Global Soybean Meal Market By Product Type (Full-fat Soybean Meal, Defatted Soybean Meal, High-protein Types), By Form ( Powder, Oil, Granular), By Nature (Organic, Conventional), By Application (Feed, Aquaculture, Livestock, Pet Food, Fertilizer, Food Additive, Others), By End-use (Food Industry, Animal Feed Industry, Pharmaceutical), By Sales Channel (Supermarkets and Hypermarkets, Convenience Stores, Online, Others) , By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, And Forecast 2024-2033

Report Overview

The Global Soybean Meal Market size is expected to be worth around USD 166.8 Bn by 2033, from USD 105.4 Bn in 2023, growing at a CAGR of 4.7% during the forecast period from 2024 to 2033.

Soybean meal, a byproduct of soybean oil extraction, is one of the most widely used sources of protein in animal feed. It typically contains 44-50% protein, depending on the processing method, and is highly digestible, making it an essential component in livestock, poultry, and aquaculture feed.

Beyond its primary use in animal nutrition, soybean meal also serves as a protein substitute in plant-based and vegetarian food products. The global soybean meal market is driven by the growing demand for protein-rich animal feed, particularly in emerging economies where rising meat consumption and urbanization are fueling demand for high-quality feed ingredients.

In 2022, global production of soybean meal was approximately 363 million metric tons. China remains the largest importer, accounting for more than 60% of global imports. In 2022, China imported around 80 million metric tons of soybean meal to meet the needs of its vast livestock sector. The U.S., Brazil, and Argentina are the leading producers and exporters of soybean meal.

The U.S. alone exported 11 million metric tons in 2022, contributing significantly to the global market, which was valued at around USD 180 billion in 2023. However, soybean meal prices have fluctuated due to weather conditions, crop yields, and geopolitical factors, with prices ranging from USD 400 to USD 450 per metric ton in 2023.

Government initiatives in major producing countries are supporting soybean meal production. For example, the U.S. Department of Agriculture (USDA) has funded research and development (R&D) to enhance soybean yields and pest resistance.

In Brazil, the Plan for Agricultural Production (PAP) has boosted production capacity, benefiting both soybeans and byproducts like soybean meal. Additionally, there is a growing focus on sustainable agricultural practices. BASF and Cargill have partnered to improve the sustainability of soybean production, focusing on reducing environmental impact while maintaining supply chain efficiency.

Key Takeaways

• Soybean Meal Market size is expected to be worth around USD 166.8 Bn by 2033, from USD 105.4 Bn in 2023, growing at a CAGR of 4.7%.
• Defatted Soybean Meal held a dominant market position, capturing more than a 47.2% share.
• Powder held a dominant market position, capturing more than a 42.2% share.
• Conventional soybean meal held a dominant market position, capturing more than a 71.2% share.
• Feed held a dominant market position, capturing more than a 52.1% share of the global soybean meal market.
• Animal Feed Industry held a dominant market position, capturing more than a 62.2% share.
• Supermarkets and Hypermarkets held a dominant market position, capturing more than a 38.1% share.
• North America Dominating the global landscape with a 39% market share and valued at USD 50.8 billion.

By Product Type

In 2023, Defatted Soybean Meal held a dominant market position, capturing more than a 47.2% share of the global soybean meal market. This product type is widely preferred due to its high protein content and low fat, making it an ideal ingredient in animal feed, especially for poultry and livestock. Defatted soybean meal is produced by removing the oil from soybeans, resulting in a meal that is rich in essential amino acids and essential nutrients.

Full-fat Soybean Meal accounted for a significant portion of the market, driven by its higher fat content and nutritional profile. This type of soybean meal is commonly used in animal feed where higher energy content is required, such as in swine and dairy cattle diets. The full-fat version is increasingly popular in regions with growing livestock industries, as it offers both protein and energy benefits in one product.

High-protein Soybean Meal is a specialized product that offers an enhanced protein concentration, often above the 50% mark. It has gained traction among manufacturers and animal feed producers who require more concentrated protein sources for their formulations. This type of soybean meal is particularly in demand in high-performance animal diets, such as those used in aquaculture and poultry farming.

