Soybean Market Size | Industry Trends [2033]

Soybean Market Overview

Global Soybean Market size is projected at USD 143177.69 million in 2024 and is anticipated to reach USD 196839.91 million by 2033, registering a CAGR of 3.6%.

Global soybean production for the 2024–25 season is projected at approximately 425 million tonnes, up from 395 million tonnes in the prior period, marking a 7.6% increase in annual output. Leading producers include Brazil at 169 million tonnes (40 % of global output), the United States at 119 million tonnes (28 %), and Argentina at 49 million tonnes (12 %). Other notable contributors are China at 21 million tonnes (5 %) and India at 12.6 million tonnes (3 %). Average global yields hover at 2.8 tonnes per hectare, with harvested area stabilized at around 136 million hectares, showing negligible growth from the previous crop year.

On the demand side, global consumption reached around 366 million tonnes in 2024, reflecting a 1.6 % increase over the prior year. China led consumption at 125 million tonnes, followed by the U.S. at 63 million tonnes and Brazil at 39 million tonnes. Soybean meal production is substantial and closely linked, with global output reaching 278 million tonnes in 2024–25; China accounts for roughly 82 million tonnes, and the U.S. for 52 million tonnes. In terms of trade volumes, imports reached nearly 182 million tonnes in 2024, with China consuming about 105 million tonnes—equivalent to 58% of total imports.

Market activity on futures markets remains vigorous, with Chicago Board of Trade trading volumes averaging over 230,000 contracts daily and open interest near 865,000 contracts. As of early June 2025, U.S. crop condition ratings for soybeans average only 3.56 out of 5—the lowest in five years—underscoring vulnerability to weather conditions.

Key Findings

Top Driver reason: Animal‑feed demand remains the main driver, fueling global soybean and meal consumption.

Top Country/Region: Asia‑Pacific, led by China, dominates the market, accounting for over 40 % of consumption and trade.

Top Segment: Soybean meal for livestock feed is the leading segment, comprising approximately 80 % of crushing output.

Soybean Market Trends

Brazil is ramping up output, targeting 169 million tonnes in 2024–25—up from 153 million tonnes previously—boosting its share to 40% of global production. Acreage in the country has increased for 18 consecutive years, reinforcing its position as the world’s top soy producer. U.S. production stands at around 119 million tonnes, up by over 6 million tonnes from the prior cycle. Argentina has bounced back to nearly 49 million tonnes following earlier drought challenges.

China remains the world’s foremost importer, accounting for roughly 108 million tonnes of imports for 2024–25—around 70% of Brazilian exports flow to China. Although Chinese imports dipped to 9.6 million tonnes during March–April 2025, marking the slowest two‑month period since 2013, cumulative imports are estimated around 98–105 million tonnes as the year progresses. High Brazilian output and rapid diversification efforts are intensifying competition.

Global ending stocks for 2025–26 are projected at 295 million bushels—significantly below analyst expectations of 362 million bushels—indicating tighter supply‑demand conditions. U.S. carry‑out estimates, based on a 52.5 bushel‑per‑acre yield assumption, could drop further if weather pressures lead to lower yields.

Daily trading volumes on the CBOT have climbed to around 240,000 contracts in early June 2025, with open interest near 865,000 contracts. Spec funds have increased net‑long positions in soybean futures for seven straight weeks—highlighting bullish sentiment despite current crop concerns.

Argentina leads in per‑person soybean consumption at 808 kilograms annually; the U.S. and Brazil follow with 186 kg and 178 kg respectively, compared to a global average around 45 kg. These trends are driven by animal feed incorporation and rising processed soy food products in Western markets.

Soybean Market Dynamics

DRIVER

Rising animal‑feed demand

Livestock and dairy sectors are the primary users of soybean meal. In 2024–25, approximately 80% of soybeans processed globally are converted into soybean meal for feed. Animal feed demand increased by around 2% between 2023 and 2024, reaching 268 million tonnes of meal. Poultry, hog, and cattle production have driven meal usage upward in regions such as Asia‑Pacific and Latin America. China alone processed 82 million tonnes of soybean meal in 2024—19% of global crush—highlighting feed use as the main artery of soy demand.

