Soybean feed consumption:

Soybeans contain hormone-like substances called phytoestrogens that mimic the action of the hormone estrogen and are associated with beneficial health effects. Eating soybean-based food items reduce the risk of health problems, including cardiovascular disease, stroke, coronary heart disease (CHD) and cancer and improves bone health. Soybean is considered a natural alternative for hormone replacement therapy for treating women who are in menopause. This is acting as a key Soybean market trend. The rising awareness about all these advantages is encouraging consumers to opt for low-fat, low-cholesterol soybean feeds. In October 2021, the U.S. Food and Drug Administration (FDA) stated that eating soy can reduce cholesterol in the blood. The FDA recommends including 25 grams of soy a day in the diet. This is driving the growth of the Soybean market.

Initiatives introduced by the government to spread awareness of protein consumption in emerging economies:

In emerging economies like China and India, the government is introducing initiatives to promote soy-based protein consumption among consumers and its importance for healthy body growth. Soy foods are the healthiest plant proteins not only because of their high protein content but because it is one of the only foods to be a complete protein containing all the essential amino acids, similar to that found in meat. So, it can be consumed by all. Government initiatives such as the Right to protein ensure that at least 25% of the plate in every meal must include protein foods. It also recommends people to monitor their daily protein intake with Protein-O-Meter. This is increasing the demand for soy-based proteins among people who are vegan or lactose intolerant along with those with normal diets. This is propelling the growth of the Soybean Industry, thereby contributing to the Soybean market growth

Scope of Report:

Report Metric

Details

Base year considered

2022

Forecast period

2023–2030

CAGR

Growing at the rate of 4.4%

Market size

259 billion USD

Segments covered

Source Type, Distribution Channel, Application and Region




Geographies covered

North America (the US, Canada and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America) and the Rest of the World (the Middle East and Africa).




Key market players

  1. Kerry Group plc

  2. Fuji Oil Group

  3. House Foods Corporation

  4. Danone North America

  5. DuPont de Nemours, Inc.

  6. CHS, Inc. 

  7. Cargill, Inc.

  8. Scoular

  9. Archer-Daniels-Midland Co. 

  10. Nordic Soya Oy

Recent Developments:

  • In May 2022, Fuji Oil Holdings Inc. announced that it has started a research project on growing soybeans utilizing CO2 in collaboration with Saga City (National University Corporation Saga University and ITOCHU ENEX Co., LTD. The research project aims to utilize CO2, a greenhouse gas, in the production of food resources, aiming at carbon recycling and CO2 reduction.
  • In June 2021, Kerry Group plc announced the acquisition of Niacet Corp for $1 billion. The integration is aimed to boost Kerry’s food protection and preservation strategy.


Soybean Market: Competitive Landscape

Key companies profiled in the Soybean Market are Kerry Group plc, Fuji Oil Group, House Foods Corporation, Danone North America, DuPont de Nemours Inc., CHS Inc., Cargill Inc, The Scoular Company, Archer-Daniels Midland Co. and Nordic Soya Oy.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.