Soybean Meal Market To Boom at USD 166.8 Bn by 2033

Aboli More
Aboli More

Updated · Jan 20, 2025

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Overview

New York, NY – January 20, 2025 – The global Soybean Meal Market is expected to experience significant growth in the coming years. As of 2023, the market size stands at approximately USD 105.4 billion and is projected to reach around USD 166.8 billion by 2033, growing at a steady compound annual growth rate (CAGR) of 4.7% during the forecast period from 2024 to 2033.

This growth can be attributed to the increasing demand for animal feed, as soybean meal is one of the most widely used protein sources in livestock nutrition. The market’s popularity is also driven by the rising demand for plant-based protein in both human consumption and the feed industry.

Key factors contributing to the market’s expansion include the growing global population, increased awareness of the nutritional benefits of soybean meal, and a shift toward more sustainable and cost-effective feed ingredients. Moreover, soybean meal’s rich amino acid profile makes it a preferred choice in the agriculture and animal husbandry sectors.

Soybean Meal Market

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 dominates the global landscape with a 39% market share and is valued at USD 50.8 billion.

Key Market Segments

  • In 2023, defatted soybean meal dominated the global soybean meal market, accounting for over 47.2% of the total share. Its high protein content and low fat make it a preferred ingredient in animal feed, particularly for poultry and livestock. This type of soybean meal is produced by removing the oil from soybeans, leaving a nutrient-rich product that is highly valued in the feed industry.
  • High-protein soybean meal, with protein concentrations often exceeding 50%, caters to specific needs in animal feed formulations, especially in high-performance diets for aquaculture and poultry farming.
  • In terms of form, powdered soybean meal led the market in 2023, capturing over 42.2% of the share. Its fine texture makes it easy to mix with other feed ingredients, making it a preferred choice for large-scale feed producers. Granular soybean meal also holds a significant share, valued for its ease of handling and storage. Soybean oil, though a smaller segment, is increasingly gaining traction due to its high energy content, particularly in poultry and swine feed.
  • Regarding nature, conventional soybean meal dominated the market, representing over 71.2% of the share, due to its cost-effectiveness and wide availability. However, organic soybean meal is growing in popularity, particularly in regions with rising demand for organic products, despite its higher cost.
  • By application, the animal feed sector remains the largest, holding over 52.1% of the global share, driven by the increasing global demand for meat, dairy, and eggs. Aquaculture is another key application, with soybean meal being a crucial protein source for fish feed. Additionally, the meal is widely used in livestock feed for cattle and swine, further boosting market demand. Smaller but growing applications include pet food, driven by the rise in pet ownership and health-conscious consumers, and fertilizers, where soybean meal is used as an organic nutrient source in niche markets.
  • In terms of end-use, the animal feed industry remains the dominant sector, holding more than 62.2% of the market share. Soybean meal is an essential ingredient in feed for poultry, livestock, and aquaculture, supporting the rising global demand for animal-based products. The food industry also contributes to demand, using soybean meal as a cost-effective protein source for processed foods and plant-based products. The pharmaceutical sector represents a niche application for soybean meal, where it is used for its nutritional benefits, especially in animal health supplements.

Regional Analysis

  • North America leads the global soybean meal market with a dominant 39% market share, valued at USD 50.8 billion. The region’s leadership is driven by advanced agricultural technologies, a large livestock industry, and a strong focus on sustainable agricultural practices. The U.S. and Canada are major producers and consumers of soybean meal, with high-quality animal feed formulations fueling demand for this product.
  • Europe follows closely, with demand for soybean meal supported by strict regulatory standards for animal feed and a growing preference for non-GMO ingredients. The region’s emphasis on improving feed efficiency and reducing environmental impact has boosted the use of high-quality soybean meal. Countries such as Germany, France, and the Netherlands play key roles in the market, with their well-established livestock industries contributing to growth.

