Soybean Market Trends & Summary

The global soybean market continues to demonstrate resilient growth as shifting dietary habits, industrial demands, and expanding livestock production reshape global food and agribusiness systems. According to Renub Research, the market—valued at US$ 169.65 billion in 2024—is projected to rise to US$ 255.39 billion by 2033, growing at a CAGR of 4.65% during 2025–2033. This steady expansion is fueled by heightened demand for soy-derived food items, accelerating adoption of soy as a plant-based protein, and increasing utilization in biofuels and sustainable industrial materials.

As governments pursue lower-carbon energy pathways, consumers shift to health-conscious diets, and emerging economies scale up livestock production, soybeans remain one of the most strategically vital crops in the world. From tofu and soy milk to biodiesel and plastics, soybeans continue to dominate multiple supply chains that shape global nutrition and sustainability efforts.

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Understanding the Role of Soybeans in Global Agriculture

Soybean is a highly versatile legume originally cultivated in East Asia and now grown extensively across North and South America, Asia-Pacific, and parts of Europe. Known for its exceptional protein content and rich oil profile, soybean serves as a foundation for food production, livestock nutrition, and an expanding list of industrial applications.

Commercial soybeans typically come in yellow varieties, though green and black soybeans exist as specialty cultivars. Their primary uses can be broadly grouped into:

Food processing: soy milk, tofu, tempeh, soy sauce, soy flour, protein isolates, meat substitutes

Oil production: cooking oil, margarine, processed foods

Animal feed: soybean meal as a high-protein feed for poultry, swine, and aquaculture

Industrial applications: biofuels, bioplastics, solvents, adhesives, and lecithin

Soybeans are valued not only for their nutritional benefits but also for their contribution to sustainability. As global consumers demand more eco-friendly and plant-based foods, soy continues to find new relevance in modern food systems and renewable industries.

Key Drivers of the Global Soybean Market

1. Rising Global Demand for Plant-Based Protein

One of the most significant growth engines for the soybean market is the worldwide shift toward plant-based diets. Consumers—especially across the U.S., Europe, and increasingly parts of Asia—are prioritizing protein sources that are sustainable, nutritious, and environmentally friendly.

Soy products like tofu, soy milk, and textured vegetable protein have become mainstream in grocery aisles and restaurants. Meanwhile, food companies continue to develop soy-based meat alternatives with improved texture and flavor.

Industry Snapshot:

November 2024: DAIZ Engineering and ICL Food Specialties introduced ROVITARIS® SprouTx™, a next-generation soy protein ingredient designed to enhance sensory quality in plant-based seafood and meat. Leveraging patented germination technology, this innovation delivers superior taste and nutritional profiles compared to traditional plant-based proteins.

As plant-forward eating gains momentum, soy’s role in supplying high-quality, sustainable protein will continue to expand.

2. Rapid Growth of the Global Livestock Industry

Soybean meal—produced after oil extraction—is one of the world’s most consumed animal feed ingredients, powering poultry, livestock, and aquaculture sectors. As incomes rise in developing nations, consumption of meat and dairy continues to increase, driving demand for protein-rich feed.

Asia-Pacific and South America, in particular, rely heavily on soybean imports to sustain their growing livestock populations.

Market Development:

July 2024: Benson Hill, Inc. announced advancements in soybean traits engineered for animal feed, oil, and biofuels. With several innovations entering field trials, these varieties promise higher nutritional value and improved agricultural efficiency, reinforcing soy’s importance in feed markets.

With global protein consumption projected to rise steadily, soybeans remain indispensable to the world’s livestock production capacity.

3. Expanding Industrial Applications, Especially in Renewable Energy

Beyond food and feed, soybean oil is increasingly utilized in biofuels, especially biodiesel—an essential renewable alternative in many countries' energy transition plans. Its ability to serve as a biodegradable, renewable industrial input increases its relevance in manufacturing bioplastics, adhesives, and eco-friendly materials.

Government policies encouraging greener fuels have significantly boosted demand for soybean oil.

Industry Update:

July 2024: BASF expanded its Xitavo soybean seed portfolio to 46 varieties for the 2025 growing season, providing enhanced options for growers focused on high-yield, high-oil-content crops suited for biodiesel and industrial markets.

With sustainability initiatives accelerating globally, soybean-based industrial products will continue to gain prominence.