By Form

In 2023, Powder held a dominant market position, capturing more than a 42.2% share of the global soybean meal market. Powdered soybean meal is the most commonly used form, especially in animal feed production. Its fine texture allows for easy mixing with other feed ingredients, making it a preferred choice for manufacturers. Additionally, the powder form is highly versatile, suitable for various livestock, including poultry, cattle, and swine.

Granular Soybean Meal accounted for a significant share of the market, driven by its ease of handling and storage. Granular forms are often preferred in large-scale feed production, as they are less prone to clumping and are easier to transport. This form is commonly used in bulk animal feed, particularly in regions with large-scale livestock farming.

Oil derived from soybean meal, although a smaller segment, is gaining traction due to its high energy content. Soybean oil is primarily used in animal feed to supplement energy needs, particularly for poultry and swine. While its market share is relatively lower compared to powder and granular forms, the demand for soybean oil is expected to rise as the overall consumption of animal feed increases globally.

By Nature

In 2023, Conventional soybean meal held a dominant market position, capturing more than a 71.2% share of the global market. This segment continues to lead due to its cost-effectiveness and wide availability.

Conventional soybean meal is produced using standard agricultural practices and accounts for the majority of global soybean meal production. It is extensively used in animal feed, particularly in regions with established livestock industries where price sensitivity plays a significant role.

Organic Soybean Meal represents a smaller, but growing, segment of the market. This type of soybean meal is produced from soybeans grown without synthetic pesticides or fertilizers, catering to the increasing demand for organic products.

The organic segment is particularly strong in regions with rising consumer interest in organic animal products, such as in North America and Europe. Although organic soybean meal is typically more expensive than conventional options, its appeal lies in its perceived health benefits and sustainability credentials.

By Application

In 2023, Feed held a dominant market position, capturing more than a 52.1% share of the global soybean meal market. This segment remains the largest due to the widespread use of soybean meal in animal nutrition. It is primarily used as a protein source in the production of feed for livestock, poultry, and aquaculture. The growing demand for meat, dairy, and eggs worldwide continues to drive the need for high-quality animal feed, making this application the key driver of market growth.

Aquaculture is another significant application, accounting for a substantial portion of the market. Soybean meal is widely used in fish feed due to its high protein content, which is essential for the growth and health of fish. As the global demand for seafood increases, the aquaculture industry has become an important consumer of soybean meal, particularly in regions with large-scale fish farming operations, such as Asia.

Livestock feed, including cattle and swine, also represents a key application of soybean meal. Soybean meal’s high protein and amino acid profile make it a staple in livestock diets, supporting the growth of healthy animals for meat production. As global meat consumption rises, so does the demand for soybean meal in livestock feeding.

Pet Food is a smaller but growing segment. With the rising pet population and increasing expenditure on pet health and nutrition, soybean meal is being incorporated into premium pet food products. The protein content of soybean meal contributes to the nutritional value of pet food, especially for dogs and cats.

Fertilizer applications are limited but present in niche markets. Soybean meal is sometimes used as an organic fertilizer due to its nutrient content, particularly nitrogen, phosphorus, and potassium. However, this segment remains small compared to the feed and aquaculture sectors.

Food Additive use is another growing but smaller market segment. Soybean meal is sometimes used as a food ingredient in processed food products, mainly as a protein booster. The segment is largely driven by the increasing demand for plant-based protein in food processing.

By End-use

In 2023, the Animal Feed Industry held a dominant market position, capturing more than a 62.2% share of the global soybean meal market. This sector remains the primary driver of demand for soybean meal due to its essential role as a high-quality protein source in animal nutrition. Soybean meal is widely used in feed formulations for poultry, livestock, and aquaculture, supporting the growing global demand for animal-based products. As the population rises and meat consumption increases, the animal feed industry is expected to continue leading the market.

The Food Industry is another important end-use segment for soybean meal, though it represents a smaller share of the market. Soybean meal is used in the production of various food products, primarily as a protein supplement. It is found in processed foods, plant-based protein products, and food ingredients, driven by the growing demand for vegetarian and vegan alternatives. Additionally, soybean meal serves as a cost-effective source of protein for food manufacturers, particularly in plant-based food formulations.

The Pharmaceutical sector represents a niche end-use application for soybean meal. It is primarily used for its protein content and potential health benefits. Soybean meal is sometimes incorporated into pharmaceutical formulations, particularly those aimed at improving animal health or providing dietary supplements. However, this segment remains relatively small compared to the animal feed and food industries, as soybean meal’s primary use continues to be in animal nutrition.

