The global soybean meal market size was estimated at USD 120.34 billion in 2023 and is expected to reach USD 162.91 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2030. This growth is primarily driven by the increasing global demand for protein-rich animal feed, particularly from the expanding livestock and poultry industries. Soybean meal, a key byproduct of soybean processing, is highly valued due to its high protein concentration, balanced amino acid profile, and overall nutritional quality, making it an essential component in animal nutrition. Additionally, rapid population growth and rising disposable incomes across both developed and developing economies are contributing to higher meat consumption, which in turn is fueling the need for efficient and cost-effective protein-rich feed ingredients such as soybean meal.

Moreover, changes in weather patterns are increasingly affecting the supply of soybeans and other agricultural crops. Extreme weather events such as droughts, floods, and irregular rainfall can significantly damage crops and reduce overall yields, leading to supply constraints. These disruptions often result in higher prices for soybean meal and other agricultural commodities, influencing market dynamics and pricing volatility. Despite these challenges, long-term demand remains resilient due to the essential role of soybean meal in the global feed supply chain.

There is also growing interest in sustainable agriculture and in reducing the environmental impact of food production across the value chain. Soybean meal is increasingly viewed as a more sustainable alternative to certain other protein sources, particularly meat-based proteins, which typically require greater land, water, and energy inputs to produce. As a result, soybean meal demand is expected to continue rising as consumers, livestock producers, and food manufacturers seek environmentally responsible and resource-efficient protein solutions.

The degree of innovation within the soybean meal market has been significant in recent years, supported by multiple contributing factors. Advancements in agricultural technology and farming practices have led to improved soybean cultivation techniques, higher crop yields, and more efficient processing methods. These improvements have resulted in better-quality soybean meal with enhanced nutritional consistency. Furthermore, growing awareness of sustainability and environmental concerns has encouraged companies to adopt innovative approaches, including sustainable sourcing practices, waste reduction initiatives, and energy-efficient processing technologies, thereby improving the overall sustainability profile of soybean meal production.

Key Market Trends & Insights:

• Asia Pacific dominated the overall soybean meal market in 2023 and is anticipated to grow at the fastest CAGR of 5.09% from 2024 to 2030. The region’s large and growing population, combined with increasing disposable incomes, has significantly increased demand for soybean meal as a reliable source of protein and essential nutrients, particularly in animal feed applications. Rapid growth in the livestock and aquaculture sectors further supports market expansion. China accounted for the largest share of the soybean meal market in the Asia Pacific region in 2023, driven by its extensive animal farming industry and strong demand for feed ingredients.
• By nature, the conventional segment accounted for the largest revenue share in 2023. Conventional soybean meal remains a widely accepted and cost-effective protein source used extensively in animal feed formulations and various food applications. Its broad availability and established supply chains continue to support its dominant position. Meanwhile, the organic segment is anticipated to witness the fastest market growth over the forecast period, driven by rising consumer demand for organic and sustainably produced food products and increasing adoption of organic feed in premium livestock farming.
• By end-use, the animal feed segment dominated the market in 2023, reflecting the widespread use of soybean meal in livestock, poultry, and aquaculture diets. Growing awareness of the health and productivity benefits of soybean meal in animal nutrition is contributing to continued segment growth. At the same time, the food and beverages segment is anticipated to grow at a rapid pace during the forecast period, supported by increasing use of soybean-derived ingredients in plant-based foods, protein supplements, and functional food products.

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Market Size & Forecast:

• 2023 Market Size: USD 120.34 Billion
• 2030 Projected Market Size: USD 162.91 Billion
• CAGR (2024-2030): 4.5%
• Asia Pacific: Largest market in 2023

Key Companies & Market Share Insights:

Some key players operating in the soybean meal market include Kohinoor Feeds and Nordic Soya Ltd., both of which play important roles within their respective regions.

• Kohinoor Feeds offers a diversified product portfolio that includes soya flakes, refined and crude oils, flour, meal, yellow maize, and white sugar, allowing the company to cater to a broad range of agricultural and food industry requirements.
• Nordic Soya Ltd. operates its soybean processing facility in Hamina, located on the southern coast of Finland. The company’s operations are primarily focused on serving the Finnish market and the wider European region, emphasizing high-quality processing standards and regional supply reliability.
• The Scoular Company and Wilmar International are among the emerging participants in the global soybean meal market, contributing to increasing competition and market diversification. The Scoular Company maintains a strong presence in North America, with extensive operations and facilities across the U.S. and Canada, complemented by a global trading and distribution network.
• Wilmar International, a leading agricultural enterprise with a strong footprint in Asia and Africa, is headquartered in Singapore and operates across multiple segments, including oilseed crushing, flour and rice milling, edible oils refining, and ready-to-eat food solutions, further strengthening its position in the soybean meal value chain.

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Conclusion:

In conclusion, the global soybean meal market is witnessing steady growth, driven by rising demand for protein-rich animal feed and expanding livestock and poultry industries worldwide. Population growth, increasing incomes, and higher meat consumption continue to strengthen the need for efficient and nutritionally balanced feed ingredients such as soybean meal. Although climate variability and extreme weather events pose challenges to soybean supply and pricing, long-term demand remains resilient due to the essential role of soybean meal in global food and feed systems. Growing emphasis on sustainable agriculture and environmentally responsible protein sources further supports market expansion. Technological advancements and innovations in soybean cultivation, processing, and sustainable sourcing practices are enhancing product quality and operational efficiency. Strong growth in the Asia Pacific region, along with increasing adoption across both animal feed and food applications, is expected to sustain market momentum through 2030.