Soybean Meal Market Supported by a CAGR of 4.9% by 2031 | Bunge Limited, AdamPolSoya, Denofa AS

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.

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.

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The factors such as increase in health awareness among consumers, rise in consumption of plant protein and veganism, increase in usage of soybean meal for animal feed, and rise in demand for organic products are driving the growth of global soybean meal market.

The best source of additional protein for swine die ts is traditionally thought to be soybean meal. In fact, as soybean meal is frequently used as the standard when comparing other protein sources, it is commonly referred to as the "gold standard." Around 63% of all protein sources used in animal die ts worldwide come from soybean meal, followed by rapeseed (canola) meal, cottonseed meal, sunflower meal, fish meal, and peanut meal. In contrast, soybean meal makes up over 92% of all oilseed meals fed to livestock and poultry in the USA. This soybean meal is used in poultry feeds around 53% of the time, swine feeds 27%, cattle feeds 14%, and pet foods, fish feeds, and other feeds 6%.

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Since consumers are becoming more aware of the importance of eating a die t high in protein, there are several opportunities in the worldwide soy protein ingredients market right now. Furthermore, soybean meal concentrate is produced as a die tary supplement after the soy is defatted and hulled. When a specific percentage of the non-protein components in raw soybean meal is removed, soy protein concentrate is produced. Lower-end concentrates have a protein content that ranges from 30% to 90%. A wider range of consumers' demand for protein supplements in their meals has also led to an increase in the consumption of soybean meal concentrate powder as a supplement, thanks to regular recommendations by die ticians and doctors.

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.

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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 size, 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.

Leading Market Players:

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. Limited
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.
Kemin Industries, Inc.

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