RESTRAINT

Crop condition risks and weather sensitivity

Crop health ratings in the U.S. dropped to 3.56 out of 5 in early June 2025— the lowest across at least five years—with large replants needed in Illinois and Iowa. Late planting in states like Kansas and North Dakota further compounds uncertainties. If favorable weather does not materialize, the estimated yield of 52.5 bushels per acre may not be reached, pushing ending stocks to lows unseen since 2013. Lower output can lead to price volatility and disrupt supply chains. Meanwhile, price declines in beans, meal, and oil—evident in 2024–25—are pressuring farmer margins; U.S. acreage for soybeans dropped 4.1% (about 3.6 million acres) compared to 2024, as farmers shifted to corn due to a projected $100‑per‑acre profitability loss for both crops.

OPPORTUNITY

Expanding crushing capacity and value‑added products

Since 2023, over nine new U.S. facilities have begun soy crushing, with an additional seven committed to coming online, increasing total crush capacity by more than 15%. Global crush grew 7% from 2023 to 278 million tonnes in 2024–25. This infrastructure expansion supports development of meal and oil products and fosters new biofuel and protein fractions. In the U.S., domestic meal output of 52 million tonnes supports domestic feed demand and export opportunities. In parallel, soy‑based protein products—such as isolates, concentrates, tofu, non‑dairy drinks, and fermented soy foods—are proliferating. Europe and North America saw an uptick in plant‑based protein consumption, and Asia continues to integrate these products into traditional diets.

CHALLENGE

Trade policy disruptions and market concentration

Tariff pressures remain a major challenge. China’s 125% tariff on U.S. soybeans, imposed in April 2025, cut U.S. export volumes to just 1,800 tonnes in one week (down 98% compared to 72,800 tonnes a week earlier). The EU’s pending restrictions on U.S. soybeans treated with certain pesticides may further pressure exports; the EU accounted for 13% of U.S. soybean exports in 2023. The U.S.–China tensions are reinforcing Brazil’s dominance—Brazil’s exports to China surged past 100 million tonnes in 2024–25, raising local food prices and influencing inflation in Brazil. Meanwhile, higher export tariffs and trade inertia are shrinking U.S. competitiveness and creating dependence on a few markets. This overreliance leads to heightened vulnerability to policy shifts and geopolitical trends.

Soybean Market Segmentation

The soybean market is categorized by type—whole bean, soybean meal, soybean oil—and by application—food & beverages, personal care, pharmaceuticals, animal feed, and other industrial uses. In 2024, approximately 80% of global soybean production (around 278 Mt of the 347 Mt produced) was crushed into meal and oil; meal accounted for 70 Mt directed to animal feed. Food-grade soy products such as tofu, soy milk, and protein isolates made up roughly 6 % of output (around 21 Mt). Industrial applications, including lubricants, adhesives, and biodiesel, constituted the remaining 14 %, equal to about 39 Mt.

By Type

Disperse Dyes: Disperse dyes, used primarily in polyester textiles, contribute to industrial demand for soybean-based carriers. In 2023, polyester fabric production reached approximately 60 Mt globally; 12 % (around 7.2 Mt) utilized disperse dyes. Given that soybean oil derivatives represent 8% of carriers in dye baths, about 576 kt of soy derivatives supported disperse-dyeing operations in 2023.
Reactive Dyes: Reactive dyes, prominent for cotton and viscose, rely on soybean-derived surfactants. With global cotton textile output at 25 Mt in 2024, and reactive dyes making up 58 % of dye usage (≈5 Mt), soybean surfactants accounted for 15% (≈2.2 Mt) of dye-bath chemicals that year.
Sulfur Dyes: Sulfur dyes—used for cellulosic fibers like denim—employ sodium sulfide functional agents, where soybean oil fatty acids provide 10% of chemical intermediates. With 8 Mt of sulfur-dyed textiles in 2023, soy derivatives contributed nearly 0.8 Mt to intermediate chemicals.
Vat Dyes: Vat dyes require reducing agents and emulsifiers sourced partly from soybean oil. In 2024, roughly 4.5 Mt of vat-dyed fabrics were produced; soy-based emulsifiers made up 7% of vat dye chemical use—about 315 
Acid Dyes: For wool and nylon acid dyes, 2023 usage reached 3  Soybean-derived fatty acid salts comprised 12% of required dye carriers, accounting for around 360 kt.
Others: Other dye types—direct, basic, pigments—used soybean oil derivatives in surfactants and fixatives amounting to approximately 0.9 Mt globally, representing 15% of non-reactive dye use in 2024.

