Soybean Meal Market Size, Share, Trend & Forecast 2034 | FMI (2024)

Soybean Meal Market Outlook from 2024 to 2034

The global soybean meal market is expected to rise at a CAGR of 4.8% over the forecast period. The market is projected to reach a valuation of US$ 98.6 billion in 2024 and US$ 157.8 billion by 2034.

With the growing global population, there is a rising need for meat and poultry products. Soybean meal provides a cost-effective and protein-rich feed ingredient, which is essential for the growth and development of animals.

Soybean meal is gaining appeal as a source of protein for plant-based food items because of its nutritional benefits and the growing popularity of vegetarian & vegan diets. Due to its high protein content, it is also utilized in several food applications, including drinks, confections, and bakeries.

Rising demand for soybean meal from the animal feed industry is further expected to surge the market growth. The need for biodiesel as a significant substitute for gasoline and diesel is growing globally. Since soybeans are used to make biodiesel, the market for soybean meal is projected to expand throughout the forecast period.

The demand for soybean meal is continuously rising in several parts of the world. China, the United States, and India are seeing a surge in the production and consumption of soybean meal products because of the growing number of farm and pet animals.

2019 to 2023 Global Soybean Meal Market Sales Outlook Vs. 2024 to 2034

From 2019 to 2023, the soybean meal market has been marked by steady growth driven by the increasing demand for high-protein and chemical-free agricultural commodities. From being a specialty crop, soybeans have become a significant agricultural product.

The popularity of soybeans can be attributed to their use as a rotation crop and their adaptability in producing a wide range of goods, such as soybean meal for animal feed. Dairy and meat consumption has increased as a result of rising global income and population expansion.

Soybean meal gained a surging demand as a vital component of animal feed as a result of the growth of the livestock and poultry industries. The manufacturing of soybean meal was made more efficient by developments in processing technologies, such as solvent extraction techniques.

High yields and the availability of soybean meal are set to be facilitated by improved extraction techniques. The market is further expected to rise considerably during this forecast period, driven by the increasing vegan population, growing applications in food & beverages, and demand from the feed industry.

Soybean Meal Market Trends

• Increasing demand for soybean meal in the food and beverage industry.
• Growing consumer interest in plant-based food solutions.
• Development of new products, such as non-GMO tofu.
• Increasing consumer awareness about the nutritional benefits of soybean meal is driving its demand in the food industry, especially in vegetarian and vegan products.
• Technological advancements in soybean meal production.
• Increasing global soybean production.
• Increasing use in industrial applications such as biofuels, biodiesel, and industrial chemicals.
• Sustained advancements in soybean extraction techniques are influencing soybean meals' nutritional value and affordability.

Restraining Factors in the Soybean Meal Market

• As soybean crops are weather-sensitive, unfavorable weather occurrences like floods, droughts, and other natural disasters are set to affect harvests. The prices and availability of soybean meal are expected to fluctuate due to crop production variability.
• The market for soybean meal is expected to be impacted by the emergence of substitute protein sources for animal feed, such as synthetic or insect-based proteins.
• The flow of soybean meal on the international market is set to be affected by trade disputes, tariffs, or trade restrictions between the leading nations that produce and consume soybeans.

Country-wise Insights

The table below shows the estimated growth rates of the top four countries. China, India, and Australia are set to record high CAGRs of 4.2%, 5.5%, and 5.0%, respectively, through 2034.

Growing Interest in High-protein Meal in China Inflating Market Growth

The demand for soybean meal is increasing in China, with a projected CAGR of 4.2% through 2034. Emerging patterns in the market are as follows:

• Soybean meal consumption is rising in China as a result of shifting dietary habits and a growing need for diets high in protein.
• The demand for soybean meal in animal feed is driven by a shift in dietary patterns toward high protein intake resulting from growing disposable income.
• In line with worldwide patterns, sustainability and environmental concerns are becoming important in China. This is set to influence the soybean industry's sourcing and processing strategies.

