Global soybean meal market sales are poised for substantial growth, with projections indicating a value of USD 98.6 billion in 2024, surging to USD 157.8 billion by 2034, at a CAGR of 4.8%. Future Market Insights (FMI) provides insights into the evolving landscape of the soybean meal industry, highlighting key trends and growth drivers.
Soybean meal, renowned for its cost-effectiveness and high protein content, has emerged as a vital feed ingredient for the livestock and poultry industries. With the rising global population and increasing demand for meat and poultry products, soybean meal serves as a crucial component in fulfilling the protein requirements of animals, thereby driving market growth.
Soybean meal is given to ruminants and poultry for weight gain to meet the increasing demand for meat worldwide. Furthermore, soybean meal is being used as an ingredient in several goods by pharmaceutical companies, which is expected to push the market for soybean meal.
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The market is expected to witness high growth during the forecast period, with Asia Pacific being a significantly flourishing region. The increasing demand for soybean meal, especially in the animal feed and food industries, is a key factor driving the market’s growth.
Key Takeaways from the Report:
- The global soybean meal market is expected to reach a valuation of US$ 157.8 billion by 2034.
- The market is projected to surge at a CAGR of 4.8% over the forecast period.
- The United States is projected to attain a market valuation of US$ 22.7 billion by 2024.
- The feed application segment is estimated to hold a market share of 48.0% in 2024.
- India is estimated to surge at a CAGR of 5.5% during the forecast period.
“The food industry uses soybean meal for both human and animal feed. The growing number of livestock that are fed soybean meal, as well as the health advantages of this food that is high in protein, are the primary factors of the surging demand for soybean meal,” – says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
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Competitive Landscape
Key players with a wide range of expertise are directed toward research & development, environmentally friendly sourcing, and novel formulations. Leading players are prioritizing ecologically conscious methodologies, product certifications, and meeting the growing need for natural & sustainable feed ingredients. They are also focusing on quality, innovation, and catering to customer preferences to maintain their market position and take advantage of the rising demand.
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.
For instance,
- In 2023, UFAC-UK launched a new partial soybean meal replacement for dairy diets. This meal aims to increase yields, solids, and feed conversion efficiency (FCE) while lowering dependency on imported soy.
- 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.
Get More Valuable Insights
Future Market Insights (FMI) has released an objective assessment of the global market, presenting past demand data from 2019 to 2023 and projecting forecast statistics for the 2024 to 2034 period.
The study provides compelling insights into the soybean meal market segment based on product type (full-fat soybean meal, defatted soybean meal, and high-protein types), application (feed, fertilizers, food additives, and others), nature (organic and conventional), and region.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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