The global soybean market was valued at USD 157.60 Billion in 2024 and is expected to grow at a CAGR of 4.10% during the forecast period of 2025-2034 to reach a value of USD 235.54 Billion by 2034. The growing demand for soybeans in food, animal feed, and biofuels has boosted the overall consumption rate.
Additionally, soybeans play a crucial role in animal feed production, particularly for poultry and livestock farming. The increasing global meat consumption is fuelling the demand for high-protein animal feed, strengthening the soybean market. As a staple ingredient in animal nutrition, soybeans support the expansion of the livestock sector. Moreover, advancements in agricultural practices, including genetically modified (GM) crops, have improved yield efficiency, ensuring a steady supply of soybeans for various industries.
Another key trend driving the market is the steady rise in global soybean exports, which have witnessed strong demand from regions like China, Europe, and Southeast Asia. Countries such as the United States, Brazil, and Argentina dominate global trade, supplying large volumes of soybeans to meet international demand. Soybeans constituted a major portion of agricultural exports, supporting economies that depend on soybean cultivation. The rising global population, coupled with the increasing use of soybeans in diverse industries, has led to a surge in cross-border trade, further reinforcing market expansion.
Furthermore, soybeans' demand continues to rise due to their versatile applications beyond food and animal feed. Soybean oil has gained traction in the edible oil industry and is widely used in food preparation and industrial applications, including biodiesel production. Governments worldwide are promoting biofuels as part of their renewable energy initiatives, positioning soybeans as a key raw material in the sustainable energy sector. Additionally, ongoing research in biotechnology and innovations in soybean-based products, such as plant-based meat alternatives, are creating new market opportunities, ensuring long-term growth in the soybean industry.
The market remains competitive due to the growing demand for soybeans in food, animal feed, and biofuel production. Soybean meal is a key by-product, widely used in the livestock sector as a high-protein feed ingredient. However, the rising exploration of alternatives to soybeans, such as pea protein and other plant-based sources, is shaping market dynamics. While soybeans remain a dominant player in the global protein market, the increasing focus on diversification and sustainable crop production may influence future market trends. Nevertheless, the well-established infrastructure and supply chain for soybean production continue to maintain its strong position in the global agricultural sector.
On the other hand, the raw soybean segment continues to play a crucial role in global trade, particularly in exports to countries with strong processing industries. Raw soybeans offer flexibility to buyers who process them into oil, meal, and other derivatives based on market demand. The raw soybean market is influenced by factors such as weather conditions, crop yields, and international trade policies. Despite the dominance of processed soy products, soybeans in their raw form remain essential for meeting global demand, supporting both direct consumption and further processing across various industries.
In Asia-Pacific, soybeans are a staple ingredient in traditional foods such as tofu and soy sauce, driving strong regional demand. China remains the largest global importer, sourcing soybeans primarily from the U.S., Brazil, and Argentina to meet its growing livestock and food processing industries. India also contributes to the market with non-GMO soybean production, while countries like Indonesia and Japan focus on soybean-based food products. Meanwhile, in the Middle East and Africa, soybeans are increasingly used for animal feed and edible oil, supported by rising investments in agricultural infrastructure.
Latin America, led by Brazil and Argentina, dominates global soybeans exports, supplying major markets such as China and Europe. Soybeans from this region benefit from large-scale farming and favourable climatic conditions, ensuring a steady supply for international demand. Additionally, the growing biodiesel industry in Latin America has further increased the need for soybean production, solidifying the region’s position as a key player in the global soybeans market.
However, there is a rising preference for organic soybeans, particularly in health-conscious and environmentally aware consumer segments. Organic soybeans are cultivated without synthetic fertilizers or pesticides, appealing to markets that prioritise sustainability and non-GMO food sources. Despite the increasing demand, organic soybeans represent a smaller portion of the market due to lower yield potential and higher production costs. On the other hand, conventional soybeans, including both GMO and non-GMO variants, continue to dominate due to their large-scale production capabilities and economic viability. This segmentation reflects the diverse consumer preferences and market dynamics shaping the global soybean industry.
In human food applications, soybeans are key ingredients in products such as tofu, soy milk, soy flour, and plant-based meat alternatives. The rising trend of plant-based diets has further increased demand for soy-based proteins, driving market expansion. Apart from food, soybeans play a vital role in the production of biodiesel and lubricants. Soy-based biodiesel is a renewable energy source that reduces carbon emissions and supports sustainability efforts. Similarly, soy-derived lubricants are gaining traction in the automotive and industrial sectors due to their biodegradable and environmentally friendly properties, enhancing the market potential of soybean in non-food industries.
