Soybean By-Product Market

Soybean By-Product Market Overview (2024 to 2034)

According to a recent industry analysis by Fact.MR, the global soybean by-product market has been estimated to be valued at US$ 57.34 billion in 2024 and demonstrated to grow at a CAGR of 5.9% to reach US$ 101.43 billion by the end of 2034.

Over the coming years, demand for soybean by-products in North America and East Asia is projected to rise significantly. This is due to factors such as the shift towards plant-based diets, diverse food industry usage, health and wellness trends, and significant agricultural production in these regions.

Soybean by-products come in organic and conventional options, such as soybean oil, meal, oil cake, protein, and lecithin, which are versatile ingredients in food products. Demand for soybean by-products is projected to remain strong, offering opportunities for producers of both organic and conventional soybean meals to meet the diverse needs of the food industry.

Report Attributes	Details
Soybean By-Product Market Size (2019A)	US$ 43.67 Billion
Estimated Market Value (2024E)	US$ 57.34 Billion
Forecasted Market Value (2034F)	US$ 101.43 Billion
Global Market Growth Rate (2024 to 2034)	5.9% CAGR
China Market Size (2019A)	US$ 8.44 Billion
Japan Market Growth Rate (2024 to 2034)	7.7% CAGR
Key Companies Profiled	Archer Daniels Midland Company Alpro Dean Foods Company Chs Inc. Eden Foods, Inc. Northern Soy Inc. Solbar Ltd. Cargill Inc. The Scoular Company Linyi Shansong Biological Products Co. Ltd. Adani Wilmar Company. Kikkoman Louis Dreyfus Company

Consumption Analysis of Soybean By-Products (2019 to 2023) vs. Market Estimates (2024 to 2034)

Soybean by-products have emerged as a significant offering for vegan consumers worldwide in recent years. Soybeans have become the leading oilseed crop globally, fueling the growth of the edible oil industry. Soybeans have been utilized in countries like China, Japan, and South Korea for food and medicinal purposes. The United States was introduced to soybeans in 1804, and the nation gradually became a major producer of this crop.

• Short Term (2024 to 2027): Industries worldwide are projected to generate significant demand for soybean by-products driven by government policies that provide funds to farmers. This support is forecasted to drive up the mass production of soybean by-products.

• Medium Term (2027 to 2030): Growth of industries such as agriculture, food & beverages, foodservice, and animal feed are projected to lead to advancements in soybean processing techniques.

• Long Term (2030 to 2034): In the long term, the HoReCa sector (hotels, restaurants, and catering) is projected to increasingly utilize soybean by-products to cater to the growing demand from vegan consumers. As the demand for plant-based options continues to rise, soybean by-products offer the HoReCa sector an opportunity to diversify their offerings and meet the needs of a broader consumer base, positioning them to capitalize on the trend towards plant-based and protein-rich food choices.

The market is projected to expand at a CAGR of 5.9% during the forecast period from 2024 to 2034, according to Fact.MR, a market research and competitive intelligence provider.

What are the Key Soybean By-Product Market Trends?

“Rising Demand for Soybean By-Products as Substitutes for Meat among Vegan Consumers”

Soybean by-products are in high demand as a substitute for meat among vegan consumers who struggle to meet their protein intake from other plant-based sources. Products like soymilk, tofu, soy nuts, and sprouts, rich in soy protein, are crucial for meeting daily protein needs, driving up demand for soybean by-products.

The continuous introduction of new soybean products is boosting demand not only among consumers but also among livestock producers and agricultural importers and exporters worldwide. Despite new tariffs on imports and exports set by the World Trade Organization (WTO), which may create challenges, efforts to facilitate trouble-free trade between countries persist are driving the soybean by-product market growth.

What are the Factors Restricting Demand Growth for Soybean By-products?

“Production of Soybean By-Products Using Chemicals Affecting Consumer Interest”

Soybean by-products are a protein-rich option, but the emergence of new substitutes for nutrition or protein in the market impacts their sales, potentially hindering the market growth. The production of soybean by-products using chemicals and inorganic ingredients can disrupt the organic production process, leading to a loss of consumer interest in soybean products. These factors restrain the soybean by-product market growth.

Country-wise Insights

Why is China Emerging as a Key Market for Soybean By-product Manufacturers?

