Soybean Processing Market Size, Share, Opportunities, And Trends By Product Type (Whole Soybean, Meal, Oil, Others), By Application (Animal Feed, Aqua Feed, Food And Beverages, Personal Care, Dietary Supplements, Pharmaceuticals, Others), By Sales Channel (Online, Offline), And By Geography - Forecasts From 2023 To 2028

The soybean processing market is expected to grow at a CAGR of 7.5% during the forecast period.

To close the country's protein deficit, the soybean processing industry is anticipated to continue to develop at a quicker pace yearly. The government's nutrition intervention programs also include the soybean processing industries. The best strategy to provide affordable nourishment to the general public and create job opportunities throughout the anticipated period would be to assure simple access to soybean products on a local and regional level.

Growth drivers for the soybean processing market

One of the key factors for the growth of the soybean processing market is the product's affordability when compared to other edible oils like olive oil, canola oil, coconut oil, and groundnut oil. The growing use of soybean oil in food, particularly by consumers who suffer from health conditions like obesity, high cholesterol, and cardiovascular diseases, as well as the product's high popularity in price-sensitive markets, particularly in developing countries, drive the growth of the soybean processing market. The food industry's extensive use of soybeans in products including sauces, dressings, margarine, potato chips, non-dairy creamers, shortening, mayonnaise, and whipped toppings has a positive impact on the soybean processing industry.

Rising demand for soybean by-product

To close the country's protein deficit, the soybean processing industry must continue to develop at a quicker pace of 9 to 10% yearly. The government's nutrition intervention programs include the soybean processing industries. The best strategy to provide affordable nourishment to the general public and create job opportunities throughout the anticipated period would be to assure simple access to soybean products on a local and regional level.

Increasing demand and development of soy foods

In nations like India, all varieties of soy food processing equipment are produced and available. The intriguing food industry of soy food processing employs highly skilled individuals with IIM and IIT backgrounds. There are at least 2,000 soy food businesses operating on small, medium, and large dimensions to meet local and regional soy food demand. Every day, these businesses produce a significant amount of tofu, soymilk, and other soy-based food products. These businesses are investing funds to acquire high-quality equipment and technological know-how from other countries, which is anticipated to fuel the soybean processing market.

Utilization in the food sector

In the food industry, soybean is widely utilized as a salad dressing ingredient and for a variety of other cooking needs. A popular healthy alternative to foods high in fat and cholesterol is soybean. For those who can't tolerate dairy, it is the ideal alternative. Thus, the widespread use of soybean in the food industry for products such as sauces, potato chips, non-dairy creamers, dressings, margarine, shortening, whipped toppings, and mayonnaise also contributes to the soybean processing market's expansion.

Increase in domestic opportunities

During the forecast period, the soybean processing industry plans to experience tremendous growth. More domestic opportunities for soybean consumption will result from this transformation. Rarely are soybeans consumed whole; instead, soybeans are "crushed" to create soybean meal and soybean oil. By increasing crush capacity, farmers can sell their beans in more areas and more soybean meal and oil can be produced for the home market. There have been 23 plant expansion announcements that are made, which would increase the annual crush capacity by nearly 750 million bushels, further fueling the soybean processing market growth.

North America is anticipated to dominate the soybean processing market

North America is anticipated to lead the soybean processing market due to its large output and widespread use in the food and feed industries. Additionally, it is anticipated that increased demand for high-quality protein and biofuels derived from soybean oil would encourage market development in this area.

South America is anticipated to witness the largest growth in the soybean processing industry during the projected period as a result of an increase in export activities from this region. Brazil and Argentina currently dominate the majority of the South American market due to the growth in soybean production.

The soybean processing industry is anticipated to expand in the United States

The soybean processing industry is growing in the United States due to the need for environmentally friendly fuels like sustainable aviation fuel and renewable diesel generated from soybean oil. A surplus of soybean meal will be produced as a result of the enhanced crush.  Leading members of the South Dakota Soybean Research and Promotion Council and the South Dakota Soybean Association recently led a trade mission to Morocco in Africa to expand new soybean processing markets for that meal.

Key manufacturers are focusing on product innovation

The soybean processing industry and extract are anticipated to benefit from technical trends brought on by rising R&D expenditures and a growing industry focus on innovation, which will lead to ground-breaking discoveries. Significant potential throughout the projection period will spur the entry of new competitors and increase competition in the soybean processing market. As top corporations concentrate on retaining their leadership position and new competitors attempt to establish a market presence, consumer expectations will continue to change, which will be matched by the introduction of new products with new features or lower price points.  

Market Key Developments

• In March 2023, the sale of the cooperative's interests in Shell Rock Soy Processing, LLC (SRSP), according to the Mid-Iowa Cooperative's (MIC) board of directors, has been authorized.
• In August 2022, the joint venture between CGB Enterprises Inc. (CGB) and Minnesota Soybean Processors (MnSP), North Dakota Soybean Processors (NDSP), has begun building a new facility that will crush 42.5 million buses of soybeans in its first year and produce soybean oil, soybean meal, and hulls. In 2024, it is anticipated to be completely operational.
• In June 2022, Ag Processing Inc., a cooperative (AGP), revealed its intention to construct a brand-new, cutting-edge soybean processing facility close to David City, Nebraska, today (Jan. 28). Over 50 million bushels of soybeans may be processed annually at the plant.

Soybean Processing Market Scope:

Segmentation:

• By Product Type
  • Whole Soybean
  • Meal
  • Oil
  • Others
• By Application
  • Animal Feed
  • Aqua Feed
  • Food and Beverages
  • Personal Care
  • Dietary Supplements
  • Pharmaceuticals
  • Others
• By Sales Channel
  • Online
  • Offline
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others