Market Research Report
Soybean Market - Growth, Trends, and Forecast (2019 - 2024)
|Soybean Market - Growth, Trends, and Forecast (2019 - 2024)|
Published: April 1, 2019
Mordor Intelligence Pvt Ltd
Content info: 125 Pages
Delivery time: 2-3 business days
Soybean is a leguminous vegetable crop grown in tropical and subtropical climates. It is one of the most valuable crops in the world, not only as an oilseed crop and feed for livestock and aquaculture, but also as a good source of protein in the human diet and as a biofuel. Soybean contains 20% oil, 36% proteins, 30% carbohydrates, and significant quantities of dietary fiber, minerals, and vitamins.
Brazil Dominates the Global Export Market
Brazil is the largest exporter of soybeans (51% of total exports), followed by the United States, Argentina, Paraguay, and Canada. Fall in soybean production in Brazil during 2018-2019 was estimated at 116 million metric ton from 120.8 million metric ton during 2017-2018, and thus, this may result in lower exports of soybean. Expansion of area under soybean cultivation under drought in Brazil may further limit soybean production in the country and thereby exports.
The United States Dominates the Global Soybean Production
The United States holds a share of 34.3% in global soybean production, following Brazil and Argentina. Soybean dominates the oilseeds industry in the United States, accounting for more than 80% of the country's production. The major soybean growing areas in the United States are Illinois, Iowa, Indiana, Minnesota, and Nebraska. Soybean is extensively used for food and feed industry, but in the United States, there has been increased demand for biofuel also where soybean oil is used as feedstock. Overall, the increase in demand for high-quality protein and nutritional properties may encourage high soybean production over the forecast period.