Sales of Soybean Meal Market is Valued at $94.2 billion as of 2031- Report by Allied market research

Allied Market Research published a report, titled, "Soybean Meal Market by Nature (Organic, Conventional), by Application (Food Industry, Animal Feed Industry, Pharmaceutical), by Sales Channel (Online, Offline, B2B): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global soybean meal industry generated $59.2 billion in 2021, and is anticipated to generate $94.2 billion by 2031, witnessing a CAGR of 4.9% from 2022 to 2031.

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Prime determinants of growth

A substantial portion of the soybean meal industry is dedicated to meeting the protein needs of humans, but expanding attention to the quality of animal food products is opening up new market prospects for animal feed. Producers in the aquaculture industry are moving forward with significant investments in the soybean meal ingredient since they are recognized as the leading industry in agriculture. Additionally, the reliance on readily available fishmeal in nature decreases due to the use of soybean meal concentrate in ground feeds, and yield has been maximized in monocultures.

Leading Key Companies Involved In Soybean Meal Market

The major key players profiled in the soybean meal market include Mahesh Agro Food Industries, Louis Dreyfus Company B.V., Bunge Limited, Mamta Hygiene Products Pvt. Ltd., Nordic Soya Ltd., Mukwano Industries Uganda Ltd., Gujarat Ambuja Exports Limited, AdamPolSoya, Wudi Deda Agriculture Co. Ltd., Agrocorp International Pte Ltd, Shafer Commodities Inc., Denofa AS, Kohinoor Feeds and Fats Ltd., Minnesota Soybean Processors, Granol Indstria Comrcio e Exportao S/A, DHN International, Gauri Agrotech Products Pvt. Ltd., The Scoular Company, CHS Inc., and Kemin Industries, Inc.

Regional Outlook

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global soybean meal market, and is likely to dominate the market during the forecast period, owing to demand for soybean meal in India is expanding quickly, which has increased the need for protein and continues to drive soy protein consumption. However, Europe is expected to witness the fastest CAGR of 5.5% from 2022 to 2031. Owing to an increase in daily intake of plant-based products, particularly plant protein, because of the veganism trend.

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Based on sales channel, the offline segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global soybean meal market, and is projected to maintain its lead position during the forecast period. Soybean meal sales conducted offline have several benefits, including the option to purchase and exchange things at retail locations swiftly. However, the online segment is expected to portray the largest CAGR of 5.3% from 2022 to 2031. The rise in offers or discounts and the increased accessibility of numerous online portals in developing countries encourage consumers to buy soybean meal products online.

KEY FINDINGS OF THE STUDY

-> By nature, the conventional segment was the highest revenue contributor to the soybean meal market, with $41,656.7 million in 2021, and is estimated to reach $65,165.0 million by 2031, with a CAGR of 4.7%.

-> Depending on application, the animal feed industry segment was the highest revenue contributor to the market, with $27,435.0 million in 2021, and is estimated to reach $43,196.8 million by 2031, with a CAGR of 4.8%.

-> As per sales channel, the offline segment was the highest revenue contributor to the market, with $32,834.2 million in 2021, and is estimated to reach $51,461.3 million by 2031, with a CAGR of 4.8%.

-> Region wise, Asia-Pacific was the highest revenue contributor, accounting for $22,676.1 million in 2021, and is estimated to reach $35,306.3 million by 2031, with a CAGR of 4.7%.

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The main factor propelling the global soybean meal market is the rise in demand for food products with high protein content from the animal feed industry. In the years to come, prominent companies in the global market should benefit from soybean meal market opportunities to generate income due to the rising demand for soybean meal used to make protein supplements and feed for livestock.

According to soybean meal market analysis, in 2021, the conventional segment accounted for the highest soybean meal market share in the market. Products made from conventionally manufactured soybean meal are effective and long-lasting health-improving ingredients. An ordinary or typical soybean meal is the traditional approach advised by physicians to strengthen the body's immune system.

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