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.
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.
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:
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 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.
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
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Figure 1: Global Market Value (US$ billion) by Product Type, 2024 to 2034
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Figure 7: Global Market Value Share (%) and BPS Analysis by Region, 2024 to 2034
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Figure 9: Global Market Value (US$ billion) Analysis by Product Type, 2019 to 2034
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Figure 15: Global Market Value Share (%) and BPS Analysis by Application, 2024 to 2034
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Figure 17: Global Market Value (US$ billion) Analysis by Nature, 2019 to 2034
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Figure 41: North America Market Value (US$ billion) Analysis by Nature, 2019 to 2034
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Figure 185: Middle East and Africa Market Value (US$ billion) Analysis by Nature, 2019 to 2034
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Figure 187: Middle East and Africa Market Value Share (%) and BPS Analysis by Nature, 2024 to 2034
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Figure 189: Middle East and Africa Market Attractiveness by Product Type, 2024 to 2034
Figure 190: Middle East and Africa Market Attractiveness by Application, 2024 to 2034
Figure 191: Middle East and Africa Market Attractiveness by Nature, 2024 to 2034
Figure 192: Middle East and Africa Market Attractiveness by Country, 2024 to 2034
The market is set to reach USD 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 USD 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.
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