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 US$ 98.6 billion in 2024 and US$ 157.8 billion by 2034.
| Attributes | Key Insights |
|---|---|
| Estimated Global Soybean Meal Market Size (2024E) | US$ 98.6 billion |
| Projected Soybean Meal Market Value (2034F) | US$ 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.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
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.
Principal Consultant
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% |
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:
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:
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:
Japan is expected to surge at a significant CAGR by 2034. The factors driving Japan's market growth are as follows:
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:
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
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% |
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.
Based on application, feed is expected to hold a market share of 48.0% to reach a valuation of US$ 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.
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
The market is set to reach US$ 98.6 billion in 2024.
Demand for soybean meal is slated to expand at a 4.8% CAGR by 2034.
The market is set to reach US$ 157.8 billion in 2034.
Satavie, SoyKitty, and Afrizon Pte Ltd. are the key players.
The defatted soybean meal segment is estimated to hold a market share of 45.0% in 2024.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Dynamics
3.1. Drivers
3.1.1. Supply Side Drivers
3.1.2. Demand Side drivers
3.1.3. Economic Side Drivers
3.2. Restraints
3.3. Opportunity
3.4. Market Trends
3.5. Macro-Economic Factors
3.6. Forecast Factors - Relevance and Impact
3.7. Certifying Agencies
4. Value Chain Analysis and Operating Margins
4.1. Supply chain analysis (Operating margin analysis)
4.2. List of Key market participants
4.2.1. Key Manufacturers List
4.2.2. Key End-User List
4.3. Notes on Value Added at Each Node in the Value Chain
5. Global Market - Pricing Analysis
5.1. Price Point Assessment By Product Type
5.2. Price Point Assessment by Region
5.2.1. Manufacturer Level Pricing
5.2.2. Distributor Level Pricing
5.3. Price Forecast till 2034
6. Global Market Demand in Value (US$ billion) and Volume (MT) Analysis 2019 to 2023 and Forecast, 2024 to 2034
6.1. Historical Market Value (US$ billion) and Volume (MT) Analysis, 2019 to 2023
6.2. Current and Future Market Value (US$ billion) and Volume (MT) Projections, 2024 to 2034
6.2.1. Y-o-Y Growth Trend Analysis
6.2.2. Absolute $ Opportunity Analysis
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type
7.1. Introduction / Key Findings
7.2. Historical Market Size (US$ billion) and Volume (MT) Analysis By Product Type, 2019 to 2023
7.3. Current and Future Market Size (US$ billion) and Volume (MT) Analysis and Forecast By Product Type, 2024 to 2034
7.3.1. Full-fat Soybean Meal
7.3.2. Defatted Soybean Meal
7.3.3. High-protein Types
7.4. Market Attractiveness Analysis By Product Type
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
8.1. Introduction / Key Findings
8.2. Historical Market Size (US$ billion) and Volume (MT) Analysis By Application, 2019 to 2023
8.3. Current and Future Market Size (US$ billion) and Volume (MT) Analysis and Forecast By Application, 2024 to 2034
8.3.1. Feed
8.3.1.1. Aquaculture
8.3.1.2. Livestock
8.3.1.3. Pet Food
8.3.2. Fertilizer
8.3.3. Food Additive
8.3.4. Others
8.4. Market Attractiveness Analysis By Application
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Nature
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ billion) and Volume (MT) Analysis By Nature, 2019 to 2023
9.3. Current and Future Market Size (US$ billion) and Volume (MT) Analysis and Forecast By Nature, 2024 to 2034
9.3.1. Organic
9.3.2. Conventional
9.4. Market Attractiveness Analysis By Nature
