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Soybean Market touched USD 93 billion in 2019 and will grow at 4.5% CAGR during 2020-2027 | Size, Share, Analysis & Forecast
Soybean Market
The Soybean Market was estimated around USD 93 billion in 2019 and is expected to grow at a CAGR of 4.5% over the forecast period (2020-2027).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/soybean-market-analysis-industry-research/
The factors driving the growth of Soybean Market includes rising consumers inclination towards adopting healthy diets, growing vegan population around the world, increasing demand for by products of soybean such as soybean meal and oil cakes ad improvements in the living standards. According to the study conducted by Ipsos Retail Performance between 2004-2019, 30-fold rise in the vegan population was observed in the United States from 290,000 in 2004 to 10 million in 2019, on-going trend of veganism is expected to push the demand for soybean products in the approaching years. Moreover, easy availability of different variety of soybean products at supermarkets and online retail outlets, rising awareness about the health benefits of soybean and growing demand for protein rich food across the globe, are some of the additional factors supplementing the Soybean Market size. In addition, the increasing investments by major corporations on research and development, rise in the launch of innovative products, rapid urbanization, and growing population growth rates, are further contributing propelling the Global Soybean Market.
However, growth of the Soybean Market is hindered attributed to disruptions in the global supply chain and trade restrictions.
The prominent players operating in the market are Bunge North America, The WhiteWave Foods Company, DuPont, CHS Inc., Kerry, FUJI OIL HOLDINGS INC., House Foods Group Inc., Cargill, Incorporated, ADM and The Scoular Company, among others.
Based on End-Use Products, the Whole Soybean products, segment is predicted to grow at a significant CAGR during the forecast period
Growing demand for soy milk, soy sprouts, tofu, and tofu and rising trend of veganism, are pushing growth of the segment.
Based on Application, the Dietary Supplements segment is projected to capture the largest market share over the forecast period
As per the Soybean Market Analysis, rising consciousness amongst consumers about maintaining physical health and growing awareness about the benefits of soybean products, are propelling segment's growth.
Based on Region, the Rest of the World segment is anticipated to expand at a remarkable CAGR during the forecast period
According to the Soybean Market Forecast, increasing production of soybean across United States, Brazil, and Argentina, rising awareness about the health benefits of soybean products, rapid urbanization, and growing population growth rates, are some of the factors responsible for the market growth.
Key Development
In 2019, CHS Inc., declared to extend its market access for regional soybean growers and returning value to the owners.
Market Segmentation
Segmentation by End-Use Products
Whole Soybean
Meal
Oil
Others
Segmentation by Application
Animal Feed
Aqua Feed
Biofuel
Food and Beverage
Dietary Supplements
Paints & Coatings
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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