By Sales Channel

In 2023, Supermarkets and Hypermarkets held a dominant market position, capturing more than a 38.1% share of the global soybean meal market. These retail channels are the primary point of sale for consumers purchasing soybean meal, particularly for use in animal feed and as a food ingredient. The widespread availability of soybean meal in large-scale retail outlets and their ability to offer competitive pricing have contributed to their leading position in the market.

Convenience Stores represent a smaller segment of the market but continue to grow. These stores provide easy access to soybean meal for consumers in urban areas or those looking for quick, smaller quantities of the product. Although convenience stores typically offer limited product ranges compared to supermarkets and hypermarkets, they are an important sales channel for localized and on-the-go consumer needs.

Online Sales have seen significant growth, driven by the increasing trend of e-commerce and digital buying platforms. The convenience of online shopping, along with the ability to compare prices and find niche products, has boosted the share of soybean meal sold through online channels. This segment appeals particularly to consumers in rural areas or those looking to purchase in bulk, such as animal feed producers. The online channel is expected to continue expanding as e-commerce grows in popularity across various regions.

Other Sales Channels, including specialty retailers, direct sales to businesses, and agricultural suppliers, account for a smaller portion of the market. These channels serve more targeted consumer bases, such as farmers and feed producers, who may prefer to purchase directly from suppliers or distributors. While this segment is niche, it plays a role in reaching specific market needs, particularly for larger-scale buyers.

Key Market Segments

By Product Type

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

By Form

• Powder
• Oil
• Granular

By Nature

• Organic
• Conventional

By Application

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

By End-use

• Food Industry
• Animal Feed Industry
• Pharmaceutical

By Sales Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Online
• Others

Drivers

Increased Demand for High-Protein Animal Feed

One significant driver of soybean meal demand is its widespread use in the animal feed industry, attributed to its high protein content and nutritional benefits for livestock. Soybean meal is integral in formulating feed for various animals, particularly in poultry and pork production, where it enhances growth, productivity, and overall health.

The rising global meat consumption, especially in emerging economies with growing middle-class populations, amplifies this demand. The expansion of intensive livestock farming methods, which rely heavily on protein-rich diets to maximize animal growth rates, further propels the soybean meal market​

Health Awareness and Quality of Livestock Products

Another driving factor is the growing consumer awareness regarding the health benefits of quality livestock products. As consumers increasingly demand better-quality meat and dairy products, the push for high-grade animal feed ingredients like soybean meal intensifies.

This demand is also bolstered by the increasing concerns about animal welfare and the nutritional content of animal feed, as better feed translates into healthier animal products for human consumption​

Sustainability and Plant-based Trends

The shift towards sustainable and environmentally friendly farming practices also contributes significantly to the soybean meal demand. Soybean meal serves as a crucial component in reducing the carbon footprint of animal agriculture by providing a sustainable protein source compared to traditional animal-based proteins.

Furthermore, the rising popularity of plant-based diets has led to an increased use of soybean meal as a primary protein source in various food products, promoting its demand beyond traditional animal feed applications​

Global Economic and Policy Influences

Economic growth in key regions such as Asia Pacific, particularly China, drives soybean meal demand due to increased protein consumption linked to higher disposable incomes. Governmental policies in major consuming countries that support agricultural development and animal husbandry also play a critical role in shaping the market dynamics. These policies often aim to enhance domestic feed production capacities and can influence global trade flows in the soybean meal market​

Restraints

Volatility in Global Soybean Supply

The soybean market is highly susceptible to fluctuations due to various global factors that can abruptly affect supply chains. For instance, adverse weather conditions such as droughts or excessive rainfall in key producing regions like Brazil, Argentina, and the United States can significantly reduce crop yields.

These events can lead to instability in soybean meal availability, consequently impacting global markets and pricing structures. For example, the drought in southern Brazil and other parts of South America has already adjusted production forecasts downward significantly, affecting global supply and demand dynamics​.

Economic and Political Factors

Economic downturns and political instability in key markets also pose substantial risks to the soybean meal industry. Changes in government policies, trade disputes, and tariffs can disrupt trade flows, affecting the import and export of soybean meal.

