Press release
Global Soybean Market Size To Grow At A CAGR Of 1.3% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Soybean Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Volume (2021): 367 million metric tons
• Forecast CAGR (2023-2028): 1.3%
• Forecast Market Volume (2027): 396 million metric tons
The increasing demand for protein rich diets, owing to the changing lifestyles of working adults towards health and fitness is driving the market growth for soybeans. In addition, soybean contains omega-3 fats, vitamin B, and numerous types of minerals. Hence, the increasing nutritional requirements of the consumers is leading to a heightened growth of the soybean market. Soybean also proves to be a healthier option as compared to food products high in cholesterol or fat content.
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The rising demand for soy meal and soy oil in the food and animal feed industry is leading to an increase in application of soybean in the crushing sector where these products are extracted. Soybean products are widely used to feed lactation cows. Meals derived from soybean are also helpful in battling chronic conditions such as anaemia. Hence, the increasing prevalence of anaemia is bolstering the demand for soybean-based meals.
Over the forecast period, the anticipated increase of vegan culture is likely to bolster the demand for soybean as a high-protein meat alternate, which is expected to aid the global soybean market in the forecast period.
Soybean Industry Definition and Major Segments
Soybean is an edible seed which belongs to the pea family of Fabaceae. The height of soybean plants can reach up to 2 metres. Soybean is known to be one of the most cost-effective and richest protein sources. Soybean is widely utilised in the food and beverage industry.
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Based on application, the market can be segmented into:
• Crush
• Feed Use
• Food Use
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Soybean Market Trends
The key trends in the soybean market include growing research and development activities by major food manufacturing companies aimed towards introducing cheap and high-protein meat alternatives. The thriving e-commerce industry is another crucial trend which is bolstering the sale of premium packaged downstream soybean products such as soybean chunks.
Soybean has numerous medical benefits as it helps treat sleep disorders, controls damage caused by diabetes, improves circulation of blood, and offers folic acid and vitamin B which are beneficial for pregnant women. Hence, the growing research and development activities in the pharmaceutical sector are anticipated to expand the scope of incorporation of soybean in pharmaceuticals in the forecast period.
Regionally, North America occupies a sizable share in the soybean market. The prospering food and beverage industry across developed economies such as the United States and Canada is a key driving factor of the market. In addition to this, the increasing prevalence of obesity in the region is leading to a change in lifestyles towards protein and vitamin rich food.
The Asia Pacific region is expected to witness significant growth in the coming years due to the large population base in the developing countries like India and China.
Key Market Players
The major players in the soybean market report are
Olam International,
Fuji Oil Co., Ltd.,
CHS Inc.,
Cargill, Incorporated,
The Scoular Company,
others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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