Procurement Resource’s New Soybean Industry Intelligence Report (2022) – Analyses the Key Sourcing Strategies, Demand Indicators, Price Drivers, and Supplier Assessment

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According to a new report by Procurement Resource titled, ‘Global Soybean Industry Report: Analysis and Forecast 2022-2027’, the global soybean market attained a value of about USD 162.36 billion in 2021. The industry is further expected to grow at a CAGR of over XX% in the forecast period of 2022-2027 to reach a value of USD XX billion by 2027.

Category Driver

Soybean is also known as soya beans is an annual legume and an edible seed of the pea family (Fabaceae). Its scientific name is Glycine max. Soybeans are the most economically important bean in the world, supplying plant protein for millions of people plus ingredients for a lot of chemical products. It is the most important source of protein for livestock feed, which, in return, provides animal protein for human consumption. They consist of considerable quantities of phytic acid, B vitamins, and dietary minerals. Soy vegetable oil, extensively used in food and industrial applications, is a substantial soybean processing product. Furthermore, soybean is believed to be an almost-perfect dairy replacement with products like soy curd, tempeh, tofu, and soy milk. The soybean market industry report comprises segments based on end-use products and by application. By application, the market is divided into animal feed, aquafeed, biofuel, food and beverages, personal care, dietary supplements, pharmaceuticals, lubricants, industrial solvents, adhesives, building materials among others. End-use segments are divided into whole soybean, fermented soybean, non-fermented soy food, meal, and oil. Geographically, the important segments in the international soybean market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.

Industry Developments in terms of Technology/Innovation/R&D/Sustainability

In Jan 2022, there was an announcement made by the farmer-leader of the United Soybean Board (USB) on the innovative strategic plan that focuses on sustainable soy solutions for both global and local customers at the same time ensuring value and profitability for the United States soybean farmers. Furthermore, one of the soybean-producing companies, Cargill, is committed to altering its soy supply chain that would be free from deforestation whilst safeguarding local vegetation beyond forests, encouraging responsible production, recognising, and maintaining the rights of workers and native communities, and protecting the high standards of transparency by reporting cases of important metrics and grievances. Besides, ASA/WISHH provides innovation in developing new soy products and introducing them to the United States soy suppliers. The food and beverage industry’s expansion and product innovation are being supported by WISHH by providing technical and expertise in formulation to the leading soy companies in Costa Rica, Dominican Republic, Honduras, Guatemala, and El Salvador. Moreover, USDA Market Access Program and Michigan Soybean Committee verified resources are encouraging WISHH’s activities.

Key Findings of the Report:

  • Although COVID-19 pandemic and related lockdowns had a minimal impact on the soy market, however, since restaurants were non-operational during the pandemic soy oil which is one of the key soybean products faced a considerable drop in production and consumption. The key demand indicator is the highest category spender by region— China and Spain. 
  • Soybeans are the most economically important bean in the world, supplying plant protein for millions of people plus ingredients for a lot of chemical products. It is the most important source of protein for livestock feed, which, in return, provides animal protein for human consumption.
  • Soy vegetable oil, extensively used in food and industrial applications, is a substantial soybean processing product. Furthermore, soybean is believed to be an almost-perfect dairy replacement with products like soy curd, tempeh, tofu, and soy milk.
  • The competitive price of soybean oil, compared to that of palm and sunflower oil, coupled with the potential demand growth for biofuels and increasingly conducive environmental norms, indicate substantial opportunities for the further growth of the global soybean market.
  • People across the globe have become more health-conscious which is leading them to shift to healthier cooking oil alternatives like soybean oil, especially in developed nations, such as the United States.
  • The growth in the adoption of vegetarianism in the western regions of the world due to the acceptance of plant-rich proteins in the diet is another important driver for the growth of the soybean market.
  • The global soybean market in terms of production is led by the United States. The region provides about 34 percent of international output.
  • The primary exporting regions include the United States, Brazil, Argentina, Canada, and Paraguay. Brazil exports a significant volume of soybean to China and Spain (around 80 percent), making it the largest soybean exporter globally. The United States is one of the prominent exporters of soybean, which exports mainly to China and Mexico.
  • China is one of the largest soybean consumers, with the consumption of more than 30 percent of the total global soybean output. China is followed by the United States, Argentina, Brazil, and the European Union. European Union, Mexico, Egypt, and Argentina are the other importers of soybean.
  • The regional markets for the industry can be divided into are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.

Why Choose Procurement Resource?

  • The soybean report includes preferred sourcing strategies by key suppliers present in the category
  • The report provides an overview of the production process along with recent technologies being positioned
  • The information regarding price movement, price hedging, and demand-supply is also included in the report
  • The soybean industry report further offers category-specific regional trends and market dynamics
  • The report also covers supplier profiles including financial data, product portfolio, and recent category-based initiatives 
  • It provides extensive data pertaining to the demand, supply, cost, and pricing of soybean, along with an in-depth analysis of key indicators of category demand and pricing 
  • The soybean industry report provides category-based buyer and supplier negotiation levers and sourcing and procurement practices
  • The report extensively assesses the demand influencing and restricting factors on a regional and global level

About Us:

At Procurement Resource we have a team of highly skilled and seasoned experts who undertake extensive research to deliver our customers the newest and most up-to-date sourcing and procurement reports, cost models, price analysis, benchmarking, and category insights, which support our clientele to simplify their procurement process. Procurement Resource ensures that our clients remain at the forefront of their industries by offering actionable procurement intelligence with the help of our expert analysts, researchers, and domain experts. We work with a varied collection of procurement teams across industries to get insights and real-time data that our customers can effectively execute. Our team also tracks the prices and production costs of a broad range of goods and commodities, thus, providing our clients with updated and reliable data. We, at Procurement Resource, with the help of the latest and cutting-edge methodologies in the industry, assist our clients to understand the supply chain, procurement, and industry environment to form strategies that ensure their optimum growth and success in every step.

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