Global Soybean Meal Market: Trends, Growth, and Key Insights
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.
Archana Aher
The global soybean meal market share is on a steady growth trajectory, projected to reach US$ 157.8 billion by 2034, with a CAGR of 4.8% from 2024. Here’s why this market is gaining traction:
Key Insights:
- Market Growth Dynamics: Estimated to grow from US$ 98.6 billion in 2024 to US$ 157.8 billion by 2034, driven by increasing demand in the animal feed industry and rising popularity in plant-based food products.
- Consumer Trends: Rising preference for soybean meal due to its eco-friendly production methods and nutritional benefits, particularly in vegetarian and vegan diets.
- Industry Applications: Widely used in animal feed for its cost-effectiveness and high protein content, essential for livestock growth and development.
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Trends Driving Growth:
- Diversified Applications: Extensive use in food & beverage sectors, including dairy substitutes and bakery goods, boosting demand.
- Technological Advancements: Innovations in extraction techniques enhancing nutritional value and affordability of soybean meal products.
- Global Market Dynamics: Significant growth expected in key regions like China, India, and Australia, driven by changing dietary habits and sustainable agricultural practices.
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.