Top Use Cases

  • Animal Feed: Soybean meal is widely used in animal feed, particularly for poultry, livestock, and aquaculture. Its high protein content supports growth, health, and productivity in animals. As the demand for meat, dairy, and seafood rises globally, soybean meal remains a critical ingredient in feeding livestock, ensuring a reliable protein source for animal nutrition.
  • Aquaculture Feed: In aquaculture, soybean meal is a key ingredient in fish feed due to its excellent amino acid profile and protein content. It helps in promoting the growth of fish, especially in large-scale farming operations. With the increasing global demand for seafood, soybean meal continues to play a vital role in supporting sustainable aquaculture production.
  • Livestock Feed: Soybean meal is a staple in livestock feed, including for cattle and swine. Its high protein and amino acid content help improve animal growth rates and overall health, leading to better meat production. As livestock farming continues to expand, soybean meal’s role in formulating balanced and cost-effective diets becomes even more significant.
  • Pet Food: Soybean meal is used in premium pet food formulations due to its rich protein content, which supports the growth and health of pets like dogs and cats. With the rising trend in pet ownership and the growing demand for high-quality pet nutrition, soybean meal offers an affordable yet nutritious ingredient for pet food manufacturers.
  • Plant-Based Food Products: Soybean meal is utilized in the production of plant-based food products, especially as a protein booster. It is used in meat alternatives and vegan protein supplements. With the increasing popularity of plant-based diets, soybean meal plays a crucial role in providing a sustainable, plant-derived protein option in food processing and product innovation.

Recent Developments

  • Louis Dreyfus Company B.V. (LDC): In January 2024, LDC announced a collaboration with The Nature Conservancy to promote regenerative agriculture and deforestation-free production in grains, oilseeds, coffee, and cotton value chains in North and South America. This could impact sustainable soybean meal production. In September 2023, LDC signed an agreement with Instanta Sp. to explore opportunities in the instant coffee sector.
  • Perdue Farms: In March 2022, Perdue AgriBusiness announced a $59.1 million investment to expand operations in Chesapeake, Virginia. The company plans to modernize facilities and increase the production of high-protein soybean meal, soybean oil, and hulls. This expansion aims to increase local soybean origination and improve processing capabilities.
  • The Scoular Company: In May 2022, Scoular announced expansion into Vietnam, aiming to begin imports and distribution by the end of 2022. The company cited Vietnam’s large and growing market for agricultural commodities, including soybean meal for animal feed, as a key reason for expansion. In 2024, Scoular processed its first “Climate-Smart” soybeans at its Andres, Illinois facility, as part of a USDA-funded initiative to reward producers for sustainable farming practices.
  • The United Soybean Board (USB): In 2024, USB reported a return on investment of at least 4.5-to-1 across categories including export market development, domestic demand-enhancing research, on-farm production research, and soybean promotion. This demonstrates the continued value of USB’s investments in the soybean sector. In November 2023, USB highlighted investments in infrastructure projects that benefit soybean transportation, including dredging of the Mississippi River in Louisiana and a terminal expansion at the Port of Grays Harbor in Washington.
  • Wilmar International: In 2022, Wilmar added new edible oil refineries, crushing plants, flour mills, rice mills, and oil, flour, and rice packing plants in various locations. While not specifically mentioning soybean meal, these expansions likely increase Wilmar’s overall oilseed processing capacity.

Conclusion

The Soybean Meal Market is set to experience steady growth driven by increasing demand across various sectors, including animal feed, aquaculture, and plant-based food products. Its rich protein content and versatile applications make it an essential ingredient in animal nutrition and a key player in sustainable agricultural practices. 

Additionally, its expanding use in pet food, biofuels, and organic fertilizers underscores its importance beyond traditional feed applications. With strong growth prospects in emerging markets, particularly in Asia Pacific and Latin America, the soybean meal market is well-positioned for long-term expansion, offering numerous opportunities for producers and manufacturers to innovate and cater to evolving consumer needs.

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