Andre Maggi Participacoes S.A.
Andre Maggi Participações S.A. is a leading soybean producer and agribusiness company specialising in sustainable soybean farming, trading, and logistics. The company is a key supplier in global soybean exports, contributing to Brazil’s dominance in the soybean market.
CHS Inc.
CHS Inc. is a farmer-owned cooperative engaged in agribusiness, soybean processing, and energy. It supplies soybean meal for livestock feed, produces refined oils, and plays a crucial role in grain merchandising.
Others key players are Olam Agri Holdings Pte Ltd, Glencore plc, Nordic Soya Oy and many others.
Key Market Insights
- Asia-Pacific has emerged to be the dominant region with a CAGR of 5.3% during the forecast period.
- The rising popularity of plant-based diets has increased soyabean consumption, especially in food products including tofu and soy milk.
- The India soyabean market is projected to register 6.1% CAGR during the forecast period.
- By application, the animal feed segment is expected to register a CAGR of 4.7% during the forecast period.
- By nature, the organic segment is expected to garner a 4.6% CAGR through 2034.
Market Size & Forecast
- Market Size in 2024: USD 157.60 Billion
- Projected Market Size in 2034: USD 235.54 Billion
- CAGR from 2025 to 2034: 4.10%
- Dominant Regional Market: Asia-Pacific
Soybean Market Trends
The soybean market is experiencing significant growth, driven by evolving consumer preferences and expanding applications across various industries. The rising popularity of plant-based diets has increased the consumption of soybeans, especially in food products such as tofu and soy milk. Health-conscious consumers are shifting towards plant-based protein sources, considering soybeans a highly nutritious and sustainable alternative to animal-based proteins. The growing awareness regarding the health benefits of soy-based products, including their role in reducing cholesterol and improving heart health, further contributes to market expansion.Additionally, soybeans play a crucial role in animal feed production, particularly for poultry and livestock farming. The increasing global meat consumption is fuelling the demand for high-protein animal feed, strengthening the soybean market. As a staple ingredient in animal nutrition, soybeans support the expansion of the livestock sector. Moreover, advancements in agricultural practices, including genetically modified (GM) crops, have improved yield efficiency, ensuring a steady supply of soybeans for various industries.
Another key trend driving the market is the steady rise in global soybean exports, which have witnessed strong demand from regions like China, Europe, and Southeast Asia. Countries such as the United States, Brazil, and Argentina dominate global trade, supplying large volumes of soybeans to meet international demand. Soybeans constituted a major portion of agricultural exports, supporting economies that depend on soybean cultivation. The rising global population, coupled with the increasing use of soybeans in diverse industries, has led to a surge in cross-border trade, further reinforcing market expansion.
Furthermore, soybeans' demand continues to rise due to their versatile applications beyond food and animal feed. Soybean oil has gained traction in the edible oil industry and is widely used in food preparation and industrial applications, including biodiesel production. Governments worldwide are promoting biofuels as part of their renewable energy initiatives, positioning soybeans as a key raw material in the sustainable energy sector. Additionally, ongoing research in biotechnology and innovations in soybean-based products, such as plant-based meat alternatives, are creating new market opportunities, ensuring long-term growth in the soybean industry.
Market Concentration & Characteristics
The soybean market is characterised by a high level of concentration, with major producers such as the United States, Brazil, and Argentina dominating global production and trade. Various soybean varieties are cultivated worldwide, including genetically modified and non-GMO variants, to meet different consumer and industrial demands. Efficient soybean farming practices, including precision agriculture, crop rotation, and improved irrigation systems, have enhanced productivity, ensuring a stable supply for food, feed, and industrial applications. Additionally, advancements in biotechnology have led to the development of high-yield and pest-resistant soybean crops, further supporting market growth.The market remains competitive due to the growing demand for soybeans in food, animal feed, and biofuel production. Soybean meal is a key by-product, widely used in the livestock sector as a high-protein feed ingredient. However, the rising exploration of alternatives to soybeans, such as pea protein and other plant-based sources, is shaping market dynamics. While soybeans remain a dominant player in the global protein market, the increasing focus on diversification and sustainable crop production may influence future market trends. Nevertheless, the well-established infrastructure and supply chain for soybean production continue to maintain its strong position in the global agricultural sector.