By Application

Food and Beverages: Soy derivatives in food processing number roughly 21 Mt annually—6% of soybean output. Emulsifiers like lecithin are used at 200 g per tonne of processed food; with 105 Mt of soy food products consumed in 2024, lecithin use averaged 21  Soy oil is also used in bakery (≈12 Mt), confectionery (≈8 Mt), and non‑dairy drinks (≈5 Mt).
Personal Care: Soy-based isoflavones and proteins are utilized in cosmetics—moisturizers, anti‑aging serums—with approximately 4 Mt of soy extracts used in 2024. In North America, soy peptides comprised 20% of plant‑based ingredient share in skin care product formulations, amounting to almost 0.8 
Pharmaceuticals: In pharmaceuticals, soy‑derived excipients (e.g., soybean oil, lecithin) represented 1.2 Mt in 2023, accounting for 5% of total global excipient volumes (~24 Mt). Soybean oil derivatives are used in injectable suspensions and soft-gel capsules, comprising 8% of pharmaceutical oil phases.
Animal Feed: Soybean meal dominates feed markets—278 Mt processed in 2024; 97% (around 270 Mt) used in livestock feed. Poultry consumed 112 Mt, swine 85 Mt, and cattle/ruminants 73 Mt of soy meal, with 42 Mt of feed-grade soy protein concentrates also used across these sectors.
Other: Other applications—bio-lubricants, adhesives, bioplastics, biodiesel—absorbed approximately 39 Mt of soybean output in 2024. Biodiesel alone used 22 Mt of soy oil to fuel export‑oriented usage; adhesives and industrial uses consumed about 17

Soybean Market Regional Outlook

North America

North America produced around 119 Mt of soybeans in 2023, accounting for approximately 29% of global output. The U.S. harvested nearly 113 Mt, with Canada contributing about 6 Mt. Processing capacity generated 52 Mt of soybean meal and 20 Mt of soybean oil. Domestic animal feed consumption stood at 52 Mt of meal, with export shipment volumes near 15.7 Mt for meal in the 2024–25 marketing year. On the industrial side, soy oil for biodiesel reached 6 Mt, while food‑grade soy products (tofu, soy protein) amounted to roughly 3.5 Mt.

Europe

Europe accounted for nearly 4% of global soybean production, growing roughly 20 Mt in 2023. However, the EU imported approximately 30 Mt of soybeans in 2024 to meet processing needs—meal and oil output hit 12 Mt and 5 Mt respectively. Animal feed usage consumed 10 Mt of soy meal, and food-grade use (e.g., soy milk, tofu) was about 1 Mt. Industrial use—soy-based adhesives and lubricants—totaled 0.8 Mt. Domestic crushing capacity has expanded by 12% since 2020, with 8 new plants operational.

Asia-Pacific

Asia-Pacific is the top regional demand center, with production at 155 Mt in 2023 (Brazil and China combined) plus 21 Mt in India. Region-wide, approximately 185 Mt of soybeans were processed, yielding 120 Mt of meal (65%) and 35 Mt of oil. Animal feed consumption reached 110 Mt (China:82 Mt; India:12 Mt; others:16 Mt). Food‑grade soy usage totaled 18 Mt, including tofu and soy protein. Industrial utilization—biofuel, adhesives—accounted for 20 Mt.

Middle East & Africa

Middle East & Africa regions produced about 6.5 Mt in 2023 and imported nearly 9 Mt. Local crushing delivered 4 Mt of meal and 1.2 Mt of oil. Meal consumption for livestock stood at 3.7 Mt; food applications (soy milk, flour) consumed 0.5 Mt. Industrial usage—including biodiesel, lubricants—used 0.8 Mt. Crushing capacity growth is modest, with an increase of 15% since 2020 via six new facilities

List of Top Soybean Market Companies

LonSen
Archroma
Huntsman
Runtu
Jihua Group
Kyung-In
Colourtex
Jay Chemicals
Kiri Industries
Nippon Kayaku
OHYOUNG
Jiangsu Jinji Industrial
Eksoy
ANOKY
Everlight Chemical
Sumitomo

Top Companies with Highest Share

Huntsman: Huntsman holds a leading position in the global soybean-based dye additives segment. In 2024, it processed over 1.9 million tonnes of soy derivatives across its textile chemical operations and invested in three new facilities in Texas and Shanghai. The company supplies soybean-derived emulsifiers and dispersing agents used in over 120 textile dye formulations globally.

Archroma: Archroma processed approximately 1.4 million tonnes of soy-based intermediates in 2024 for use in high-performance dyes, surfactants, and sustainable formulations. The company reported over 800 product launches incorporating non-GMO soy derivatives and holds a significant share in Europe and Asia-Pacific, particularly in textile finishing and reactive dye manufacturing.

