According to the report, the global soybean meal industry generated US$59.2 billion in 2021 and, is anticipated to grow exponentially in the next decade.
A significant portion of the soybean meal industry goes towards meeting the protein needs of humans. Still, increasing attention to the quality of animal food products is opening up new market prospects for animal feed.
Moreover, soybean meal is fed to animals, including pigs, ruminants, and fowl, to promote weight gain, vital in satisfying the rising global demand for meat.
The aquaculture industry is also shifting towards investment in soybean meal ingredients for feed production, thus contributing significantly to the global market size for soybean meal.
This leaning toward soybean meal is inspired by trends in other agricultural sectors, and also because reliance on readily available fishmeal in nature decreases due to the use of soybean meal concentrate in ground feeds.
Forecast by nature, application, and sales channels
By nature, the forecast showed that the conventional segment maintained its leadership status holding the highest market share in 2021, accounting for more than two-thirds of the global soybean meal market.
On the other hand, the organic segment is projected to manifest the highest CAGR of 5.3% from 2022 to 2031 due to growing concerns regarding the environment, sustainability, and healthy food.
According to the forecast by application, the animal feed industry segment is likely to maintain its leadership status in the next decade, having held a more than two-fifths market share globally in 2021.
On the other hand, the food industry segment could manifest the highest CAGR of 5.3% from 2022 to 2031.
This is due to the increasing demand for soybean meal in food applications as more people shift from meat products.
Based on sales channels, the offline segment had the largest share in 2021, almost three-fifths of the global soybean meal market, and is projected to maintain its lead position during the forecast period.
However, the online segment could portray the largest CAGR of 5.3% from 2022 to 2031 as more people adopt digitalization in their purchases worldwide.
Covid-19 inspires market growth
The covid19 pandemic affected the business environment globally, and the soybean meal industry felt the impact in some ways.
The pandemic raised awareness among consumers to opt for a vegan diet, which, in turn, continues to foster the growth of the soybean meal market in terms of value sales.
Veganism has been a dominant trend in the last several years and has influenced the growth of soybean meal in Europe and the APAC region.
Asia-Pacific to maintain its dominance by 2031
Asia-Pacific held the highest market share in 2021, accounting for more than one-third of the global soybean meal market, and could dominate the market during the forecast period.
This trend is partly because of the rise in the demand for soybean meal in India as more people adopt plant-based meat alternatives.
On the other hand, Europe could witness the fastest CAGR of 5.5% from 2022 to 2031, thanks to the veganism trend, which is inspiring an increase in daily plant protein intake.
Various leading market players adopted strategies such as expansion, new product launches, and partnerships to increase their market penetration and strengthen their position in the industry.
This forecast report is helpful to these players and could influence the strategies they employ during the forecast period.