The ongoing geopolitical tensions and economic policies in major soybean importing and exporting countries directly influence market stability and pricing. For example, trade policies and tariffs imposed by major economies can lead to increased costs and limited market access for soybean meal products, hampering growth in the industry​

Competition from Alternative Feed Ingredients

Soybean meal faces stiff competition from other protein-rich feed ingredients like rapeseed meal, fish meal, and synthetic substitutes that are often used as alternatives in animal feed. The availability and cost-effectiveness of these alternatives can influence the demand for soybean meal.

For instance, when alternative feeds are available at lower prices due to better supply conditions or technological advancements in production, they can capture market share from soybean meal, especially in cost-sensitive markets​

Regulatory and Environmental Concerns

Increasing regulatory scrutiny and environmental concerns regarding soybean cultivation and processing can also restrict market growth. Regulations aimed at reducing deforestation linked to soybean farming or mandating sustainable agricultural practices affect production costs and operational strategies.

Additionally, the carbon footprint associated with large-scale soybean cultivation and the push for more environmentally friendly alternatives are becoming more significant to consumers and regulatory bodies, influencing market dynamics and preferences​

Opportunity

Rapid Market Expansion in Asia-Pacific

Asia-Pacific is currently the most dominant region in the global soybean meal market and is expected to maintain its lead with the fastest growth rate over the next several years. This growth is fueled by the increasing population and rising disposable incomes, particularly in countries like China and India, which are experiencing rapid urbanization and dietary shifts towards more protein-rich foods.

This regional market expansion offers significant opportunities for soybean meal producers to tap into a large and growing demand for animal feed and food products enriched with soy protein​.

Technological Advancements in Soybean Meal Production

Technological innovations in soybean processing are enhancing the efficiency and quality of soybean meal production, particularly in India. Improved extraction techniques and processing tools are making soybean meal products more competitive on the international market.

These advancements not only help in meeting the domestic demand but also position the region as a key player in the global market, potentially increasing export opportunities and market share​.

Increasing Use in Diverse Applications

The use of soybean meal is expanding beyond traditional animal feed applications into sectors like food processing, where it is used as a plant-based protein source in products such as bakery goods, dairy substitutes, and other nutritious food items.

This diversification is driven by the global trend towards sustainable and plant-based diets, which is increasing the demand for soybean meal as a versatile and environmentally friendly ingredient​.

Government and Industry Support

Government policies and industry initiatives aimed at boosting agricultural productivity and sustainability are likely to support the growth of the soybean meal market.

For instance, various national agricultural programs across Asia-Pacific countries are encouraging the use of high-quality feed ingredients to enhance livestock productivity, which in turn drives the demand for soybean meal

Trends

Increased Demand for Plant-Based Proteins

A significant trend in the soybean meal market is the growing consumer shift towards plant-based diets. This shift is driven by health awareness and ethical considerations regarding animal welfare and environmental sustainability. As consumers increasingly adopt vegetarian and vegan lifestyles, the demand for soybean meal as a high-protein ingredient in food products is rising.

This trend is evident in both human food applications, where soybean meal is being utilized in bakery products, health foods, and even in cosmetics, and in the animal feed sector, where it remains a staple due to its rich amino acid profile​.

Technological Advancements in Production

Technological innovations in the processing of soybeans are leading to increased efficiency and quality of soybean meal. These advancements are making the soybean meal industry more competitive globally, particularly in countries like India, where enhanced processing techniques are being adopted. This includes the development of extraction methods that maximize nutrient retention, making soybean meal an even more attractive option for feed and food industries​.

Expansion in Emerging Markets

The Asia-Pacific region continues to dominate the soybean meal market due to its large and growing population, which is driving demand for protein-rich diets. Countries like China and India are experiencing rapid urbanization and economic growth, which contribute to increased consumption of livestock products and, consequently, animal feed. This regional market expansion is significant, offering vast opportunities for market players to capitalize on the increasing need for soybean meal​

Sustainability and Regulatory Impacts

The market is also seeing a trend towards more sustainable and regulated production practices. Governments and regulatory bodies are increasingly focusing on the environmental impact of agricultural practices, including soybean cultivation. This is leading to stricter regulations and a push for certifications that could affect the supply chain but also open up new opportunities for certified sustainable product offerings in the soybean meal market

Regional Analysis

North America Dominating the global landscape with a 39% market share and valued at USD 50.8 billion, North America leads due to its advanced agricultural technologies and substantial livestock industry. The region’s emphasis on sustainable agricultural practices and high-quality animal feed formulations bolster the demand for soybean meal, particularly in the U.S. and Canada, which are key producers and consumers within this market.

