Soybean Meal Market to Reach $94.2 Billion, Globally, by 2031 at 4.9% CAGR: Allied Market Research
The nutritional components of products made from soybean meal are essential components for optimizing diets and estimating the overall amount of nutrients provided to animals. Additionally, to satisfy the rising demand for meat, soybean meal is fed to animals, including pigs, ruminants, and fowl, to help them gain weight.
PORTLAND, Ore., Jan. 30, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Soybean Meal Market by Nature (Organic, Conventional), by Application (Food Industry, Animal Feed Industry, Pharmaceutical), by Sales Channel (Online, Offline, B2B): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global soybean meal industry generated $59.2 billion in 2021, and is anticipated to generate $94.2 billion by 2031, witnessing a CAGR of 4.9% from 2022 to 2031.
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Prime determinants of growth
A substantial portion of the soybean meal industry is dedicated to meeting the protein needs of humans, but expanding attention to the quality of animal food products is opening up new market prospects for animal feed. Producers in the aquaculture industry are moving forward with significant investments in the soybean meal ingredient since they are recognized as the leading industry in agriculture. Additionally, the reliance on readily available fishmeal in nature decreases due to the use of soybean meal concentrate in ground feeds, and yield has been maximized in monocultures.
- The global health crisis has raised awareness among consumers to opt for a vegan diet. This, in turn, fosters the growth of the soybean meal market in terms of value sales during the COVID-19 pandemic.
- The pandemic disrupted the growth of the business environment of every country, which is expected to be the major challenge for the soybean meal market growth.
The conventional segment to maintain its leadership status throughout the forecast period
Based on nature, the conventional segment held the highest market share in 2021, accounting for more than two-thirds of the global soybean meal market, and is estimated to maintain its leadership status throughout the forecast period. The proportion of proteins and vitamins in conventionally produced soybean meals is sufficient for children, adults, and animal feed. In addition, traditionally produced soybean meal products are effective health-improving elements, also these products have long-lasting effects. However, the organic segment is projected to manifest the highest CAGR of 5.3% from 2022 to 2031 due to growing concerns regarding the environment, sustainability, and healthy food.
The animal feed industry segment to maintain its leadership status throughout the forecast period
Based on application, the animal feed industry segment held the highest market share in 2021, accounting for more than two-fifths of the global soybean meal market, and is projected to maintain its lead position during the forecast period. The manufacturing and trading of animal feed on the global market entails a substantial profit margin for both parties due to the large profit margin and eco-friendliness of animal feed farming. However, the food industry segment is projected to manifest the highest CAGR of 5.3% from 2022 to 2031. This is due to Soybean meal is in high demand in the food industry due to its distinctive qualities, such as its increased solubility in food products and resistance to meat products.
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The offline segment to maintain its lead position during the forecast period
Based on sales channel, the offline segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global soybean meal market, and is projected to maintain its lead position during the forecast period. Soybean meal sales conducted offline have several benefits, including the option to purchase and exchange things at retail locations swiftly. However, the online segment is expected to portray the largest CAGR of 5.3% from 2022 to 2031. The rise in offers or discounts and the increased accessibility of numerous online portals in developing countries encourage consumers to buy soybean meal products online.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global soybean meal market, and is likely to dominate the market during the forecast period, owing to demand for soybean meal in India is expanding quickly, which has increased the need for protein and continues to drive soy protein consumption. However, Europe is expected to witness the fastest CAGR of 5.5% from 2022 to 2031. Owing to an increase in daily intake of plant-based products, particularly plant protein, because of the veganism trend.
Leading Market Players:
- 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
- Wudi Deda Agriculture Co. Limited
- Agrocorp International Pte Ltd
- Shafer Commodities Inc.
- Denofa AS, Kohinoor Feeds and Fats Ltd.
- Minnesota Soybean Processors.
- Granol Indstria Comrcio e Exportao S/A
- DHN International
- Gauri Agrotech Products Pvt. Ltd.
- The Scoular Company
- CHS Inc.
- Kemin Industries, Inc.
The report analyzes these key players of the global ascorbic acid market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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