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region
10.1. Introduction
10.2. Historical Market Size (US$ billion) and Volume (MT) Analysis By Region, 2019 to 2023
10.3. Current Market Size (US$ billion) and Volume (MT) Analysis and Forecast By Region, 2024 to 2034
10.3.1. North America
10.3.2. Latin America
10.3.3. Europe
10.3.4. East Asia
10.3.5. South Asia
10.3.6. Oceania
10.3.7. Middle East and Africa
10.4. Market Attractiveness Analysis By Region
11. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
11.1. Introduction
11.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
11.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034
11.3.1. By Country
11.3.1.1. United States
11.3.1.2. Canada
11.3.2. By Product Type
11.3.3. By Application
11.3.4. By Nature
11.4. Market Attractiveness Analysis
11.4.1. By Country
11.4.2. By Product Type
11.4.3. By Application
11.4.4. By Nature
11.5. Key Takeaways
12. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
12.1. Introduction
12.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
12.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034
12.3.1. By Country
12.3.1.1. Brazil
12.3.1.2. Mexico
12.3.1.3. Colombia
12.3.1.4. Rest of Latin America
12.3.2. By Product Type
12.3.3. By Application
12.3.4. By Nature
12.4. Market Attractiveness Analysis
12.4.1. By Country
12.4.2. By Product Type
12.4.3. By Application
12.4.4. By Nature
12.5. Key Takeaways
13. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
13.1. Introduction
13.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
13.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034
13.3.1. By Country
13.3.1.1. Germany
13.3.1.2. France
13.3.1.3. United Kingdom
13.3.1.4. Spain
13.3.1.5. Netherlands
13.3.1.6. Belgium
13.3.1.7. Poland
13.3.1.8. Italy
13.3.1.9. Russia
13.3.1.10. Rest of Europe
13.3.2. By Product Type
13.3.3. By Application
13.3.4. By Nature
13.4. Market Attractiveness Analysis
13.4.1. By Country
13.4.2. By Product Type
13.4.3. By Application
13.4.4. By Nature
13.5. Key Takeaways
14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
14.1. Introduction
14.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
14.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034
14.3.1. By Country
14.3.1.1. China
14.3.1.2. Japan
14.3.1.3. South Korea
14.3.2. By Product Type
14.3.3. By Application
14.3.4. By Nature
14.4. Market Attractiveness Analysis
14.4.1. By Country
14.4.2. By Product Type
14.4.3. By Application
14.4.4. By Nature
14.5. Key Takeaways
15. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
15.1. Introduction
15.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
15.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034
15.3.1. By Country
15.3.1.1. India
15.3.1.2. Malaysia
15.3.1.3. Indonesia
15.3.1.4. Singapore
15.3.1.5. Vietnam
15.3.1.6. Philippines
15.3.1.7. Thailand
15.3.1.8. Rest of South Asia
15.3.1.9. By Product Type
15.3.2. By Application
15.3.3. By Nature
15.4. Market Attractiveness Analysis
15.4.1. By Country
15.4.2. By Product Type
15.4.3. By Application
15.4.4. By Nature
15.5. Key Takeaways
16. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034
16.1. Introduction
16.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
16.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034
16.3.1. By Country
16.3.1.1. Australia
16.3.1.2. New Zealand
16.3.2. By Product Type
16.3.3. By Application
16.3.4. By Nature
16.4. Market Attractiveness Analysis
16.4.1. By Country
16.4.2. By Product Type
16.4.3. By Application
16.4.4. By Nature
16.5. Key Takeaways
17. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034
17.1. Introduction
17.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
17.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034
17.3.1. By Country
17.3.1.1. GCC Countries
17.3.1.2. North Africa
17.3.1.3. South Africa
17.3.1.4. Rest of Middle East and Africa
17.3.1.5. By Product Type
17.3.2. By Application
17.3.3. By Nature