Key Challenges Impacting the Soybean Market

1. Price Volatility and Trade Uncertainties

Soybean markets are highly sensitive to:

Climate conditions

Geopolitical tensions

International trade agreements

Tariff disputes—particularly between the U.S. and China, two of the largest producers and consumers—have historically disrupted market flows and caused significant price volatility. Farmers and exporters remain vulnerable to these fluctuations, as market stability often depends on unpredictable global events.

2. Environmental Concerns and Deforestation

Soybean cultivation, particularly in South America, has been linked to:

Deforestation

Biodiversity losses

Soil degradation

Environmental advocacy and stricter land-use regulations aim to limit deforestation in regions like the Amazon. While these policies promote sustainability, they also present compliance challenges for producers and exporters.

Sustainability certifications and traceability programs are increasingly becoming prerequisites for international trade.

Market Breakdown by Segment

Conventional Soybean Market

Conventional (non-GMO) soybeans form the backbone of the global supply chain, particularly in emerging markets where affordability is a priority. These soybeans are widely used across:

Food processing

Animal feed

Industrial applications

Although demand remains strong, the segment faces competition from organic and non-GMO specialty markets, especially in Europe and North America.

Processed Soybean Market

Processed soybean products—including soy oil, soy protein isolates, concentrates, and soy flour—serve both consumer and industrial sectors.

Growth in processed soy is driven by:

Rising processed food demand

Increased consumption of biodiesel

Advancements in soy protein extraction technologies

As consumers seek higher-quality protein alternatives, processed soybean products remain integral to food innovation.

Food & Beverages Soybean Market

This segment includes:

Tofu

Soy milk

Meat alternatives

Soy yogurts

Protein powders

Demand is largely driven by:

Health-conscious consumers

Growing vegan and vegetarian populations

Innovations in taste and texture

As soy-based foods continue to evolve, this segment is expected to expand rapidly.

Animal-Feed Soybean Market

Soybean meal leads the global protein feed market due to its essential amino acid composition and cost-effectiveness. Poultry, aquaculture, and swine industries rely heavily on soybean meal.

Increasing livestock production in Asia, Latin America, and Africa ensures long-term demand for this segment.

Country-Level Market Highlights

United States

As one of the world’s largest soybean producers and exporters, the U.S. plays a pivotal role in global supply chains. Domestic demand for biofuels and animal feed continues to enhance market stability.

February 2024: Pioneer launched Z-Series soybeans in the U.S. and Canada, offering improved disease resistance and yield advantages for growers.

Germany

Germany's market is increasingly aligned with organic, sustainable, and non-GMO trends. With limited domestic production, the country heavily imports soybeans but is actively promoting local cultivation to reduce dependency.

June 2024: Feed producers expanded capacity and began recruiting additional soybean growers to strengthen the domestic supply chain.

China

The world’s largest importer of soybeans, China depends heavily on global suppliers to fuel its massive livestock and food processing sectors. Despite geopolitical challenges, China continues to secure long-term import relationships to stabilize supply.

UAE

A rapidly growing market driven by:

Rising demand for plant-based foods

Expansion of livestock feed requirements

National food security initiatives

January 2024: Benson Hill announced progress toward doubling its soybean seed portfolio by 2025, supporting global feed and food markets—including high-demand regions like the UAE.

Market Segmentation Overview

By Nature

Conventional

Organic

By Form

Processed

Raw

By End User

Food & Beverages

Animal Feed

Others

Key Geographies

North America: U.S., Canada

Europe: France, Germany, Italy, Spain, U.K., Belgium, Netherlands, Turkey

Asia Pacific: China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, New Zealand

Latin America: Brazil, Mexico, Argentina

Middle East & Africa: South Africa, Saudi Arabia, UAE

Key Players Covered

Kerry Group plc

Fuji Oil Co., Ltd.

House Foods Corporation

Danone North America

DuPont de Nemours, Inc.

CHS Inc.

Cargill, Inc.

Scoular

Archer-Daniels-Midland Co. (ADM)

Each company is assessed through:

Overview

Key Personnel

Recent Developments

Financial Insights

Final Thoughts

The global soybean market stands at the intersection of agriculture, food innovation, sustainability, and global trade. As Renub Research projects strong growth through 2033, soybeans will continue to play an increasingly influential role in meeting the world’s nutritional needs, supporting livestock production, and advancing renewable industries.

From plant-based diets and biofuels to emerging industrial applications, soybeans offer versatile solutions that align with global priorities—health, sustainability, and economic resilience.

With ongoing innovation, improved varieties, and expanding global demand, the soybean market is positioned to remain a cornerstone of global agriculture for decades to come.