Growing Vegan Population and Demand for Nutritious Animal Feed to Boost Soybean Meal Market at a CAGR of 4.8% through 2034 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
6 min read
Future Market Insights Global and Consulting Pvt. Ltd.
An increase in demand for high-quality protein in soybean will continue to drive higher demand for soybean meal, mainly from the animal feed industry, over the forecast period. Asia-Pacific is the dominant region in the soybean meal market, holding the major share of the market.
NEWARK, Del, Jan. 28, 2024 (GLOBE NEWSWIRE) -- Global soybean meal market sales are expected to reach US$ 98.6 billion by 2024. The market is projected to register a 4.8% CAGR and reach a valuation of US$ 157.8 billion by 2034.
Regular soybean meal feed to dairy animals such as cattle and buffalo is the key factor driving the market's growth. Regular consumption of soybean meal helps dairy farm animals to produce milk that is more nutritious.
Soybean meal is given to ruminants and poultry for weight gain to meet the increasing demand for meat worldwide. Furthermore, soybean meal is being used as an ingredient in several goods by pharmaceutical companies, which is expected to push the market for soybean meal.
The market is expected to witness high growth during the forecast period, with Asia Pacific being a significantly flourishing region. The increasing demand for soybean meal, especially in the animal feed and food industries, is a key factor driving the market’s growth.
Key Takeaways from the Report:
The global soybean meal market is expected to reach a valuation of US$ 157.8 billion by 2034.
The market is projected to surge at a CAGR of 4.8% over the forecast period.
The United States is projected to attain a market valuation of US$ 22.7 billion by 2024.
The feed application segment is estimated to hold a market share of 48.0% in 2024.
India is estimated to surge at a CAGR of 5.5% during the forecast period.
"The food industry uses soybean meal for both human and animal feed. The growing number of livestock that are fed soybean meal, as well as the health advantages of this food that is high in protein, are the primary factors of the surging demand for soybean meal," - says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
Key players with a wide range of expertise are directed toward research & development, environmentally friendly sourcing, and novel formulations. Leading players are prioritizing ecologically conscious methodologies, product certifications, and meeting the growing need for natural & sustainable feed ingredients. They are also focusing on quality, innovation, and catering to customer preferences to maintain their market position and take advantage of the rising demand.
Key Companies Profiled
UFAC-UK
The United Soybean Board (USB)
Satavie
SoyKitty
Afrizon Pte Ltd.
Mamta Hygiene Products Pvt Ltd
Guru Soya Foods Pvt. Ltd.
Delta Equities LLC
Prorich Agro Private Limited
The Delong Co., Inc.
For instance,
In 2023, UFAC-UK launched a new partial soybean meal replacement for dairy diets. This meal aims to increase yields, solids, and feed conversion efficiency (FCE) while lowering dependency on imported soy.
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.
Get More Valuable Insights
Future Market Insights (FMI) has released an objective assessment of the global market, presenting past demand data from 2019 to 2023 and projecting forecast statistics for the 2024 to 2034 period.
The study provides compelling insights into the soybean meal market segment based on product type (full-fat soybean meal, defatted soybean meal, and high-protein types), application (feed, fertilizers, food additives, and others), nature (organic and conventional), and region.
About the Food and Beverage Division at Future Market Insights (FMI)
Future Market Insights (FMI) food & beverage team offers comprehensive business intelligence services, with a vast array of reports and data points analyzed across 50+ countries over a decade. The team provides consulting services and end-to-end research, offering expert analysis, actionable insights, and strategic recommendations to clients worldwide. Contact them to explore how they can assist with your unique business intelligence needs.
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Have a Look at Related Reports of the Food and Beverage Domain:
The Soy Isoflavones Market size is expected to grow at a CAGR of 4.9 %. The market value is projected to increase from US$ 17,684.0 Million in 2022 to US$ 1,302.
The Soy Food Products market share is valued at USD 45 Bn in 2022 and is projected to grow at a CAGR of 5.1% during the forecast period, to reach a value of USD 73 Bn by 2032.
The Soy Protein Ingredient market demand is valued at USD 10.2 Bn in 2022 and is projected to grow at a CAGR of 4.5% during the forecast period, to reach a value of USD 15.9 Bn by 2032.
The research by Future Market Insights indicated that during the anticipated time frame, the global soy lecithin market trend would grow at a CAGR of 5.8%.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
