Soybean By-Product Market is Growing at CAGR of 5.9% to Achieve USD 101.43 Billion by 2034

According to a recent analysis by Fact.MR, the global soybean by-product market is projected to be valued at US$ 57.34 billion in 2024 and is anticipated to grow at a CAGR of 5.9%, reaching approximately US$ 101.43 billion by 2034.

Demand for soybean by-products is expected to rise notably across North America and East Asia in the coming years. This growth is driven by a combination of factors, including the increasing adoption of plant-based diets, widespread applications in the food industry, growing focus on health and wellness, and strong agricultural output in these regions.

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What are the Key Soybean By-Product Market Trends?

"Rising Demand for Soybean By-Products as Meat Substitutes among Vegan Consumers"

A major trend driving the soybean by-product market is the increasing preference for soy-based alternatives to meat among vegan and vegetarian consumers. Products such as tofu, soy milk, soy flour, soy nuts, and soy protein isolates are gaining popularity due to their high protein content, making them essential for individuals seeking plant-based nutrition.

The market is also witnessing growth from the continuous development of new soy-derived products, which are expanding usage beyond just human consumption to include livestock feed, biofuels, and industrial applications.

Despite trade challenges, including WTO-imposed tariffs on agricultural exports and imports, global players are striving to maintain uninterrupted supply chains. These efforts, along with the growing consumer focus on health, sustainability, and ethical food choices, are collectively boosting the demand for soybean by-products across diverse industries and regions.

Country-wise Insights

China's soybean by-product market is projected to grow at a CAGR of 6.3%, reaching US$ 19.35 billion by 2034. This growth reflects the country's rising demand for plant-based proteins, expanding food processing industry, and increasing health awareness among consumers. In 2024, the East Asia region is expected to represent 24.4% of global soybean by-product market share, indicating the region's strong consumption base and robust production infrastructure.

Meanwhile, in the United States, the soybean by-product market is valued at US$ 8.83 billion in 2024 and is set to grow at a 5.7% CAGR through 2034. Growth in the U.S. market is strongly supported by the country's substantial soybean output, which currently stands at 113,344 metric tonnes. This domestic abundance of raw material allows U.S.-based manufacturers to scale production of soy-based products for both domestic use and export, further fueling market expansion.

Category-wise Insights

The soybean oil segment is projected to grow at a CAGR of 5.8%, reaching a market value of US$ 59.75 billion by the end of 2034. Extracted from soybean seeds, soybean oil is one of the most widely used vegetable oils, valued not only for culinary purposes but also for its industrial applications in products like printing inks and oil-based paints.

In the animal nutrition sector, soybean oil plays a critical role as a rich energy source, supporting dairy cattle, poultry, and pig farming by enhancing body condition, reproductive performance, and egg production. Growing efforts to boost livestock productivity continue to drive its demand.

From a medical and nutritional standpoint, soybean oil offers essential fatty acids and calories, contributing to heart health, vision, skin nourishment, and bone strength. It also remains a staple in home cooking, particularly in baking and frying, due to its light flavor and high smoke point, which enhance the quality and taste of prepared foods.

Competitive Landscape

Prominent players in the soybean by-product market include Archer Daniels Midland Company, Alpro, Dean Foods Company, CHS Inc., Eden Foods, Inc., Northern Soy Inc., Solbar Ltd., Cargill Inc., The Scoular Company, Linyi Shansong Biological Products Co. Ltd., Adani Wilmar Company, Kikkoman, and Louis Dreyfus Company.

These manufacturers are actively enhancing their product portfolios to align with evolving market demands. Strategic investments in research and development are enabling companies to improve the quality, efficiency, and sustainability of their soybean-based products, thereby boosting competitiveness and driving revenue growth. Many key players are also expanding their presence in high-growth regions like East Asia, where demand for soybean by-products is accelerating.

For instance, in November 2023, Cargill expanded its crushing and refining operations in Sidney, Ohio, effectively doubling its capacity. This move creates new opportunities for local farmers and increases demand for soybeans. Additionally, ADM has spent nearly two decades supporting smallholder soybean production in India, in collaboration with farmers and local governments-demonstrating a long-term commitment to sustainable sourcing and global supply chain development.

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Segmentation of Soybean By-Product Market Research

By Nature :
Organic
Conventional
By End Use :
Food Processing Industry
Food Service Industry
Animal Feed
Retail / Household
Others
By Type :
Soybean Oil
Oilcake
Lecithin
By Region :
North America
Latin America
East Asia
South Asia & Pacific
Western Europe
Eastern Europe
Middle East & Africa

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