17.4. Market Attractiveness Analysis
17.4.1. By Country
17.4.2. By Product Type
17.4.3. By Application
17.4.4. By Nature
17.5. Key Takeaways
18. Country-level Market Analysis
18.1. United States Market Analysis
18.1.1. By Product Type
18.1.2. By Application
18.1.3. By Nature
18.2. Canada Market Analysis
18.2.1. By Product Type
18.2.2. By Application
18.2.3. By Nature
18.3. Brazil Market Analysis
18.3.1. By Product Type
18.3.2. By Application
18.3.3. By Nature
18.4. Mexico Market Analysis
18.4.1. By Product Type
18.4.2. By Application
18.4.3. By Nature
18.5. Colombia Market Analysis
18.5.1. By Product Type
18.5.2. By Application
18.5.3. By Nature
18.6. Germany Market Analysis
18.6.1. By Product Type
18.6.2. By Application
18.6.3. By Nature
18.7. United Kingdom Market Analysis
18.7.1. By Product Type
18.7.2. By Application
18.7.3. By Nature
18.8. France Market Analysis
18.8.1. By Product Type
18.8.2. By Application
18.8.3. By Nature
18.9. Italy Market Analysis
18.9.1. By Product Type
18.9.2. By Application
18.9.3. By Nature
18.9.4. By Price Range
18.10. Spain Market Analysis
18.10.1. By Product Type
18.10.2. By Application
18.10.3. By Nature
18.11. Netherlands Europe Market Analysis
18.11.1. By Product Type
18.11.2. By Application
18.11.3. By Nature
18.12. Belgium Market Analysis
18.12.1. By Product Type
18.12.2. By Application
18.12.3. By Nature
18.13. Russia Region Market Analysis
18.13.1. By Product Type
18.13.2. By Application
18.13.3. By Nature
18.14. Poland Market Analysis
18.14.1. By Product Type
18.14.2. By Application
18.14.3. By Nature
18.15. China Market Analysis
18.15.1. By Product Type
18.15.2. By Application
18.15.3. By Nature
18.16. Japan Market Analysis
18.16.1. By Product Type
18.16.2. By Application
18.16.3. By Nature
18.17. India Market Analysis
18.17.1. By Product Type
18.17.2. By Application
18.17.3. By Nature
18.18. Thailand Market Analysis
18.18.1. By Product Type
18.18.2. By Application
18.18.3. By Nature
18.19. Malaysia Market Analysis
18.19.1. By Product Type
18.19.2. By Application
18.19.3. By Nature
18.20. Indonesia Market Analysis
18.20.1. By Product Type
18.20.2. By Application
18.20.3. By Nature
18.21. Vietnam Market Analysis
18.21.1. By Product Type
18.21.2. By Application
18.21.3. By Nature
18.22. Philippines Market Analysis
18.22.1. By Product Type
18.22.2. By Application
18.22.3. By Nature
18.23. Singapore Market Analysis
18.23.1. By Product Type
18.23.2. By Application
18.23.3. By Nature
18.24. Australia Market Analysis
18.24.1. By Product Type
18.24.2. By Application
18.24.3. By Nature
18.25. New Zealand Market Analysis
18.25.1. By Product Type
18.25.2. By Application
18.25.3. By Nature
18.26. GCC Countries Market Analysis
18.26.1. By Product Type
18.26.2. By Application
18.26.3. By Nature
18.27. North Africa Market Analysis
18.27.1. By Product Type
18.27.2. By Application
18.27.3. By Nature
18.28. South Africa Market Analysis
18.28.1. By Product Type
18.28.2. By Application
18.28.3. By Nature
19. Market Structure Analysis
19.1. Global Market Competition - a Dashboard View
19.2. Global Market Structure Analysis
19.3. Global Market Company Share Analysis
19.3.1. For Tier 1 Market Players, 2023
19.3.2. Company Market Share Analysis of Top 5 Players, By Region
19.4. Key Participants Market Presence (Intensity Mapping) by Region
20. Competition Analysis
20.1. Competition Dashboard
20.2. Competition Deep Dive
20.2.1. UFAC-UK
20.2.1.1. Product Portfolio
20.2.1.2. Revenue by Market Segments
20.2.1.3. Sales Footprint
20.2.1.4. Strategy Overview
20.2.2. The United Soybean Board (USB)
20.2.3. Satavie
20.2.4. SoyKitty
20.2.5. Afrizon Pte Ltd.
20.2.6. Mamta Hygiene Products Pvt Ltd
20.2.7. Guru Soya Foods Pvt. Ltd.:
20.2.8. Delta Equities LLC
20.2.9. Prorich Agro Private Limited
20.2.10. The Delong Co., Inc.
20.2.11. Other Players (On Additional Requests)
21. Assumptions and Acronyms Used
22. Research Methodology
Explore Food and Beverage Insights
View Reports
Soybean Meal Market
