The soybean global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Soybean Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size —
The soybean market size has grown strongly in recent years. It will grow from $151.85 billion in 2023 to $160.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to rising global demand, biofuel production, favorable weather conditions, trade policies, and expanding livestock industry.
The soybean market size is expected to see strong growth in the next few years. It will grow to $199.75 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to population growth, dietary shifts toward plant-based protein, climate change impacts, trade agreements, and market diversification. Major trends in the forecast period include increasing demand for organic soybeans, focus on sustainability, fluctuating commodity prices, changing consumer preferences, and growth in soy-based alternatives.
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Scope Of Soybean Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The rising animal feed consumption is expected to propel the growth of the soybean market going forward. Animal feed refers to food given to domestic animals, typically including grains, forages, and supplements, to provide the necessary nutrients for their growth, maintenance, and production. The increasing demand for animal feed is driven by the rising global population and the growing consumption of meat and dairy products. Soybeans are used in animal feed primarily due to their high protein content, essential amino acids, and favorable nutrient profile, making them an efficient source of nutrition for livestock. For instance, in September 2024, according to the Agriculture and Horticulture Development Board, a UK-based statutory levy board, from July to January this season, total production, including integrated poultry units (IPU), reached 7.81 million tonnes, marking a 1.3% increase compared to the same period last year, which saw feed production of 7.71 million tonnes. Therefore, rising animal feed consumption is driving growth in the soybean market.
Market Trends —
Major companies operating in the soybean market are focusing on innovative solutions, such as high-yield soy seed varieties, to enhance crop yield and resilience. High-yield soyseed varieties are genetically enhanced or selectively bred soybeans designed to produce greater quantities of soybeans per acre compared to traditional varieties. For instance, in March 2024, Protealis, a Belgium-based seeds and seed technologies developer for sustainable plant proteins, launched four new soybean varieties in Europe PRO Vesuvio, PRO Helicon, PRO Taranaki, and PRO Jacinto. These varieties are specifically bred to perform well in shorter growing seasons and colder conditions, making them ideal for regions such as Belgium, France, and Germany. This strategic initiative aims to boost local protein production and offer sustainable alternatives for farmers transitioning away from traditional crops. These varieties are designed to deliver both high yield and high protein content, essential for European farmers seeking to adopt more sustainable practices in their crop rotations.
The soybean market covered in this report is segmented —
1) By Type: Conventional, Organic
2) By Form: Processed, Raw
3) By End-Use: Food And Beverages, Soybean Food Products, Fermented Soya Food, Non-Fermented, Soybean Oils, Animal Feed
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Regional Insights —
Asia-Pacific was the largest region in the Soybean market in 2023. The regions covered in the soybean market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies —
Major companies operating in the soybean market are Glencore plc, Cargill Incorporated, Archer Daniels Midland, Wilmar International Limited, Bunge Limited, COFCO International, Louis Dreyfus Company, CHS Inc., Corteva Agriscience, Scoular, AG Processing Inc., Fuji Oil Co. Ltd., House Foods Corporation, SLC Agrícola, Olam Group, Clarkson Grain Company, Nordic Soya Oy, Denofa AS, Noble Ecotech, Protealis
Table of Contents
1. Executive Summary
2. Soybean Market Report Structure
3. Soybean Market Trends And Strategies
4. Soybean Market — Macro Economic Scenario
5. Soybean Market Size And Growth
…..
27. Soybean Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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