The soybean meal market is projected to register a CAGR of 4.2% during the forecast period (2021-2026).

The covid-19 have positively impacted the market due to increase usage of soybean meal in the food & beverage industry and in the manufacturing of health care products.

However, the decline in the meat demand around the globe and the closure of animal feed manufacturing units have slightly hindered the demand for soybean meal from the feed industry.

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.

There is an increase in the global requirement of biodiesel as a major alternative for petrol and diesel. Biodiesel is produced using soybean; therefore, this, in turn, may fuel the growth of the soybean meal market during the forecast period.

China is the largest soybean meal-producing country, with a capacity of 78.4 million metric ton, followed by the United States with 46.9 million metric ton in 2020. The major importers of soybean meal are Vietnam, Belgium, Spain, and other countries. The major exporters are the United States, Italy, India, and other countries.

Key Market Trends

For sample report please visit : https://www.statzyreports.com/report/sr496577/soybean-meal-market


Increasing Demand for Protein-enriched Food for both Humans and Animals

Soybean meal has a unique composition of amino acids and can be used as an alternative for cereal proteins. Thereby soybean meal is used in both animal feed and human food industries. The main reasons behind the increasing demand for soybean meal include the health benefits associated with this protein-enriched food and the increasing population of livestock, cattle, ruminants, and other animals that are fed by soybean meal. The other reason for the increase in demand is the restrictions placed on slaughterhouse by-products, which in turn, has increased the market for soybean meal. This is further expected to enhance the market for soybean meal during the forecast period.

Asia-Pacific Dominates the Market

Asia-Pacific is the dominant region in the soybean meal market, holding the major share of the market. China, India, Bangladesh, Thailand, Pakistan, Japan are the major producers of Soybean meal in the region. According to the USDA, soybean meal production is increased from 69.69 million metric tons and 7.2 million metric tons in 2016-2017 to 78.41 million metric tons and 7.6 million metric tons in 2020-2021 in China and India respectively.

The soybean meal is majorly consumed by the animal feed industry in the region. In the Europe, soybean meal is widely used in the larger varieties of products like bakery products, health food, cosmetics, and in the manufacturing of antibiotics. These attributes the for the demand of regional soyabean meal in the Europe and this enhances the growth of the exports market during the study period.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

For sample report please visit : https://www.statzyreports.com/report/sr496577/soybean-meal-market