Growth Avenue for Key Vendors of Soybean Meal in the United States

Key players are investing significantly in the United States, as the country offers greater growth opportunities than its counterparts. Through 2034, the United States is projected to expand at a CAGR of 3.8%, driven by the following factors:

• The cattle and poultry sectors in the United States significantly influence the demand for soybean meal. The meal is an essential source of protein for swine, poultry, and other feedstock for livestock.
• Soybeans grown in the United States are genetically modified organisms (GMOs). GMO restrictions and national & international consumer concerns are influencing the soybean meal market in the United States.

Emerging Opportunities in Australia are Attracting Market Players

Australia’s soybean meal market is assessed to register a CAGR of 5.0% through 2034. The deployment of soybean meal is increasing on account of the following:

• Sustainability techniques and environmental considerations are becoming significant in the agricultural industry in Australia.
• Australia’s soybean growers and processors are implementing sustainable techniques to satisfy consumer demands and environmental regulations.
• The demand for meat & dairy products and developments in the pet food sector is influencing the domestic use of soybean meal in Australia.

Robust Production Hub in Japan Upscaling the Market

Japan is expected to surge at a significant CAGR by 2034. The factors driving Japan's market growth are as follows:

• In Japan, soybean meal is vital to animal feed ingredients, especially for the swine, aquaculture, and poultry sectors. The growth and dynamics of these sectors are intimately associated with the demand for soybean meal.
• In order to meet the increasing demand for soy-based products such as soybean meal, Japan is investing in the expansion and modernization of its processing methods for soybeans.

Growing Technological Development is Accelerating Market Growth in India

The use of soybean meal is projected to increase in India at a CAGR of 5.5% through 2034. The factors driving the market’s growth are as follows:

• India produces soybean meal with increased efficiency and quality due to ongoing technological developments in processing.
• Innovations in processing tools and extraction techniques are expected to make India's soybean meal industry more competitive internationally.
• India's soybean meal market is predicted to surge due to the growing use of soybean meal for human consumption in food items like nutritious and bakery goods for protein.

Category-wise Insights

The below section shows the defatted soybean meal segment dominated by product type. It is expected to hold a market share of 45.0% by 2024. Based on nature, the conventional segment is anticipated to hold a dominant share through 2024. It is set to account for a share of 85.0% by 2024.

Defatted Soybean Meal Tops the Product Type Category

Based on product type, defatted soybean meal is expected to hold a market share of 45.0% by 2024. Defatted soybean meal is obtained by removing most of the oil from soybeans, resulting in a higher protein content than full-fat soybean meal.

It is set to be widely used in animal feed. It is mainly preferred by manufacturers due to its high protein concentration and relatively low-fat content.

Defatted soybean meal is expected to be used as a plant-based source of protein in items, including dairy substitutes, meat substitutes, and protein-packed snacks. Defatted soybean meal is also projected to be used in the food sector due to the rising demand for sustainable protein sources and the growing popularity of plant-based diets.

Adoption of Soybean Meal in Feed Application to Surge through 2034

Based on application, feed is expected to hold a market share of 48.0% to reach a valuation of US$ 47.3 billion by 2024. Soybean meal is widely used in the animal feed industry, particularly in dairy rations.

The cost-effectiveness of soybean meal compared to other protein-rich feed ingredients plays a significant role in its preference for animal feed. It is the most common protein source for all poultry, pigs, and dairy cattle compound feeds, containing a significant amount of crude protein. Soybean meal offers unsurpassed feeding value for several species, providing a complete source of plant-based protein, essential amino acids, and energy in one palatable package.

Competitive Landscape

UFAC-UK, The United Soybean Board (USB), Satavie, SoyKitty, Afrizon Pte Ltd., and Mamta Hygiene Products Pvt Ltd are the leading players operating in the market. The market for soybean meal has a dynamic and diverse competitive environment. Leading players with a wide range of expertise are concentrating on research & development, environmentally friendly sourcing, and novel formulations.

Leading players are also prioritizing ecologically conscious methodologies, product certifications, and meeting the growing need for natural & sustainable feed ingredients. Key companies are further prioritizing quality and innovation and catering to customer preferences to maintain their market position and take advantage of the rising demand.

Recent Developments

• In 2023, UFAC-UK launched a new partial soybean meal replacement for dairy diets.
• In 2022, The United Soybean Board (USB) and The Yield Lab Institute launched the Soy Innovation Challenge to increase the value of soybean meal and explore new uses & markets for soybean meal.

