Global Soybean Market: Analysis and Forecast 2022-2027
Soybean Market by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices
The worldwide soybean market produced a volume of approximately 370.67 MMT in 2021. Between 2022 and 2027, the market is expected to attain a CAGR of about 1.3 percent, reaching a volume of around 400.54 MMT by 2027. Soybean is widely used as a vegetable oil and is also used extensively in industrial applications such as soy milk, soy flour, soy protein, and so on.
Although the COVID-19 pandemic and related lockdowns had a minimal impact on the soy market, however, since restaurants were non-operational during the pandemic soy oil which is one of the key soybean products faced a considerable drop in production and consumption. China and Spain are the highest category spender regions.
Soybean: Market Definition and Segmentation
Soyabean, which is also termed as soya beans. The scientific name of glycine max, it is an edible seed and a legume of the pea family called as Fabaceae. It provides million people the ingredients for the chemical products and provides the plant protein. It is the most central cause of protein for livestock feedstuff, which provides animal protein for human feeding. They contain some extensive amounts of B vitamins, phytic acid and dietary minerals.
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The soybean market Market comprises segments based on:
By application, the market is divided into:
- Animal feed
- Food and beverages
- Personal care
- Dietary supplements,
- Industrial solvents,
- Building materials
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End-use segments are divided into:
- Whole soybean
- Fermented soybean
- Non-fermented soy food
Geographically, the important segments in the international soybean market are:
- North America
- Latin America
- The Asia Pacific
- The Middle East and Africa
- Snapshot of the Report
- The regional markets for the industry can be divided into are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
The main factors that are driving the growth of the global soybean Market are increasing spending power of the people, rising population and urbanisation, growing demand from the crushing industry, increasing health and wellness awareness owing to the higher standard of living, high demand for dairy substitutes, and growth in the automobiles and construction sectors.
People across the globe have become more health-conscious which is leading them to shift to healthier cooking oil alternatives like soybean oil, especially in developed nations, such as the United States. Additionally, the growth in the adoption of vegetarianism in the western regions of the world due to the acceptance of plant-rich proteins in the diet is another important driver for the growth of the soybean market. Soybean oil-producing companies are topping up their output so that they can distribute their products at reasonable prices.
Category Insight by Region
The global soybean market in terms of production is led by the United States. The region provides about 34 percent of international output. Followed by the United States, Brazil, Argentina, China, and India are accounted as the other largest manufacturers of soybean. The primary exporting regions include the United States, Brazil, Argentina, Canada, and Paraguay. Brazil exports a significant volume of soybean to China and Spain (around 80 percent), making it the largest soybean exporter globally.
The United States is one of the prominent exporters of soybean, which exports mainly to China and Mexico. China is one of the largest soybean consumers, with the consumption of more than 30 percent of the total global soybean output. China is followed by the United States, Argentina, Brazil, and the European Union. Around 60 percent of the soybean imports in China are used to meet the regional demand, specifically in the soy meal and soy oil industry.
European Union, Mexico, Egypt, and Argentina are the other importers of soybean. Additionally, owing to the enormous rise in the population, emerging economies, the increasing awareness to include the high protein content of soybean in the diet, growth of the animal feed industry, and nutraceuticals the Asia Pacific region is projected to lead the demand for soybean in the future.
Best Procurement Practices
The global soybean industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major customers of soybean by-products across the globe, such as engagement models, contract terms, buyer, and supplier negotiation levers, among others.
Category Management Studies
One of the most important pulse crops supplying a great amount of protein and oil requirements globally is soybean. Management of the nutrient level of the soil is a key aspect of achieving a greater output of crops.
Efficient management of nutrients also supports the crop to survive with various kinds of biotic and abiotic stress. For the soybean crop, a total of fifteen nutrients are required consisting of macronutrients such as nitrogen, phosphorous, potassium, calcium, magnesium, and sulphur, which are comparatively needed in large quantities, and nine micronutrients which comprise iron, boron, zinc, cobalt, copper, manganese, molybdenum, nickel, and chlorine.
With the help of soil incorporation or foliar spray of commercially available fertilizers, such nutrients are supplied to the soybean plants. Numerous collaborative aspects are accountable for the excellent harvest of the soybean crop.
Factors like selecting the variety wisely, engaging in superior agronomic practices, and coping with the production restrictions strategically can enhance soybean production that can help meet the increasing demand for soybean crops. The soybean crops are further processed into oil by following steps like preparation and dehulling, extraction, desolventizing, oil refining, and processing.
Key Supplier Profiles included in the Global Soybean Market
The major players in the Market are Olam International, Fuji Oil Co., Ltd., CHS Inc., Cargill, Incorporated, The Scoular Company, Kerry Inc., House Foods Group Inc., Archer-Daniels-Midland Co. among others
The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments of the suppliernutms.
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