Soybean Meal Market to Reach USD 157.06 Bn by 2030, Growing at 4.1% CAGR, Dominated by Asia-Pacific

The soybean meal market is driven by the growth trajectory of the market, key drivers, and regional insights

Soybean Meal Market Size is estimated to cross USD 118.55 billion in value during 2023. According to estimates, this market will progress at a compound annual growth rate (CAGR) of 4.1% throughout the forecast period, with a target valuation of almost USD 157.06 billion by the end of the period between 2024 and 2030. This impulse is mostly bound to the rising requirement for protein-rich animal feed and the expanding utilization of plant-based weight control plans among buyers.

Market Dynamics

Soybean meal, the byproduct left after extracting soybean oil, has exceptional protein value and is a key ingredient in animal nutrition. Contributing around 47-49% protein and 3% + crude fiber, soybean meal is a staple for livestock, poultry, and aquaculture diets. This meal is used to enhance the animals' growth and productivity, thus making the animal feed industry the largest consumer of the soybean meal.

As animal feed has to be of good quality to sustain the increasing demand for meat across the world, the global soybean meal market has witnessed an upsurge. Reinforcement of this trend has been witnessed by the use of soybean meal in human diets, owing to the increasing awareness towards the benefits of plant based proteins which further accelerated the market growth.

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Segmentation Analysis

On the basis of nature, end-use, and region, the soybean meal market is segmented.

By Nature: It is segmented into conventional and organic soybean meal. Traditional soybean meal is the market leader because of its wide availability and cost-effectiveness. The organic segment is experiencing growth, with increasing numbers of consumers seeking non-GMO and sustainably sourced foods.

By End-Use: The major end use segments include food and beverages, animal feed, and industrial use. The animal feed segment accounts for the largest share due to the crucial role of soybean meal in animal nutrition, especially for poultry and swine. Soybean meal is also enjoying growth in food and beverage use, particularly in meat substitute and health supplement production.

Regional Insights

Asia-Pacific: China and India dominate the global soybean meal market, with this region in the lead. The growing population and the increase in disposable incomes have led to increased demand for meat products, thereby accelerating the demand for quality animal feed. Moreover, growing adoption of plant-based diets in countries, such as Japan and Australia is driving the growth of plant-based protein market.

United States: The United States is a critical component of the soybean meal market as both a producer and consumer. The high demand for meat products and advanced agricultural practices contribute to the market growth in the country. Still, um, inflationary pressures related to input cost variability and global market competition, especially from Brazil, may act as constraints. In addition, export dynamics may be influenced by trade policies and tariffs, further affecting market growth.

It is interesting to note, however, that soybean acreage has been on the rise, particularly in Brazil, which is an important growth area for South America. Its conducive climate and investment in agricultural technologies have made it a leading exporter. However, its dependance on big markets such as China makes it vulnerable to economic shifts and policy adjustments in importing nations.

Europe: There is a preference for organic and non-GMO soybean meal in the European market, which is influenced by regulations and consumer concerns about food safety and sustainability. Germany and the Netherlands are major importing countries, targeting high-value feed for their livestock sectors.

Middle East and Africa: The soybean meal market is experiencing gradual growth in this region owing to rising investments in the poultry and aquaculture sectors. Local production and processing of soybeans are being promoted to improve food security and reduce import dependency.

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Competitive Landscape

The soybean meal market is consolidated in nature due to the presence of a few key players making constant efforts to grow their market share through various strategic initiatives. Notable companies include:

Archer Daniels Midland Company (ADM): A laundromat for soybeans, ADM is a world leader in food production and is ramping up its meal product output with increased domestic soy processing investment.

Cargill, Incorporated: Cargill harnesses its broad global network to provide sustainable sourcing and develop innovative products for the animal and human consumption marketplaces.

Bunge Limited: Bunge focuses on its integrated supply chain and has invested a lot in processing efficiencies as well as expanding its product offering for non-GMO and organic soybean meal.

Medan, Indonesia — Wilmar International Limited, one of the largest agribusiness groups in Asia, through its many affiliates and subsidiaries has also built an extensive distribution network for soybean meal in the region, serving both the feed and food industries.

Louis Dreyfus Company: This multinational company plays a significant role in the soybean meal market global through joint ventures and investments in processing plants, securing a consistent supply to address worldwide needs.

These companies are conducting research and development for innovation and high-performance soybean meal products. Joint ventures, mergers, and acquisitions are typical approaches to increase market share and global presence.

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Conclusion

Soybean meal serves as an important component in animal feed, and the increasing preference for plant-based diets are expected to spur steady growth in the global soybean meal market. However, factors like market competition, variable input costs and trade policy require constant innovation and strategic foresight. This opens several possibilities for market players in the soybean meal sector, who are urged to keep a close eye on market trends and adapt to changing consumer demand.

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