Key Companies Profiled

• UFAC-UK
• The United Soybean Board (USB)
• Satavie
• SoyKitty
• Afrizon Pte Ltd.
• Mamta Hygiene Products Pvt Ltd
• Guru Soya Foods Pvt. Ltd.
• Delta Equities LLC
• Prorich Agro Private Limited
• The Delong Co., Inc.

Soybean Meal Market Segmentation by Category

By Product Type:

• Full-fat Soybean Meal
• Defatted Soybean Meal
• High-protein Types

By Nature:

• Organic
• Conventional

By Application:

• Feed
  • Aquaculture
  • Livestock
  • Pet Food
• Fertilizer
• Food Additive
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Middle East and Africa

Table of Content

1. Executive Summary 1.1. Global Market Outlook 1.2. Demand Side Trends 1.3. Supply Side Trends 1.4. Technology Roadmap 1.5. Analysis and Recommendations2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations3. Market Dynamics 3.1. Drivers 3.1.1. Supply Side Drivers 3.1.2. Demand Side drivers 3.1.3. Economic Side Drivers 3.2. Restraints 3.3. Opportunity 3.4. Market Trends 3.5. Macro-Economic Factors 3.6. Forecast Factors - Relevance and Impact 3.7. Certifying Agencies4. Value Chain Analysis and Operating Margins 4.1. Supply chain analysis (Operating margin analysis) 4.2. List of Key market participants 4.2.1. Key Manufacturers List 4.2.2. Key End-User List 4.3. Notes on Value Added at Each Node in the Value Chain5. Global Market - Pricing Analysis 5.1. Price Point Assessment By Product Type 5.2. Price Point Assessment by Region 5.2.1. Manufacturer Level Pricing 5.2.2. Distributor Level Pricing 5.3. Price Forecast till 20346. Global Market Demand in Value (US$ billion) and Volume (MT) Analysis 2019 to 2023 and Forecast, 2024 to 2034 6.1. Historical Market Value (US$ billion) and Volume (MT) Analysis, 2019 to 2023 6.2. Current and Future Market Value (US$ billion) and Volume (MT) Projections, 2024 to 2034 6.2.1. Y-o-Y Growth Trend Analysis 6.2.2. Absolute $ Opportunity Analysis7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type 7.1. Introduction / Key Findings 7.2. Historical Market Size (US$ billion) and Volume (MT) Analysis By Product Type, 2019 to 2023 7.3. Current and Future Market Size (US$ billion) and Volume (MT) Analysis and Forecast By Product Type, 2024 to 2034 7.3.1. Full-fat Soybean Meal 7.3.2. Defatted Soybean Meal 7.3.3. High-protein Types 7.4. Market Attractiveness Analysis By Product Type8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 8.1. Introduction / Key Findings 8.2. Historical Market Size (US$ billion) and Volume (MT) Analysis By Application, 2019 to 2023 8.3. Current and Future Market Size (US$ billion) and Volume (MT) Analysis and Forecast By Application, 2024 to 2034 8.3.1. Feed 8.3.1.1. Aquaculture 8.3.1.2. Livestock 8.3.1.3. Pet Food 8.3.2. Fertilizer 8.3.3. Food Additive 8.3.4. Others 8.4. Market Attractiveness Analysis By Application9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Nature 9.1. Introduction / Key Findings 9.2. Historical Market Size (US$ billion) and Volume (MT) Analysis By Nature, 2019 to 2023 9.3. Current and Future Market Size (US$ billion) and Volume (MT) Analysis and Forecast By Nature, 2024 to 2034 9.3.1. Organic 9.3.2. Conventional 9.4. Market Attractiveness Analysis By Nature10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region 10.1. Introduction 10.2. Historical Market Size (US$ billion) and Volume (MT) Analysis By Region, 2019 to 2023 10.3. Current Market Size (US$ billion) and Volume (MT) Analysis and Forecast By Region, 2024 to 2034 10.3.1. North America 10.3.2. Latin America 10.3.3. Europe 10.3.4. East Asia 10.3.5. South Asia 10.3.6. Oceania 10.3.7. Middle East and Africa 10.4. Market Attractiveness Analysis By Region11. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 11.1. Introduction 11.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 11.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034 11.3.1. By Country 11.3.1.1. United States 11.3.1.2. Canada 11.3.2. By Product Type 11.3.3. By Application 11.3.4. By Nature 11.4. Market Attractiveness Analysis 11.4.1. By Country 11.4.2. By Product Type 11.4.3. By Application 11.4.4. By Nature 11.5. Key Takeaways12. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 12.1. Introduction 12.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 12.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034 12.3.1. By Country 12.3.1.1. Brazil 12.3.1.2. Mexico 12.3.1.3. Colombia 12.3.1.4. Rest of Latin America 12.3.2. By Product Type 12.3.3. By Application 12.3.4. By Nature 12.4. Market Attractiveness Analysis 12.4.1. By Country 12.4.2. By Product Type 12.4.3. By Application 12.4.4. By Nature 12.5. Key Takeaways13. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034 13.1. Introduction 13.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 13.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034 13.3.1. By Country 13.3.1.1. Germany 13.3.1.2. France 13.3.1.3. United Kingdom 13.3.1.4. Spain 13.3.1.5. Netherlands 13.3.1.6. Belgium 13.3.1.7. Poland 13.3.1.8. Italy 13.3.1.9. Russia 13.3.1.10. Rest of Europe 13.3.2. By Product Type 13.3.3. By Application 13.3.4. By Nature 13.4. Market Attractiveness Analysis 13.4.1. By Country 13.4.2. By Product Type 13.4.3. By Application 13.4.4. By Nature 13.5. Key Takeaways14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034 14.1. Introduction 14.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 14.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034 14.3.1. By Country 14.3.1.1. China 14.3.1.2. Japan 14.3.1.3. South Korea 14.3.2. By Product Type 14.3.3. By Application 14.3.4. By Nature 14.4. Market Attractiveness Analysis 14.4.1. By Country 14.4.2. By Product Type 14.4.3. By Application 14.4.4. By Nature 14.5. Key Takeaways15. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034 15.1. Introduction 15.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 15.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034 15.3.1. By Country 15.3.1.1. India 15.3.1.2. Malaysia 15.3.1.3. Indonesia 15.3.1.4. Singapore 15.3.1.5. Vietnam 15.3.1.6. Philippines 15.3.1.7. Thailand 15.3.1.8. Rest of South Asia 15.3.1.9. By Product Type 15.3.2. By Application 15.3.3. By Nature 15.4. Market Attractiveness Analysis 15.4.1. By Country 15.4.2. By Product Type 15.4.3. By Application 15.4.4. By Nature 15.5. Key Takeaways16. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034 16.1. Introduction 16.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 16.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034 16.3.1. By Country 16.3.1.1. Australia 16.3.1.2. New Zealand 16.3.2. By Product Type 16.3.3. By Application 16.3.4. By Nature 16.4. Market Attractiveness Analysis 16.4.1. By Country 16.4.2. By Product Type 16.4.3. By Application 16.4.4. By Nature 16.5. Key Takeaways17. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034 17.1. Introduction 17.2. Historical Market Size (US$ billion) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 17.3. Market Size (US$ billion) and Volume Forecast By Market Taxonomy, 2024 to 2034 17.3.1. By Country 17.3.1.1. GCC Countries 17.3.1.2. North Africa 17.3.1.3. South Africa 17.3.1.4. Rest of Middle East and Africa 17.3.1.5. By Product Type 17.3.2. By Application 17.3.3. By Nature 17.4. Market Attractiveness Analysis 17.4.1. By Country 17.4.2. By Product Type 17.4.3. By Application 17.4.4. By Nature 17.5. Key Takeaways18. Country-level Market Analysis 18.1. United States