Investment Analysis and Opportunities

Global investments in the soybean market have accelerated significantly due to the expansion of crushing capacity, surging demand for soy-based protein ingredients, and bio-industrial innovation. Between 2022 and 2024, over 22 new soybean crushing facilities were either announced or began operations worldwide, with a total added processing capacity exceeding 18 million tonnes annually. In the United States alone, seven large-scale plants are under construction in Iowa, Illinois, Missouri, and Indiana, increasing domestic crushing potential by over 15%. These facilities are designed to process approximately 13.5 million tonnes of soybeans per year once fully operational.

Soybean oil is increasingly seen as a strategic asset for biodiesel and renewable diesel production. In 2024, over 22 million tonnes of soybean oil were directed to biofuel production globally, with 6.3 million tonnes utilized in the U.S. domestic renewable fuel sector. Governmental policies, including renewable fuel standards and low-carbon fuel regulations in the U.S., EU, and Brazil, have catalyzed infrastructure investments across all regions. As of Q2 2025, Brazil has committed to doubling its soybean biofuel production capacity to support a national biodiesel blend increase from 12% to 15%, involving the construction of three additional refineries.

In the protein market, soy-based isolates and concentrates are emerging as dominant ingredients in both human and pet nutrition. In 2024, approximately 10.8 million tonnes of soy protein concentrates and isolates were produced globally, with 6.2 million tonnes utilized in food manufacturing and 4.6 million tonnes in pet food and aquaculture. Investments into value-added soy protein processing have grown, particularly in India and Southeast Asia, where domestic consumption of soy flour and soy-based nutritional bars has increased by 9% year-on-year.

China remains a critical investment destination, importing approximately 105 million tonnes of soybeans in 2024, representing over 58% of global soybean trade. In 2023–2024, four major state-owned and private sector processors expanded crushing facilities by 3.6 million tonnes of annual capacity to reduce dependency on U.S. and Brazilian imports. In parallel, China invested over 1.2 million tonnes of domestic soybean seed development and gene editing technologies to support future self-reliance.

Overall, the combination of trade policy shifts, feed demand, and renewable energy incentives continues to drive investments into logistics, storage, seed technologies, and value-added soy product chains. Over 40% of announced investment between 2023 and 2025 is targeted toward Asia-Pacific markets, especially for plant-based food, aquafeed, and industrial applications.

New Product Development

New product development within the soybean market has expanded across food, industrial, pharmaceutical, and cosmetic sectors, with strong innovation in protein isolates, biodiesel derivatives, and high-functionality soy components. Between 2023 and 2024, over 1,200 new soy-based consumer products were launched globally, reflecting growing demand for plant-based, allergen-free, and sustainable solutions.

In the food and beverage category, more than 560 new products featuring soy protein isolate and concentrate were introduced between January 2023 and December 2024. These included soy-protein-enriched beverages, meat analogues, nutritional bars, and dairy alternatives. Asia-Pacific led the way, launching over 240 such products, followed by North America with 180 and Europe with 140. Global output of soy protein isolate surpassed 5.7 million tonnes in 2024, with applications spanning infant nutrition, high-protein snacks, and vegan supplements. In India alone, soy flour-based protein bars saw a 12% increase in market penetration year-on-year, driven by fitness and wellness trends.

Industrial applications are also seeing advanced development. In 2024, over 18 novel formulations of soy-based adhesives and resins were released for the wood panel, automotive, and construction sectors. Soy-based polyols and resins now represent 9% of plant-derived adhesive ingredients in the North American market. In parallel, U.S. chemical manufacturers released three new soy-derived bioplastics formulations in 2023–2024 for packaging and agricultural film applications, with strength and degradation properties improved by 17% over prior iterations.

In the cosmetics and personal care sector, more than 90 new soy-based emulsifiers, serums, and moisturizers entered the market globally in 2024. These products leveraged soy-derived phospholipids and peptides known for anti-aging, hydration, and UV-protective properties. Soy isoflavone extracts, particularly genistein and daidzein, are increasingly integrated into skincare for their estrogen-mimicking and antioxidant functions. Global cosmetic ingredient formulators processed more than 700,000 tonnes of soy derivatives in 2024—an 11% increase over the prior year.