Form Insights
The soybean market is segmented into raw and processed forms, with the processed soybean segment holding a significant share due to its wide applications in food, feed, and industrial sectors. Soybeans undergo various processing techniques to produce value-added products such as soy protein isolates, soy flour, and soy oil. The demand for processed soybean products is rising, driven by the growing popularity of plant-based diets and the increasing use of soy-based ingredients in the food and beverage industry. Additionally, processed soybean products are widely used in livestock feed, contributing to higher market demand.On the other hand, the raw soybean segment continues to play a crucial role in global trade, particularly in exports to countries with strong processing industries. Raw soybeans offer flexibility to buyers who process them into oil, meal, and other derivatives based on market demand. The raw soybean market is influenced by factors such as weather conditions, crop yields, and international trade policies. Despite the dominance of processed soy products, soybeans in their raw form remain essential for meeting global demand, supporting both direct consumption and further processing across various industries.
Regional Insights
The soybean market is diverse across regions, influenced by production capabilities, consumption patterns, and trade policies. North America, particularly the United States, is a leading producer, driven by advanced farming techniques and the versatility of soybeans in food, feed, and industrial applications. The region cultivates a wide range of soybean varieties, including genetically modified and non-GMO soybeans, catering to both domestic and export markets. Europe, on the other hand, has stringent regulations on genetically modified crops, leading to higher demand for non-GMO soybeans, particularly in the food and beverage industry.In Asia-Pacific, soybeans are a staple ingredient in traditional foods such as tofu and soy sauce, driving strong regional demand. China remains the largest global importer, sourcing soybeans primarily from the U.S., Brazil, and Argentina to meet its growing livestock and food processing industries. India also contributes to the market with non-GMO soybean production, while countries like Indonesia and Japan focus on soybean-based food products. Meanwhile, in the Middle East and Africa, soybeans are increasingly used for animal feed and edible oil, supported by rising investments in agricultural infrastructure.
Latin America, led by Brazil and Argentina, dominates global soybeans exports, supplying major markets such as China and Europe. Soybeans from this region benefit from large-scale farming and favourable climatic conditions, ensuring a steady supply for international demand. Additionally, the growing biodiesel industry in Latin America has further increased the need for soybean production, solidifying the region’s position as a key player in the global soybeans market.
Nature Insights
The soybean market is segmented into organic and conventional categories, with the GMO soybean segment holding a dominant position due to its higher yield and pest resistance. GMO soybeans are widely cultivated, particularly in major producing regions such as the United States, Brazil, and Argentina, ensuring a stable supply to meet industrial and food processing demands. The adoption of GMO soybeans has been driven by their ability to withstand herbicides and adverse weather conditions, leading to increased efficiency in production. Additionally, the growing global demand for soybeans in food products, animal feed, and biodiesel has further fueled the expansion of genetically modified crops.However, there is a rising preference for organic soybeans, particularly in health-conscious and environmentally aware consumer segments. Organic soybeans are cultivated without synthetic fertilizers or pesticides, appealing to markets that prioritise sustainability and non-GMO food sources. Despite the increasing demand, organic soybeans represent a smaller portion of the market due to lower yield potential and higher production costs. On the other hand, conventional soybeans, including both GMO and non-GMO variants, continue to dominate due to their large-scale production capabilities and economic viability. This segmentation reflects the diverse consumer preferences and market dynamics shaping the global soybean industry.
Application Insights
Soybeans have diverse applications across multiple industries, making them a crucial agricultural commodity. One of the primary uses of soybeans is in the animal feed industry, where soybean meal serves as a high-protein ingredient for poultry, cattle, and aquaculture. Its rich amino acid profile supports livestock growth, making it a preferred choice for animal nutrition. Additionally, soybeans are widely processed to extract soybean oil, which is extensively used in cooking, food processing, and industrial applications. The versatility of soybean oil extends to margarine, dressings, and snack production, ensuring strong demand in the food industry.In human food applications, soybeans are key ingredients in products such as tofu, soy milk, soy flour, and plant-based meat alternatives. The rising trend of plant-based diets has further increased demand for soy-based proteins, driving market expansion. Apart from food, soybeans play a vital role in the production of biodiesel and lubricants. Soy-based biodiesel is a renewable energy source that reduces carbon emissions and supports sustainability efforts. Similarly, soy-derived lubricants are gaining traction in the automotive and industrial sectors due to their biodegradable and environmentally friendly properties, enhancing the market potential of soybean in non-food industries.