Europe’s market is driven by stringent regulatory standards regarding animal feed and a growing preference for non-GMO feed ingredients. The region focuses on enhancing feed efficiency and reducing environmental impact, which supports the demand for high-quality soybean meal. Countries like Germany, France, and the Netherlands are significant contributors to the regional market growth due to their robust livestock sectors.

Asia Pacific This region is anticipated to grow at the fastest rate, propelled by increasing protein consumption and rising income levels, especially in China and India. The Asia Pacific benefits from a vast agricultural base, facilitating extensive soybean meal production to meet the growing feed and food industry requirements. This region is critical for the expansion of the soybean meal market due to its large population and increasing urbanization.

Latin America, particularly Brazil and Argentina, plays a crucial role as a major exporter of soybean meal, leveraging its vast soybean cultivation areas. The region’s market is enhanced by strong agricultural practices and a focus on export-oriented business strategies, helping meet global demand for soybean meal.

The MEA region, though smaller in market size, is experiencing gradual growth due to rising meat consumption and the developing poultry sector. Countries like South Africa and Saudi Arabia are investing in feed production capabilities to support their growing livestock industries, thereby increasing the regional demand for soybean meal.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Key Players Analysis

The soybean meal market is highly competitive, with numerous key players contributing to its growth and development. Major companies in this market include Louis Dreyfus Company B.V., Wilmar International, and The Scoular Company, which are some of the largest producers and traders of soybean products globally.

These companies are involved in the full value chain, from soybean sourcing to processing and distribution of soybean meal for animal feed and food applications. Louis Dreyfus Company, for example, is a global leader in the agricultural sector, with a significant market share in the soybean meal trade, handling millions of tons of soybeans each year.

Similarly, Wilmar International, a key player in Asia and the world’s leading agribusiness group, plays a vital role in soybean processing and distribution, including soybean meal production, serving the livestock and feed industries.

Other important players in the soybean meal market include Delta Equities LLC, Perdue Farms, and Agrocorp International Pte Ltd. These companies specialize in the production, processing, and export of soybean meal to meet the growing demand from livestock, poultry, and aquaculture sectors.

Companies like Prorich Agro Private Limited and Irwing Soya focus on providing high-quality soybean meal to emerging markets in Asia and Africa. Additionally, The United Soybean Board (USB) and UFAC-UK represent organizations that support soybean meal production through farmer incentives, research, and development, ensuring sustainable production practices and the continued growth of the soybean meal market.

Smaller but significant players like Guru Soya Foods Pvt. Ltd., Kohinoor Feeds and Fats Pvt. Ltd., and Nordic Soya Ltd. also contribute to the market’s diversification by offering specialized products that cater to both food industries and animal feed markets.

These companies focus on innovation, sustainability, and efficiency in soybean processing, which supports the market’s long-term expansion. The combined efforts of these key players help shape the global supply of soybean meal, responding to growing demands for plant-based protein sources and advancing sustainability initiatives.

Top Key Players in the Market

• AdamPolSoya
• Afrizon Pte Ltd.
• Agrocorp International Pte Ltd
• Delta Equities LLC
• Guru Soya Foods Pvt. Ltd.
• Irwing Soya
• Kohinoor Feeds and Fats Pvt. Ltd.
• Louis Dreyfus Company B.V.
• Mamta Hygiene Products Pvt Ltd
• Nordic Soya Ltd.
• Perdue Farms
• Prorich Agro Private Limited
• Satavie
• SoyKitty
• The Delong Co., Inc.
• The Scoular Company
• The United Soybean Board (USB)
• UFAC-UK
• Wilmar International
• Yihai Kerry Investments Co., Ltd.

Recent Developments

In 2023 AdamPolSoya, the company’s daily production capacity reached over 1,000 tons, emphasizing its significant role in the regional supply chain for soybean meal.

In 2023  Afrizon Pte Ltd, a Singapore-based company, has been progressively cementing its position in the soybean meal market.

Report Scope