Soybean Market:
Growth opportunities in the soybean market look promising over the next six years. This is mainly due to the high amount of nutritional value offered and the increase in the demand for by-products of soybean such as oil cakes and soybean meals.
Soybean Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The surging movement towards a vegan lifestyle promotes individuals to choose plant-based proteins like soybean is considered one of the major drivers stimulating the growth of the global soybean market. Also, soybean is high in protein and offers both carbohydrates and fats along with other vitamins, minerals, and important plant compounds which include isoflavones, which has strengthened the market growth. As per the soyabean market analysis, the widespread outbreak of the COVID-19 pandemic has resulted in a worldwide lockdown and temporary closure of hotels, meat-packaging, restaurants, and slaughterhouses, which has directly raised the market growth. Approximately 84% of the worldwide production occurs in Uruguay, Canada, and the United States, as these countries are the major exporter and producer of the product. The expansion in demand for its by-products, including soybean meals and oil cakes owing to their nourishment, is fuelling market growth. In accordance with the FAO statistics, the total production of soybean oil in the United States was 10.8 million metric tons in 2019, which was 10 million metric tons in 2016.
Application Segment Drivers
Based on the application, the dietary supplements are projected to lead the market over the forecast period. This is because of the surging consciousness about the health benefits of this product which includes the presence of useful nutrients such as carbohydrates, minerals, protein, and vitamins. The evolution of the coronavirus pandemic has persuaded people to opt for healthy products to improve their immune systems. This will propel the market growth.
Regional Drivers
Based on the regional coverage, the rest of the world is predicted to witness a higher CAGR during the forecast period. This is primarily due to their growing production in Brazil and Argentina. The rising awareness about the production farmers has accelerated the market growth.
Soybean Market’s leading Manufacturers:
- Bunge North America
- ADM
- DuPont
- House Foods Group Inc.
- Kerry
- The Scoular Company
- Cargill, Incorporated
- The WhiteWave Foods Company
- FUJI OIL HOLDINGS INC.
- CHS Inc.
Soybean Market Segmentation:
Segmentation by End-Use Products
- Whole Soybean
- Meal
- Oil
- Others
Segmentation by Application
- Animal Feed
- Aqua Feed
- Biofuel
- Food and Beverage
- Dietary Supplements
- Paints & Coatings
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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