China Soybean Market Worth $153 Billion By 2030: IndustryARC

China Soybean Market size is expected to reach $153 billion by 2030 after growing at a CAGR of 6.6% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The growing demand of soybean meal for livestock i.e. farm and pet animals and the government policies to bolster soybean production with food security are poised to propel the China Soybean Market, finds IndustryARC in its recent report, titled “China Soybean Market – By Type (Raw and Processed), By Source (Conventional and Organic), By Application (Animal Feed, Aqua Feed, Biofuel, Food and Beverage, Personal Care, Dietary Supplements, Pharmaceuticals, Lubricants, Coatings, Paints, Industrial Solvents, Adhesives and Sealants, Hydraulic Fluids, Building Materials and Others) and By Product ( Whole, Protein, Oil, Milk, Meal, Lecithin and Others) Global Opportunity Analysis & Industry Forecast, 2024-2030.”

The burgeoning livestock industry of China is the primary catalyst for the soaring demand for soybean meal. China's position as the world's largest pork producer and a significant player in poultry and dairy industries has made it the largest importer of soybean meal globally.  China's population growth is driving a surge in the consumption of meat, dairy, and poultry. Soybean meal's high protein content, balanced amino acid profile, and affordability make it an indispensable ingredient in feed formulations for various livestock species, including poultry, swine, dairy cattle and aquaculture. To meet this rising protein demand, livestock farmers rely heavily on soybean meal as a crucial component of animal feed. According to China Briefing, in 2022, the country produced around 92.27 million tons of meat in total, a 3.8% increase compared to 2021. Pork production, in particular, has grown rapidly, increasing from around 40 million tons in 1990 to over 55.41 million tons in 2022.

• Raw 

• Processed

By Source 

• Conventional 

• Organic 

• Animal Feed

• Aqua Feed

• Biofuel

• Food and Beverage

• Personal Care

• Dietary Supplements

• Pharmaceuticals

• Lubricants

• Coatings

• Paints

• Industrial Solvents

• Adhesives and Sealants

• Hydraulic Fluids

• Building Materials 

• Others

•  Whole

•  Protein

•  Oil

•  Milk

•  Meal

•  Lecithin 

•  Others

In October 2023, Food Export Trade, a Russian grain exporting firm, signed a $26 billion contract to supply China with 70 million tons of grain, legumes and oilseeds over the next 12 years. In July 2023, Russia launched the Zabaikalsk Grain Terminal as part of the New Land-Based Grain Corridor Initiative, worth $100 million. Thanks to the terminal, Russia will boost grain exports to China to 8 million tons per year in the next several years. Driven by China's demand for diversified supply and Russia's agricultural potential, the two nations are collaborating on increasing soybean production, research, and trade. China is looking to diversify its soybean supply chain, and Russia, with its suitable climate and growing soybean production, is emerging as a potential supplier. While the partnership is still in its early stages, it holds promise for both countries, with the potential to reshape the global soybean market. It aligns with China's food security goals and Russia's ambitions to expand its agricultural exports.

The growing global population and increasing meat consumption drive demand for livestock feed, consequently boosting soybean meal demand. Also, the country's expanding pork, poultry and dairy sectors necessitate a substantial supply of protein-rich feed, making soybean meal an indispensable ingredient. Despite efforts to boost domestic soybean production, China remains a significant importer of soybean meal, highlighting its critical role in the nation's food security and agricultural economy.

China has implemented a comprehensive set of policies to stimulate soybean production, including subsidies, land allocation, technology transfer, and infrastructure development. The government provides direct subsidies to soybean farmers to cover production costs and guarantee a minimum purchase price . Polices like import tariffs, tax incentives, land allocation, financial support to farmers have contributed to a significant increase in China's soybean production .These initiatives aim to reduce the country's reliance on soybean imports and ensure a stable domestic supply. 

The soybean-corn rotation system has been a cornerstone of agricultural practices in Northeast China, enhancing soil health and crop yields. However, the increasing demand for corn has led to a gradual shift in cropping patterns, reducing soybean planting areas. To maintain a balance between the two crops and ensure soybean production, the region is exploring strategies to optimize the rotation system and develop high-yielding soybean varieties.

In 2023, China imported 99.4 million tons of soybeans in total, an increase of 11.4% year-on-year, with an import value of $58.1 billion, according to statistics from the General Administration of Customs of China. China's drive for self-sufficiency and increased soybean yields presents a significant opportunity for technology and innovation with advancements in precision agriculture, biotechnology, data analytics, and automation. Practices like predictive modelling of farming data, GPS-guided planting, drone surveillance and AI-powered yield prediction are optimizing resource use and minimizing environmental impact. Genetic modifications and genome editing are creating soybean varieties with higher yields, disease resistance, and improved nutritional content. 

China's soybean market necessitates a strategic approach to both imports and exports. China's global soybean partnerships and import collaborations have fostered positive sentiment among business representatives of global countries along with boosting optimism for future agricultural trade. Diversifying import sources is crucial to mitigate risks associated with relying on a limited number of suppliers, ensuring a stable supply, and potentially securing better pricing which will boosts opportunities for global soyabean processors. Simultaneously, capitalizing on the demand for high-value soybean products in international markets can enhance their export earnings and reduce reliance on raw commodity exports.

•  China Soybean Market size and Forecast 

•  China Soybean Market analysis by Source

•  China Soybean Market analysis by Application

•  CAGR of the market during the forecast period 2024-2030

•  Value Chain analysis of key stake holders

•  Detailed analysis of market drivers and opportunities during the forecast period

•  China Soybean Market size estimation and forecast

•  Analysis and predictions on end user behavior and upcoming trends 

•  Competitive landscape and Vendor market analysis including offerings, developments, and financials

•  Comprehensive analysis of challenges and constraints in the China Soybean Market

•  Cargill

•  ADM (Archer Daniels Midland)

•  COFCO (China Oil and Food Corporation)

•  Wilmar International

•  Louis Dreyfus Company

•  Bunge

•  Dupont Shanghai

•  Amaggi

•  SunOpta

•  Kerry Group

Soy Lecithin Market– The Soy Lecithin Market size is projected to reach US$12.4 billion by 2030, after growing at a CAGR of 4.6% during the forecast period 2024-2030 owing to its usage in food & beverage sector such as packaged foods, bakery goods, meat, confectioneries and others due to its superior emulsifying properties is anticipated to offer major growth opportunities.

Soybean Oil Market – Soybean Oil Market size is projected to reach US$69.7 billion by 2030, growing at a CAGR of 4.4% during the forecast period 2024-2030. The healthy properties of Soybean oil like boosting skin and eye health, regulating cholesterol levels and others are driving the market growth.

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