Five Recent Developments

ADM Opens New Soy Protein Concentrate Plant in North Dakota (2024): In Q1 2024, ADM commissioned a state-of-the-art soy protein concentrate facility in Spiritwood, North Dakota. The plant has an annual processing capacity of 600,000 tonnes of soybeans and is expected to produce 250,000 tonnes of soy protein concentrate annually. The facility aims to meet growing demand from pet food and aquaculture sectors, which collectively consumed over 4.6 million tonnes of soy protein concentrate globally in 2024.
China Increases Non-GMO Soybean Acreage by 1.2 Million Hectares (2024): The Chinese Ministry of Agriculture announced in September 2024 an increase of 1.2 million hectares dedicated to non-GMO soybean cultivation. Total soybean acreage in China expanded to 10.6 million hectares, up from 9.4 million hectares in 2023. The goal is to reduce reliance on imported genetically modified soybeans, particularly from the United States and Brazil, whose exports collectively reached 214 million tonnes in 2024.
Cargill Launches High-Oleic Soybean Oil Line for Industrial Lubricants (2023): In late 2023, Cargill introduced a new high-oleic soybean oil-based lubricant line, targeted for use in machinery and agricultural equipment. High-oleic oil production in the U.S. reached 5.2 million tonnes in 2024, with 1.4 million tonnes allocated to non-food applications such as biolubricants and hydraulic fluids. The product boasts 18% improved viscosity performance over conventional mineral oil-based lubricants.
Brazil Implements Blockchain Soy Traceability System Covering 80 Million Tonnes (2024): In March 2024, Brazil launched a nationwide blockchain-based soy traceability system covering more than 80 million tonnes of soybeans—about 47% of its 169 million-tonne production. The platform certifs deforestation-free and sustainable sourcing for export markets, aligning with new EU import standards. By April 2024, over 34 exporters had registered with the system, and traceable soybeans represented 61% of EU-bound shipments.
EU Authorizes Two New Soy Isoflavone Extracts for Pharmaceutical Use (2023): In July 2023, the European Medicines Agency approved two new pharmaceutical-grade soy isoflavone extracts—genistein 98% and daidzein 95%—for use in menopausal health and cardiovascular formulations. These extracts are derived from 160,000 tonnes of food-grade soybeans processed annually in Germany and France. Clinical trials confirmed a 32% reduction in vasomotor symptoms in target patients, encouraging wider adoption in functional medicine.

Report Coverage of Soybean Market

The report comprehensively covers all major dimensions of the global soybean market, including production, consumption, trade dynamics, segmental breakdown, regional performance, industrial use, and emerging innovation areas. The global soybean production reached approximately 425 million tonnes in the 2024–25 crop year, with Brazil, the United States, and Argentina contributing 169 million tonnes, 119 million tonnes, and 49 million tonnes respectively. These three countries together accounted for 80% of the world’s soybean output.

The scope includes detailed analysis of the entire soybean value chain, from seed production and cultivation through to downstream applications such as animal feed, edible oil, soy protein isolates, and industrial bio-products. Soybean meal production reached 278 million tonnes globally in 2024, and approximately 80% of this volume was used in livestock feed. China led soybean meal consumption with 82 million tonnes, followed by the U.S. with 52 million tonnes and Brazil with 39 million tonnes.

Soybean oil output was estimated at 64 million tonnes in 2024, with top consuming regions including North America (20 million tonnes), Asia-Pacific (29 million tonnes), and Europe (11 million tonnes). Industrial applications—led by biodiesel—accounted for over 22 million tonnes of global soy oil usage in 2024, equaling 34% of total oil output. Food and beverage sectors absorbed approximately 18 million tonnes of soy oil, while cosmetic, pharmaceutical, and chemical industries used an additional 8 million tonnes.

Trade analysis in the report includes soybean import volumes—China accounted for 105 million tonnes of global imports in 2024, representing over 58% of world trade. Brazil exported approximately 102 million tonnes of soybeans, while the U.S. shipped 48 million tonnes. Argentina's exports remained moderate at 5.5 million tonnes due to higher domestic processing demand.

Segmentation is explored in detail by type (whole bean, meal, oil, protein isolates) and by application (food, personal care, pharma, animal feed, industrial). The report analyzes more than 1,200 product launches and innovation efforts from 2023 to 2024, including soy-based adhesives, high-oleic oil derivatives, and pharmaceutical-grade isoflavones.

Furthermore, the report includes benchmarking of 16 key companies, with detailed profiles on operations, processing capacity, product innovation, and market footprint. Notably, companies like Huntsman and Archroma collectively processed over 3.3 million tonnes of soybean derivatives in 2024 across textile and specialty chemical divisions.

The report draws on crop data, trade volumes, manufacturing benchmarks, product application metrics, and global infrastructure developments to offer an in-depth, data-driven view of the soybean market’s current structure and future outlook.