“Sales of Soybean By-Products Rising to Address Health Implications of Meat Consumption”

The market in China is forecast to expand at a CAGR of 6.3% and reach a size of US$ 19.35 billion by the end of 2034. The East Asia region is estimated to account for 24.4% of the global soybean by-product market share in 2024.

Demand for soybean products is rising in China due to health concerns associated with meat consumption, prompting an increase in demand among vegetarian consumers. This trend is projected to boost soybean by-product demand in China during the forecast period. The evolution of new techniques for developing soybean by-products is forecasted to reshape consumer perceptions and offer various benefits, thus fueling market growth.

What is the Demand Outlook for Soybean By-products in the United States?

“Substantial Soybean Production for Food Processing, Animal Feed, and Foodservice Industries”

The market in the United States is estimated to be valued at US$ 8.83 billion in 2024 and is projected to expand at a CAGR of 5.7% through 2034. Market growth in the nation is fueled by substantial soybean production. As of now, soybean production stands at 113,344 metric tonnes.

High soybean production in the United States can influence global soybean prices, leading to fluctuations in various soybean-derived products. The versatility of soybeans extends to the food processing, animal feed, and foodservice industries. Soybean by-products are directed towards the animal feed industry, driving considerable imports of related products worldwide.

Category-wise Insights

Why Does Soybean Oil Generate High Income for Market Players?

“Extensive Use of Soybean Oil in Animal Feed Due to its Health Benefits”

The soybean oil segment is forecast to expand at 5.8% CAGR and reach a value of US$ 59.75 billion by 2034-end. Soybean oil, extracted from soybean seeds, is a widely used vegetable oil ideal for use in printing ink and oil paint formulations. It serves as a vital protein source for animals, benefiting the dairy cattle, pig, and poultry industries by improving body condition, reproduction, and egg production. Efforts to enhance livestock production fuel the demand for soybean oil.

In the medical field, soybean oil provides essential fatty acids and calories, aiding in heart health, vision, skin, and bone strength. It is a staple in household kitchens, enhancing the taste of baked and fried goods.

How is the Market Behaving for Conventional vs. Organic Soybean By-products?

“Vital Role of Conventional Soybean in Lowering Risk of Cardiovascular Diseases and Cancer”

As per the study by Fact.MR, the conventional segment will hold 90% of the market share in 2024. Sales of conventional soybean by-products are projected to reach US$ 91.29 billion by the end of 2034. Demand for conventional soybeans is rising among companies aiming to launch products like tofu and soymilk, requiring specific varieties to meet diverse end-user requirements.

Clinical trials have demonstrated that soy proteins significantly reduce LDL (bad cholesterol) levels while moderately increasing HDL (good cholesterol) levels, thereby reducing the risk of cardiovascular diseases, coronary heart disease (CHD), and certain cancers. Demand for tofu and soymilk, among other conventional soybean products, for creating dairy alternatives such as soy yogurt and soy-based cheese is growing at a significant pace. They serve as ingredients in a variety of dairy and non-dairy products, including pancakes and baked goods.

Competitive Landscape

Key players in the soybean by-product industry include Archer Daniels Midland Company, Alpro, Dean Foods Company, Chs Inc., Eden Foods, Inc., Northern Soy Inc., Solbar Ltd., Cargill Inc., The Scoular Company, Linyi Shansong Biological Products Co. Ltd., Adani Wilmar Company, Kikkoman, and Louis Dreyfus Company.

Soybean by-product manufacturers are constantly improving their product offerings to meet the demands of the market. These companies are investing in research and development to improve the performance and quality of their products, which can lead to higher sales. Players are continuously expanding their operations in regions such as East Asia.

• In November 2023, Cargill expanded its project in Sidney, Ohio, to crush and refine soybean oils. This expansion doubles the capacity, creating lucrative opportunities for farmers and increasing demand for soybeans.

• For approximately two decades, Archer Daniels Midland Company (ADM) has collaborated with farmers and the government to support smallholder soybean production in Indian states.

Fact.MR has provided detailed information about the price points of key manufacturers of soybean by-products positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Soybean By-Product Market Research

• By Nature :

  • Organic
  • Conventional

• By End Use :

  • Food Processing Industry
  • Food Service Industry
  • Animal Feed
  • Retail / Household
  • Others

• By Type :

  • Soybean Oil
  • Oilcake
  • Lecithin

• By Region :

  • North America
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Western Europe
  • Eastern Europe
  • Middle East & Africa