The soybean meal market around the world is rapidly expanding with a growing presence in feed and industrial uses, worldwide. Exclusive data from NextGen Intelligence Stats indicates the global market value was approximately US$ 131.89 billion in 2024 and is expected to almost double to US$ 246.73 billion by 2035, exhibiting a 5.7% compound annual growth rate (CAGR).
Soybean meal refers to the byproduct from the extraction of soybean oil, becoming a crucial nutrient source as a high protein ingredient becoming increasingly prevalent in animal nutrition, food production for poultry, swine, fisheries, and dairy farming. In addition to traditional feed ingredient uses, soybean meal contributes to plant-based food products, dietary supplements, and bio-based industrial materials, thereby expanding market applications and triggering new developments.
Market Size & Forecast
According to NextGen Intelligence Stats, the soybean meal market will grow from US$ 131.89 billion in 2024 to US$ 246.73 billion by 2035, signalling reasonable growth for a developing commodity market driven by rising global protein needs and advancements in feed formulation technology.
Another factor turmeric growth is the transition toward sustainable and traceable production methods that comply with global food safety standards and are aligning with consumer demands.
Market Segmentation
By Raw Material
• Organic Soybean Meal: This is a growing segment because of the drive toward certified organic feedstocks in high-end markets where sustainability, food safety, and supply chain integrity are greatly emphasized.
• Inorganic Soybean Meal: This is the remaining leading volume segment and provides the vast majority of the animal feed produced conventionally.
By Process of Production
• Normal Soybean Meal: The basal and most widely used livestock feedstuff is characterized by a 44-46% protein content. It is the leading product type.
• De Hulled Hipro Soybean Meal: Defatted hipro meal offers higher concentrations of protein digestibility, when formulated is preferred in the premium feed category.
• Defatted soya flour toasted & defatted soya flake toasted: specialty products that are formulated for specialty uses where higher nutrient bioavailability is required.
By Application
• Animal Feed: The top application segment, making around 61.8% of the market in 2024, with conventional uses for animals of poultry, swine, aquaculture, and dairy.
• Bio-Based Products: The fastest growing segment at the front end of R&D and increased adoption of sustainable plant-based manufacturing to replace soy meal as the raw input material.
• Food Industry & Dietary Supplements: The increasing use of food grade soy meal or soybean in human nutrition is positive for growth in this segment.
By Distribution Channel
• Supermarkets: In 2024 were or are expected to account for a major share of distribution of 39.6% for all distribution channels. Also including small farmers making purchases as well as consumers making purchases.
• Online Stores: The fastest-growing channel, driven by digital penetration and changing buying habits as a result of global market changes.
• Specialized Stores & Retail Outlets: These will continue to serve regional and niche feed market needs.
Regional Analysis
Asia-Pacific: The Largest and Fastest Growing
Asia-Pacific has the largest soybean meal market volume due to a combination of growing aquaculture and livestock industries in China, India, and Southeast Asia. As population and income levels increase, demand for meat and seafood grows, consequently driving demand for feed.
China remains the world’s largest consumer and importer of soybean meal as it supports extensive swine and poultry industries. Asia-Pacific’s soybean meal market is forecasted to grow at a 5.1% CAGR up to 2035.
North America: Significant Market Share with Innovation Focus
North America has a 38.33% market share in 2024. The rapid expansion of the renewable diesel industry in the US has stimulated soybean crushing and soybean meal production. The region will also benefit from advancements in feed manufacturing technology and existing export infrastructure.
Europe: Regulation Driven Demand
Growth in Europe’s soybean meal market reflects increasing regulatory requirements that prioritize organic and sustainable feed production. Countries like Germany and France focus heavily on quality certification, traceability, and non-GMO products in order to fulfill consumer demand and comply with stringent legal requirements.
Latin America, Middle East & Africa
Latin America is centrally positioned in production and exports with Brazil and Argentina dominating cultivation of soybeans. The Middle East and Africa are growing regions with emerging markets supported by developing livestock sectors and food security initiatives.
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Market Trends & Opportunities
• Plant-Based Diet & Non-Feed Uses: The growth of health and sustainability awareness has been the catalyst for expanding the application of soybean meal from animal feed usage to plant-based food, supplements and bio-materials.
• Sustainability and Traceability: Growing consumer awareness and demand for certified premium soybean meal products guarantees environmental stewardship and compliance relative to sustainability in a manner consistent with consumer values.
• Processing Innovations: Processing innovations are reducing anti-nutritional factors and improving nutrient bioavailability levels increasing the level of feed nutrition and providing opportunities to develop diverse formulations.
• E-Commerce & Digital Distribution: Increased access to online channels for sales and marketing has provided direct access opportunities for small-scale farmers, cooperatives and specialty segments with improved market reach and convenience.
• Synergies with At-Home Testing Market . Growing reliability and demand for industry assurance of quality has been leveraged into a rapidly growing global at-home testing segment providing rapid verification of feed content and consistent with an increasing demand for a protocol of traceability continuing to grow beyond livestock.
Key Players
Leading companies acknowledged in the NextGen Intelligence Stats report include:
- Mahesh Agro Food Industries
- Louis Dreyfus Company B.V.
- Bunge Limited
- Mamta Hygiene Products Pvt. Ltd.
- Nordic Soya Ltd.
- Mukwano Industries Uganda Ltd.
- Gujarat Ambuja Exports Limited
- AdamPolSoya
- Wudi Deda Agriculture Co. Ltd.
- Agrocorp International Pte Ltd
- Shafer Commodities Inc.
- Denofa AS
- Kohinoor Feeds and Fats Ltd.
- Minnesota Soybean Processors
- Granol Indústria Comércio e Exportação S/A
- DHN International
- Gauri Agrotech Products Pvt. Ltd.
- The Scoular Company
- CHS Inc.
- Kemin Industries, Inc.
These players invest heavily in research and development, sustainability initiatives, and expansion into emerging regions, demonstrating industry dynamism.
Conclusion
The soybean meal industry continues to be a vital part of the agribusiness market space, as rising global protein demands, new technologies in processing and new uses broaden opportunities. Asia-Pacific and North America continue to hold strong positions globally, while Europe holds progressive regulations and a focus on certification and sustainability.
With the use of quality assurance tools such as an expanding home-testing market, the soybean meal industry can help create a more transparent supply chain that is in line with changing consumer expectations. Opportunities exist for soybean meal industry participants to leverage innovation, compliance and regulatory activities, and digital distribution best practices in order to capitalize on a market space with bright futures.
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