Soybean Meal Market

Soybean Meal Market Outlook from 2024 to 2034

The global Soybean Meal Market is expected to rise at a CAGR of 4.8% over the forecast period. The market is projected to reach a valuation of USD 98.6 billion in 2024 and USD 157.8 billion by 2034.

Attributes	Key Insights
Estimated Global Soybean Meal Market Size (2024E)	USD 98.6 billion
Projected Soybean Meal Market Value (2034F)	USD 157.8 billion
Value-based CAGR (2024 to 2034)	4.8%

With the growing global population, there is a rising need for meat and poultry products. Soybean meal provides a cost-effective and protein-rich feed ingredient, which is essential for the growth and development of animals.

Soybean meal is gaining appeal as a source of protein for plant-based food items because of its nutritional benefits and the growing popularity of vegetarian & vegan diets. Due to its high protein content, it is also utilized in several food applications, including drinks, confections, and bakeries.

Rising demand for soybean meal from the animal feed industry is further expected to surge the market growth. The need for biodiesel as a significant substitute for gasoline and diesel is growing globally. Since soybeans are used to make biodiesel, the market for soybean meal is projected to expand throughout the forecast period.

The demand for soybean meal is continuously rising in several parts of the world. China, the United States, and India are seeing a surge in the production and consumption of soybean meal products because of the growing number of farm and pet animals.

2019 to 2023 Global Soybean Meal Market Sales Outlook Vs. 2024 to 2034

From 2019 to 2023, the soybean meal market has been marked by steady growth driven by the increasing demand for high-protein and chemical-free agricultural commodities. From being a specialty crop, soybeans have become a significant agricultural product.

The popularity of soybeans can be attributed to their use as a rotation crop and their adaptability in producing a wide range of goods, such as soybean meal for animal feed. Dairy and meat consumption has increased as a result of rising global income and population expansion.

Soybean meal gained a surging demand as a vital component of animal feed as a result of the growth of the livestock and poultry industries. The manufacturing of soybean meal was made more efficient by developments in processing technologies, such as solvent extraction techniques.

High yields and the availability of soybean meal are set to be facilitated by improved extraction techniques. The market is further expected to rise considerably during this forecast period, driven by the increasing vegan population, growing applications in food & beverages, and demand from the feed industry.

Soybean Meal Market Trends

• Increasing demand for soybean meal in the food and beverage industry.
• Growing consumer interest in plant-based food solutions.
• Development of new products, such as non-GMO tofu.
• Increasing consumer awareness about the nutritional benefits of soybean meal is driving its demand in the food industry, especially in vegetarian and vegan products.
• Technological advancements in soybean meal production.
• Increasing global soybean production.
• Increasing use in industrial applications such as biofuels, biodiesel, and industrial chemicals.
• Sustained advancements in soybean extraction techniques are influencing soybean meals' nutritional value and affordability.

Restraining Factors in the Soybean Meal Market

• As soybean crops are weather-sensitive, unfavorable weather occurrences like floods, droughts, and other natural disasters are set to affect harvests. The prices and availability of soybean meal are expected to fluctuate due to crop production variability.
• The market for soybean meal is expected to be impacted by the emergence of substitute protein sources for animal feed, such as synthetic or insect-based proteins.
• The flow of soybean meal on the international market is set to be affected by trade disputes, tariffs, or trade restrictions between the leading nations that produce and consume soybeans.

Country-wise Insights

The table below shows the estimated growth rates of the top four countries. China, India, and Australia are set to record high CAGRs of 4.2%, 5.5%, and 5.0%, respectively, through 2034.

Countries	CAGR
United States	3.8%
China	4.2%
India	5.5%
Australia	5.0%

Growing Interest in High-protein Meal in China Inflating Market Growth

The demand for soybean meal is increasing in China, with a projected CAGR of 4.2% through 2034. Emerging patterns in the market are as follows:

• Soybean meal consumption is rising in China as a result of shifting dietary habits and a growing need for diets high in protein.
• The demand for soybean meal in animal feed is driven by a shift in dietary patterns toward high protein intake resulting from growing disposable income.
• In line with worldwide patterns, sustainability and environmental concerns are becoming important in China. This is set to influence the soybean industry's sourcing and processing strategies.

Growth Avenue for Key Vendors of Soybean Meal in the United States

Key players are investing significantly in the United States, as the country offers greater growth opportunities than its counterparts. Through 2034, the United States is projected to expand at a CAGR of 3.8%, driven by the following factors:

• The cattle and poultry sectors in the United States significantly influence the demand for soybean meal. The meal is an essential source of protein for swine, poultry, and other feedstock for livestock.
• Soybeans grown in the United States are genetically modified organisms (GMOs). GMO restrictions and national & international consumer concerns are influencing the soybean meal market in the United States.

Emerging Opportunities in Australia are Attracting Market Players

Australia’s soybean meal market is assessed to register a CAGR of 5.0% through 2034. The deployment of soybean meal is increasing on account of the following:

• Sustainability techniques and environmental considerations are becoming significant in the agricultural industry in Australia.
• Australia’s soybean growers and processors are implementing sustainable techniques to satisfy consumer demands and environmental regulations.
• The demand for meat & dairy products and developments in the pet food sector is influencing the domestic use of soybean meal in Australia.

