Emphasis on End-Use (Whole Soybean, Meal, Oil & Others); Application (Animal Feed, Aqua Feed, Biofuel, Food & Beverages, Pharmaceutical, Others); and Region/Country
The global Soybean Market was valued at USD 165.09 BN in 2022 and is expected to grow a CAGR of 4.9% during the forecast period (2023-2030). Soybean can be attributed to the increased demand for soybean by-products like soybean meal and soybean oil, increased disposable income of consumers in developed countries. Majorly fueling demand in the global soybean market is the increasing awareness of its health benefits. Their increasing applications in various end-use segments such as animal feed is also serving to boost demand. Other factors influencing the soybean market are the increasing markets for adhesives, insecticides, candles, printing inks, waxes, plastics, etc. The demand for these products is growing rapidly with the rising construction and automobiles industries across major markets. For instance, according to the Foreign Agriculture Service, China was projected to import a record-breaking 100 million metric tons of soybeans in the marketing year 2021–2022. Furthermore, increasing consumer awareness of nutritious and healthy oils such as olive oil has had a considerable impact on the use of this oil across retail aisles.
Kerry Inc., Fuji Oil Group, House Foods Group Inc, The WhiteWave Foods Company, E.I. du Pont de Nemours & Co., CHS Inc., Cargill Inc, The Scoular Company, Archer-Daniels Midland Co., Olam International are some of the key players in the market. Several M&As along with partnerships and new product launches for more consolidation in the market.
Insights Presented in the Report
“Amongst end-use, the soybean meal category accounted for a significant rate during the forecast period”
Based on the end-use, the soybean market is segmented into whole soybean, meal, oil and others. The meal segment peaked the market because of the high demand owing to its high protein, minerals, and folate content specially from Asian economies as they are highly consumed item in Chinese and Japanese eating joints. The many health benefits of soybean include – lowering the blood sugar and cholesterol levels.
“Amongst application, the food & beverage category is expected to witness considerable CAGR during the forecast period”
Based on the application, the market is fragmented into animal feed, aqua feed, biofuel, food and beverages, pharmaceutical, others. The food & beverage segment particularly in countries such as China, Japan, and India accounted for the highest share in 2022, The growing population, increasing disposable income, and changing food habits of consumers in these countries are expected to drive the demand for soybean food and beverage products in the region.
“Asia-Pacific to witness significant growth during the forecast period”
Asia-Pacific held an extensive share of the soybean market. The growing demand soybean can be attributed to the increased awareness of the nutritional benefits of soybean oil & meal, this is owing to the increasing demand for low-cholesterol, low-fat and protein-rich produce for animals & humans among health-conscious consumers in countries like India and china. For Instance: As per a recent research in 2021 China was one of the leading country in soybean oil consumption with about 18.5 million metric tons consumed.
Soybean Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Soybean Market Revenue, 2020-2030f
6. Market Insights By End-use
7. Market Insights By Application
8. Market Insights By Region
9. Soybean Market Dynamics
10. Soybean Market Opportunities
11. Soybean Market Trends
12. Demand And Supply-side Analysis
13. Value Chain Analysis
14. Pricing Analysis
15. Strategic Insights
16. Competitive Scenario
17. Company Profiled
18. Disclaimer
Research Methodology for the Soybean Market Analysis (2023-2030)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global soybean market were the three major steps undertaken to create and analyze the adoption of soybean in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global soybean market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Soybean Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the soybean market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the end-use and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the soybean market. Further, we conducted factor analysis using dependent and independent variables such as an increased demand for soybean by-products like soybean meal, etc. globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the soybean market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global soybean market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global soybean market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of end-use and application in the global soybean market.
The main objective of the Global Soybean Market Study
The current & future market trends of the global soybean market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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November 7, 2024
