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.

Request a Sample of this Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-18815

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.