Robust Production Hub in Japan Upscaling the Market

Japan is expected to surge at a significant CAGR by 2034. The factors driving Japan's market growth are as follows:

• In Japan, soybean meal is vital to animal feed ingredients, especially for the swine, aquaculture, and poultry sectors. The growth and dynamics of these sectors are intimately associated with the demand for soybean meal.
• In order to meet the increasing demand for soy-based products such as soybean meal, Japan is investing in the expansion and modernization of its processing methods for soybeans.

Growing Technological Development is Accelerating Market Growth in India

The use of soybean meal is projected to increase in India at a CAGR of 5.5% through 2034. The factors driving the market’s growth are as follows:

• India produces soybean meal with increased efficiency and quality due to ongoing technological developments in processing.
• Innovations in processing tools and extraction techniques are expected to make India's soybean meal industry more competitive internationally.
• India's soybean meal market is predicted to surge due to the growing use of soybean meal for human consumption in food items like nutritious and bakery goods for protein.

Category-wise Insights

The below section shows the defatted soybean meal segment dominated by product type. It is expected to hold a market share of 45.0% by 2024. Based on nature, the conventional segment is anticipated to hold a dominant share through 2024. It is set to account for a share of 85.0% by 2024.

Segment	Market Share (2024)
Defatted Soybean Meal (Product Type)	45.0%
Conventional (Nature)	85.0%
Feed (Application)	48.0%

Defatted Soybean Meal Tops the Product Type Category

Based on product type, defatted soybean meal is expected to hold a market share of 45.0% by 2024. Defatted soybean meal is obtained by removing most of the oil from soybeans, resulting in a higher protein content than full-fat soybean meal.

It is set to be widely used in animal feed. It is mainly preferred by manufacturers due to its high protein concentration and relatively low-fat content.

Defatted soybean meal is expected to be used as a plant-based source of protein in items, including dairy substitutes, meat substitutes, and protein-packed snacks. Defatted soybean meal is also projected to be used in the food sector due to the rising demand for sustainable protein sources and the growing popularity of plant-based diets.

Adoption of Soybean Meal in Feed Application to Surge through 2034

Based on application, feed is expected to hold a market share of 48.0% to reach a valuation of USD 47.3 billion by 2024. Soybean meal is widely used in the animal feed industry, particularly in dairy rations.

The cost-effectiveness of soybean meal compared to other protein-rich feed ingredients plays a significant role in its preference for animal feed. It is the most common protein source for all poultry, pigs, and dairy cattle compound feeds, containing a significant amount of crude protein. Soybean meal offers unsurpassed feeding value for several species, providing a complete source of plant-based protein, essential amino acids, and energy in one palatable package.

Competitive Landscape

UFAC-UK, The United Soybean Board (USB), Satavie, SoyKitty, Afrizon Pte Ltd., and Mamta Hygiene Products Pvt Ltd are the leading players operating in the market. The market for soybean meal has a dynamic and diverse competitive environment. Leading players with a wide range of expertise are concentrating on research & development, environmentally friendly sourcing, and novel formulations.

Leading players are also prioritizing ecologically conscious methodologies, product certifications, and meeting the growing need for natural & sustainable feed ingredients. Key companies are further prioritizing quality and innovation and catering to customer preferences to maintain their market position and take advantage of the rising demand.

Recent Developments

• In 2023, UFAC-UK launched a new partial soybean meal replacement for dairy diets.
• In 2022, The United Soybean Board (USB) and The Yield Lab Institute launched the Soy Innovation Challenge to increase the value of soybean meal and explore new uses & markets for soybean meal.

Key Companies Profiled

• UFAC-UK
• The United Soybean Board (USB)
• Satavie
• SoyKitty
• Afrizon Pte Ltd.
• Mamta Hygiene Products Pvt Ltd
• Guru Soya Foods Pvt. Ltd.
• Delta Equities LLC
• Prorich Agro Private Limited
• The Delong Co., Inc.

Soybean Meal Market Segmentation by Category

By Product Type:

• Full-fat Soybean Meal
• Defatted Soybean Meal
• High-protein Types

By Nature:

• Organic
• Conventional

By Application:

• Feed
  • Aquaculture
  • Livestock
  • Pet Food
• Fertilizer
• Food Additive
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Middle East and Africa

Frequently Asked Questions

How big is the soybean meal market?

The market is set to reach USD 98.6 billion in 2024.

What is the forecast for the soybean meal market?

Demand for soybean meal is slated to expand at a 4.8% CAGR by 2034.

What is the outlook for the soybean meal market?

The market is set to reach USD 157.8 billion in 2034.

Who are the key players in the soybean meal market sphere?

Satavie, SoyKitty, and Afrizon Pte Ltd. are the key players.

Which product type would lead the soybean meal market?

The defatted soybean meal segment is estimated to hold a market share of 45.0% in 2024.