Key Companies & Market Share Insights
Bunge Limited
Bunge Limited is a leading agribusiness and food company specialising in grain trading, oilseed processing, and food ingredients. With a strong global supply chain, Bunge plays a key role in soybean processing and refined oils production, serving food, feed, and industrial sectors worldwide.Cargill
Cargill is a global agribusiness leader engaged in grain trading, soybean crush, and food production. It supplies soybean meal for animal feed, processes refined oils and contributes to biofuel markets.COFCO
COFCO is a major agricultural trading company and China’s key player in soybean processing and global agribusiness. The company focuses on grain, oilseed, and commodity trade, supporting China’s self-sufficiency goals. Its integrated supply chain enhances efficiency in soybean producers and processing industries worldwide.Andre Maggi Participacoes S.A.
Andre Maggi Participações S.A. is a leading soybean producer and agribusiness company specialising in sustainable soybean farming, trading, and logistics. The company is a key supplier in global soybean exports, contributing to Brazil’s dominance in the soybean market.
CHS Inc.
CHS Inc. is a farmer-owned cooperative engaged in agribusiness, soybean processing, and energy. It supplies soybean meal for livestock feed, produces refined oils, and plays a crucial role in grain merchandising.
Others key players are Olam Agri Holdings Pte Ltd, Glencore plc, Nordic Soya Oy and many others.
Recent Developments
- The soybean processing industry plays a crucial role in the global supply chain, converting raw soybeans into valuable products such as soybean crush, meal, and oil. The process involves crushing soybeans to extract oil, while the remaining meal serves as a key protein source in animal feed. The demand for refined oils derived from soybeans continues to rise, particularly in the food and industrial sectors, further boosting market growth.
- Leading soybean producers are expanding production to meet increasing demand, with China taking significant steps to enhance domestic supply. In April 2023, China announced plans to increase soybean processing and edible oil crop planting areas by 10 million mu (666,667 hectares) to strengthen grain production. The country has also implemented innovative agricultural techniques, such as "strip compound planting," where soybeans and corn are grown in alternating rows to optimise land use. Nearly 3 million mu of this method has already been sown in the southwest, completing one-third of the planned spring sowing. These efforts reflect China's ongoing strategy to improve self-sufficiency in soybean production while ensuring a stable supply for food and industrial applications.
Market Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the industry trends in each of the sub-segments from 2018 to 2034. For this study, the global soybean market report is segmented based on nature, form, application, and region:Nature Outlook (Revenue in USD Billion, 2018 - 2034):
- GMO
- Non-GMO
Application Outlook (Revenue in USD Billion, 2018 - 2034):
- Animal Feed
- Human Food
- Biodiesel and Lubricants
- Others
Form Outlook (Revenue in USD Billion, 2018 - 2034):
- Raw
- Processed
Regional Outlook (Revenue in USD Billion, 2018 - 2034):
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Table of Contents
1 Executive Summary
2 Market Overview and Stakeholder Insights
3 Economic Summary
4 Country Risk Profiles
5 Global Soybean Market Analysis
6 North America Soybean Market Analysis
7 Europe Soybean Market Analysis
8 Asia-Pacific Soybean Market Analysis
9 Latin America Soybean Market Analysis
10 Middle East and Africa Soybean Market Analysis
11 Market Dynamics
13 Trade Data Analysis (HS Code - 121)
14 Price Analysis
15 Competitive Landscape
Companies Mentioned
The key companies featured in this Soybean market report include:- Bunge Limited
- Cargill, Incorporated
- COFCO International
- Andre Maggi Participacoes S.A.
- CHS Inc.
- Olam Agri Holdings Pte Ltd
- Glencore plc
- Nordic Soya Oy
- Denofa AS
- Wilmar International
- Clarkson Grain
- Willmar International
- SLC Agrícola
- ADM
- The Scoular
- Bunge Limited
- Louis Dreyfus Company.
- Kohinoor Feeds & Fats Pvt. Ltd.
- Ag Processing, Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 152 |
| Published | August 2025 |
| Forecast Period | 2025 - 2034 |
| Estimated Market Value ( USD | $ 157.6 Billion |
| Forecasted Market Value ( USD | $ 235.54 Billion |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 20 |
