The Soybean Market

The Soybean Market

1- Market state

“The soya bean is a species of legume and is one of the world’s most important oil plants, since around half of vegetable oil produced is obtained from the soya bean. The soya bean is cultivated primarily in East Asia. Around 60 per cent of the world’s soya output comes from genetically modified plants.” Markets Insider

Soybean is mainly used in the crushing industry, to produce soy meal and soy oil. Soy oil is used in food, oleochemicals and biodiesel industries while soy meal is used in animal feed. 

It is the most economically important bean in the world because of its broad different uses in various industries.

Even though China is one of the most important producers of soybean, it imports almost 60% of its consumed volume to meet the country’s demand. 

2- Key Figures 

• In 2020, the consumption volume globally attained 347 million metric tons

• It is expected to grow from 2% by 2027 to reach 373 million metric tons by 2026

• In terms of production, the US is the leader with 34% of the global volume. Followed by Brazil, Argentina and China.

• In terms of exports, Brazil is the leading country of the industry, dealing mainly with China and Spain which represent 80% of the global imports.

• China itself accounts for 30% of the total consumption of soybean in the world.

3- Trends and consumption

• Soybean has become popular as a healthier alternative to cholesterol and fat-rich food, especially those that are animal based. For instance, it is one of the most popular dairy alternatives.

• Recognized as a nutritional food (fibres, protein, omega-3 etc.), soybean is more and more adopted in diets to fight obesity. So, soybean is a driver for innovation, especially for the snacks’ market : crisps, chocolate, beverages…

Sources : Markets Insider, Expert Market Research, Mordor Intelligence

uFoodin Team