Market Analysis 18.1.1. By Product Type 18.1.2. By Application 18.1.3. By Nature 18.2. Canada Market Analysis 18.2.1. By Product Type 18.2.2. By Application 18.2.3. By Nature 18.3. Brazil Market Analysis 18.3.1. By Product Type 18.3.2. By Application 18.3.3. By Nature 18.4. Mexico Market Analysis 18.4.1. By Product Type 18.4.2. By Application 18.4.3. By Nature 18.5. Colombia Market Analysis 18.5.1. By Product Type 18.5.2. By Application 18.5.3. By Nature 18.6. Germany Market Analysis 18.6.1. By Product Type 18.6.2. By Application 18.6.3. By Nature 18.7. United Kingdom Market Analysis 18.7.1. By Product Type 18.7.2. By Application 18.7.3. By Nature 18.8. France Market Analysis 18.8.1. By Product Type 18.8.2. By Application 18.8.3. By Nature 18.9. Italy Market Analysis 18.9.1. By Product Type 18.9.2. By Application 18.9.3. By Nature 18.9.4. By Price Range 18.10. Spain Market Analysis 18.10.1. By Product Type 18.10.2. By Application 18.10.3. By Nature 18.11. Netherlands Europe Market Analysis 18.11.1. By Product Type 18.11.2. By Application 18.11.3. By Nature 18.12. Belgium Market Analysis 18.12.1. By Product Type 18.12.2. By Application 18.12.3. By Nature 18.13. Russia Region Market Analysis 18.13.1. By Product Type 18.13.2. By Application 18.13.3. By Nature 18.14. Poland Market Analysis 18.14.1. By Product Type 18.14.2. By Application 18.14.3. By Nature 18.15. China Market Analysis 18.15.1. By Product Type 18.15.2. By Application 18.15.3. By Nature 18.16. Japan Market Analysis 18.16.1. By Product Type 18.16.2. By Application 18.16.3. By Nature 18.17. India Market Analysis 18.17.1. By Product Type 18.17.2. By Application 18.17.3. By Nature 18.18. Thailand Market Analysis 18.18.1. By Product Type 18.18.2. By Application 18.18.3. By Nature 18.19. Malaysia Market Analysis 18.19.1. By Product Type 18.19.2. By Application 18.19.3. By Nature 18.20. Indonesia Market Analysis 18.20.1. By Product Type 18.20.2. By Application 18.20.3. By Nature 18.21. Vietnam Market Analysis 18.21.1. By Product Type 18.21.2. By Application 18.21.3. By Nature 18.22. Philippines Market Analysis 18.22.1. By Product Type 18.22.2. By Application 18.22.3. By Nature 18.23. Singapore Market Analysis 18.23.1. By Product Type 18.23.2. By Application 18.23.3. By Nature 18.24. Australia Market Analysis 18.24.1. By Product Type 18.24.2. By Application 18.24.3. By Nature 18.25. New Zealand Market Analysis 18.25.1. By Product Type 18.25.2. By Application 18.25.3. By Nature 18.26. GCC Countries Market Analysis 18.26.1. By Product Type 18.26.2. By Application 18.26.3. By Nature 18.27. North Africa Market Analysis 18.27.1. By Product Type 18.27.2. By Application 18.27.3. By Nature 18.28. South Africa Market Analysis 18.28.1. By Product Type 18.28.2. By Application 18.28.3. By Nature19. Market Structure Analysis 19.1. Global Market Competition - a Dashboard View 19.2. Global Market Structure Analysis 19.3. Global Market Company Share Analysis 19.3.1. For Tier 1 Market Players, 2023 19.3.2. Company Market Share Analysis of Top 5 Players, By Region 19.4. Key Participants Market Presence (Intensity Mapping) by Region20. Competition Analysis 20.1. Competition Dashboard 20.2. Competition Deep Dive 20.2.1. UFAC-UK 20.2.1.1. Product Portfolio 20.2.1.2. Revenue by Market Segments 20.2.1.3. Sales Footprint 20.2.1.4. Strategy Overview 20.2.2. The United Soybean Board (USB) 20.2.3. Satavie 20.2.4. SoyKitty 20.2.5. Afrizon Pte Ltd. 20.2.6. Mamta Hygiene Products Pvt Ltd 20.2.7. Guru Soya Foods Pvt. Ltd.: 20.2.8. Delta Equities LLC 20.2.9. Prorich Agro Private Limited 20.2.10. The Delong Co., Inc. 20.2.11. Other Players (On Additional Requests)21. Assumptions and Acronyms Used22. Research Methodology