Soybean Meal Market Research: Supply Chain Dynamics and Pricing

The global soybean meal market size was estimated at USD 120.34 billion in 2023 and is projected to reach USD 162.91 billion by 2030, expanding at a CAGR of 4.5% from 2024 to 2030. The market growth is driven by the rising global demand for protein-rich animal feed, particularly in the expanding livestock and poultry sectors.

Soybean meal, a byproduct of soybean processing, is highly valued for its rich protein profile and nutritional properties. Rising population levels and growing disposable incomes are fueling higher meat consumption, which in turn increases the demand for protein-rich feed. Its versatility in feed formulations, coupled with cost-effectiveness, further boosts adoption.

Beyond animal nutrition, soybean meal is increasingly being recognized for its role in sustainable diets. It is widely used in vegetarian and vegan food products, including meat substitutes, bakery items, and snacks, supporting the trend toward plant-based protein sources. As global food manufacturers continue to prioritize sustainability and cost efficiency, soybean meal is expected to see growing demand as a reliable protein alternative.

However, the supply chain is influenced by climatic factors, as droughts, floods, and other extreme weather events impact crop yields, leading to price volatility. Despite these challenges, sustainability concerns are expected to strengthen demand, as soybean meal production requires fewer resources compared to animal protein sources, aligning with consumer and industry efforts to reduce environmental impact.

Key Market Insights:

• Asia Pacific dominated the global soybean meal market in 2023 and is projected to grow at the fastest CAGR of 5.09% from 2024 to 2030.
• China accounted for the largest share of the Asia Pacific soybean meal market in 2023.
• By nature, the conventional segment captured the largest revenue share in 2023.
• By end-use, the animal feed segment led the market in 2023.

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Market Size & Forecast:

• 2023 Market Size: USD 120.34 Billion
• 2030 Projected Market Size: USD 162.91 Billion
• CAGR (2024–2030): 4.5%
• Asia Pacific: Largest market in 2023

Key Companies & Market Share Insights:

The market is moderately fragmented with global and regional players expanding their footprint through processing and distribution networks.

• Kohinoor Feeds offers a diverse portfolio, including soya flakes, refined and crude oil, flour, meal, yellow maize, and white sugar.
• Nordic Soya Ltd. operates a major processing facility in Hamina, Finland, serving both the Finnish and wider European markets.

Emerging participants include The Scoular Company and Wilmar International:

• The Scoular Company maintains strong operations across North America with global trading and distribution capabilities.
• Wilmar International, headquartered in Singapore, is a leading agribusiness player with operations spanning Asia and Africa, offering oilseed crushing, flour and rice milling, edible oils refining, and ready-to-eat meal solutions.

Key Players:

• 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

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Conclusion:

The soybean meal market is set for steady growth, supported by rising demand for protein-rich animal feed, expanding applications in plant-based food products, and increasing emphasis on sustainable protein sources. While supply volatility due to climate conditions poses a challenge, the market outlook remains positive, with Asia Pacific emerging as a key growth hub through 2030.