Soybean Meal Market Size To Reach $162.91 Billion By 2030 | CAGR 4.5%

Soybean Meal Market Growth & Trends

The global soybean meal market size is expected to reach USD 162.91 billion by 2030, growing at a CAGR of 4.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The soybean meal market is witnessing substantial growth, propelled by various factors that have gained consumer interest. An important driver in this expansion is the escalating demand for plant-based proteins.

In an era of increased health and environmental awareness, soybean meal emerges as a valuable source of plant-based protein, attracting people looking for alternatives to traditional animal-derived protein sources. Furthermore, the growing recognition of the nutritional advantages linked to soy-based products, including their favorable effects on heart health and cholesterol levels, is fueling the upsurge in consumer enthusiasm. In addition to its protein content, soybean meal possesses a distinctive amino acid composition, making it a viable substitute for cereal proteins. Its utilization spans both the animal feed and human food industries.

The increasing demand for soybean meal can be attributed to several factors, including the health benefits associated with this protein-rich food and the rising populations of livestock, cattle, ruminants, and other animals that incorporate soybean meal into their diets. Another contributing factor is the constraints imposed on slaughterhouse byproducts, which, in turn, have amplified the demand for soybean meal. These factors, when considered together, point to continued growth in the soybean meal market shortly.

Additionally, the growth of the aquaculture industry plays a significant role in driving the market for soybean meal. Fish and shrimp farming require high-quality protein sources, and soybean meal provides an excellent alternative to fishmeal. With the expansion of aquaculture operations worldwide, the demand for soybean meal as a feed ingredient is expected to rise.

Moreover, government policies and regulations also influence the market for soybean meal. Subsidies and incentives provided to farmers for soybean cultivation can impact the supply and prices of soybean meal. Trade policies, import/export regulations, and geopolitical factors also play a role in shaping the market dynamics.

In May 2022, Food and Public Distribution and The Ministry of Consumer, in India approved the importation of an additional 550,000 metric tons of soybean meal, including GE derived, as a response to high prices. The imports are permitted until September 30, 2022, and are intended to support the poultry and livestock industry in India.

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Soybean Meal Market Report Highlights

• The conventional soybean meal segment is more established and mature compared to organic segments, leading to a larger market share. Established practices and widespread adoption contributed to stability and dominance.

• The food and beverages segment is anticipated to grow at the fastest CAGR from 2024 to 2030. The demand for soybean meal as a plant-based protein source is rising. Its high protein content makes it a popular choice, especially as more people adopt vegetarian or vegan diets.

• The Asia Pacific region is anticipated to witness the fastest CAGR from 2024 to 2030. The growing population, increasing disposable income, and technological advancements in the production process, along with other factors, are further fueling the growth of the soybean meal market in the APAC region.

Soybean Meal Market Segmentation

Grand View Research has segmented the global soybean meal market based on nature, end-use, and region.

Soybean Meal Nature Outlook (Revenue in USD Billion, 2017 - 2030)

• Conventional

• Organic

Soybean Meal End-Use Outlook (Revenue, USD Billion, 2017 - 2030)

• Food & Beverages

• Animal Feed

  • Poultry

  • Swine

  • Aquaculture

  • Other Animals (Dairy, Beef, Pets)

• Industrial Use

Soybean Meal Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • Indonesia

  • Vietnam

• Central & South America

  • Brazil

• Middle East & Africa

  • South Africa

List of Key Players in the Soybean Meal Market

• The Scoular Company

• Kohinoor Feeds and Fats Pvt. Ltd.

• AdamPolSoya

• Louis Dreyfus Company B.V.

• Perdue Farms

• Agrocorp International Pte Ltd

• Yihai Kerry Investments Co., Ltd.

• Nordic Soya Ltd.

• Irwing Soya

• Wilmar International