Future of Soybean Meal Market: Key Trends and Growth Drivers

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The global soybean meal market share is on a steady growth trajectory, projected to reach US$ 157.8 billion by 2034, with a CAGR of 4.8% from 2024. Here’s why this market is gaining traction:

Key Insights:

  • Market Growth Dynamics: Estimated to grow from US$ 98.6 billion in 2024 to US$ 157.8 billion by 2034, driven by increasing demand in the animal feed industry and rising popularity in plant-based food products.
  • Consumer Trends: Rising preference for soybean meal due to its eco-friendly production methods and nutritional benefits, particularly in vegetarian and vegan diets.
  • Industry Applications: Widely used in animal feed for its cost-effectiveness and high protein content, essential for livestock growth and development.

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Trends Driving Growth:

  • Diversified Applications: Extensive use in food & beverage sectors, including dairy substitutes and bakery goods, boosting demand.
  • Technological Advancements: Innovations in extraction techniques enhancing nutritional value and affordability of soybean meal products.
  • Global Market Dynamics: Significant growth expected in key regions like China, India, and Australia, driven by changing dietary habits and sustainable agricultural practices.

Competitive Landscape

UFAC-UK, The United Soybean Board (USB), Satavie, SoyKitty, Afrizon Pte Ltd., and Mamta Hygiene Products Pvt Ltd are the leading players operating in the market. The market for soybean meal has a dynamic and diverse competitive environment. Leading players with a wide range of expertise are concentrating on research & development, environmentally friendly sourcing, and novel formulations.

Leading players are also prioritizing ecologically conscious methodologies, product certifications, and meeting the growing need for natural & sustainable feed ingredients. Key companies are further prioritizing quality and innovation and catering to customer preferences to maintain their market position and take advantage of the rising demand.

Recent Developments

  • In 2023, UFAC-UK launched a new partial soybean meal replacement for dairy diets.
  • In 2022, The United Soybean Board (USB) and The Yield Lab Institute launched the Soy Innovation Challenge to increase the value of soybean meal and explore new uses & markets for soybean meal.
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