Soybean Market Size, Share, Growth, And Industry Analysis, By Type (Conventional and Organic), By Application (Residential Use, Commercial Use, Others (Food and Beverages, Personal Care, Pharmaceuticals, Animal Feed, Other), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

Report Overview

• 

• Request a Free Sample to learn more about this report

The global soybean market size was USD 125110 million in 2021. As per our research, the market is expected to reach USD 164940 million by 2028, exhibiting a CAGR of 3.6% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with the coaxial agitators markets market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels.

The soybean (Glycine max) is a type of legume native to East Asia that is commonly produced for its edible bean, which has a variety of uses. Soy milk, from which tofu and tofu skin are formed, is a traditional unfermented dietary usage of soybeans. Soy sauce, fermented bean paste, natto, and tempeh are examples of fermented soy foods. Soybean meal, which is fat-free (defatted), is a substantial and inexpensive source of protein for animal feeds and many packaged meals.

Soybean derivatives, such as textured vegetable protein (TVP), are used in various meat and dairy alternatives. Soybeans have high levels of phytic acid, nutritional minerals, and B vitamins. Another byproduct of soybean crop processing is soy vegetable oil, which is used in food and industrial uses. Soybeans are the most important protein source for agricultural animals, which produces animal protein for human use.

COVID-19 Impact: Pandemic Led to A Decline in the Market Growth

Several commercial operations were affected due to the COVID-19 pandemic and global lockdown protocols. Furthermore, COVID-19 hampered people's capacity to mobilize for work, particularly farmers. As a result, people's incomes and purchasing power have decreased. Rising food costs cause food insecurity and a rise in the number of undernourished people. The soybean business would expand due to the increased demand for soy products following the epidemic.

The confrontation between Russia and Ukraine also caused enormous casualties and property damage. The agriculture industry has suffered, and the supply chain has been disrupted. The conflict had a severe impact on the business and agricultural sectors. As a result, soy products and soybean oils suffered considerable price increases worldwide. With consumer demand at an all-time high and insufficient production and supply infrastructure, the import and export of soybean feed has recently experienced a significant issue.

Latest Trends

"Agreement Toward Sustainable Land Management to Increase Agricultural Productivity"

In 2022, the World Bank Board of Directors approved a USD 24.58 million grant agreement to implement a Sustainable Land Management (SLM) program in Brazil that increases agricultural productivity for the soybean and beef cattle value chains, allowing large areas of degraded pastures to be recovered while reducing greenhouse gas emissions.

Segmentation

• 

• Request a Free Sample to learn more about this report

• By Type Analysis

By Type, the market is fragmented into conventional and organic.

• By Application Analysis

By Application, the market is bifurcated into (residential use, commercial use, others (food and beverages, personal care, pharmaceuticals, animal feed, and others.

Driving Factors

"Rising Disposable Income of Consumers to Amply Market Growth"

Demand for soybean byproducts such as soybean meal and oil cakes has surged recently. The items' great nutritional content increased their appeal among consumers, which is expanding the market. Consumers' greater disposable income in industrialized countries and improved soybean output in these countries boosted demand for soybean byproducts.

"Rising Animal Feed Consumption to Boost Market Growth"

The need for animal protein expanded in rapidly developing countries such as China, as did the demand for high-protein animal feedstuffs such as soybean meal. Because long-term growth rates outpace gains in yield per land unit, there is an increasing demand for soybean production. As a result, soybean meal is utilized as animal feed and for human consumption. The health benefits of protein-enriched foods and the growing quantity of livestock, cattle, ruminants, and other animals on the global market are driving up demand for them.

Restraining Factors

"Lack of Regulatory Standards of the Product to Be a Major Restraint "

One of the key challenges inhibiting the growth of the soybean meal sector is a lack of regulatory standards. This trend is considerably more widespread in countries where frameworks based on scientific risk have been established to oversee national food safety regulations.

Regional Insights

• 

• Request a Free Sample to learn more about this report

"Asia Pacific to Dominate the Market Owing to the Product's High Nutrition Aspect "

Owing to its vast population, emerging economies where more and more people are selecting nutritious food, and the rising awareness of the high protein content of soybean, Asia Pacific is likely to account for the major share of demand in the coming years. The animal feed sector and nutraceuticals are also fueling the soybean market growth in the region's market.

Key Industry Players

"Market Players to Employ Tactics In Order to Amplify Market Position"

Key market players in the soybean market share are entering into strategic partnerships and collaborations to expand their product portfolios, enhance their market presence, and cater to a broader customer base. Companies are focusing on continuous product innovation to meet evolving customer demands. Customization options, such as design, fixtures, and materials, provide a competitive advantage in the market. Market players are expanding their geographical presence through acquisitions, mergers, and establishing manufacturing facilities in new regions. This enables them to cater to the increasing demand for prefabricated bathroom pods across different markets.

List of Market Players Profiled

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

Report Coverage

The report's devoted part informs about the modular bathroom pods impact of COVID-19 and its succeeding variant outbreaks on demand, supply, price, vendor uptake, and recommendations for long-term outcomes. The updated study contains insights, analyses, projections, and predictions for the portable electric bike market, considering the COVID-19 impact. The research profiles a report with extensive studies describing the firms in the market affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.