Updated Jan 10, 2023 23:05

Global Soya Bean Market

Market Overview
In , the global soya bean market increased by % to $, rising for the third year in a row after two years of decline. Over the period under review, the total consumption indicated a resilient increase from 2007 to : its value increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2019 indices. Over the period under review, the global market hit record highs in and is expected to retain growth in the near future.

In value terms, soya bean production expanded to $ in estimated in export price. Overall, the total production indicated a prominent expansion from 2007 to : its value increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production decreased by -% against indices. The most prominent rate of growth was recorded in 2008 with an increase of %. Over the period under review, global production attained the peak level at $ in 2014; however, from 2015 to , production failed to regain momentum.

The countries with the highest volumes of production in were Brazil ( tons), the United States ( tons) and Argentina ( tons), together accounting for % of global production. These countries were followed by China, India, Paraguay and Canada, which together accounted for a further %.

From 2007 to , the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Canada (with a CAGR of +%), while production for the other global leaders experienced more modest paces of growth.

In , the global average yield of soya beans amounted to tons per ha, remaining relatively unchanged against . Overall, the yield recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2010 when the yield increased by %. The global yield peaked at tons per ha in 2017; however, from 2018 to , the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In , the total area harvested in terms of soya beans production worldwide reached ha, therefore, remained relatively stable against . The harvested area increased at an average annual rate of +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2008 when the harvested area increased by % against the previous year. Over the period under review, the harvested area dedicated to soya bean production reached the maximum at ha in ; however, from to , the harvested area remained at a lower figure.


Consumption
In , consumption of soya beans decreased by -% to tons for the first time since 2019, thus ending a two-year rising trend. In general, the total consumption indicated perceptible growth from 2007 to : its volume increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2019 indices. Over the period under review, global consumption attained the peak volume at tons in 2017; however, from 2018 to , consumption stood at a somewhat lower figure.

The global soya bean market value rose notably to $ in , picking up by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated strong growth from 2007 to : its value increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2019 indices. Over the period under review, the global market attained the maximum level in and is likely to see steady growth in the immediate term.


Consumption by Country
China ( tons) constituted the country with the largest volume of soya bean consumption, comprising approx. % of total volume. Moreover, soya bean consumption in China exceeded the figures recorded by the second-largest consumer, Argentina ( tons), twofold. The United States ( tons) ranked third in terms of total consumption with a % share.

From 2007 to , the average annual growth rate of volume in China stood at +%. The remaining consuming countries recorded the following average annual rates of consumption growth: Argentina (+% per year) and the United States (+% per year).

In value terms, China ($) led the market, alone. The second position in the ranking was taken by the United States ($). It was followed by Argentina.

From 2007 to , the average annual rate of growth in terms of value in China totaled +%. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+% per year) and Argentina (+% per year).

The countries with the highest levels of soya bean per capita consumption in were Argentina ( kg per person), Paraguay ( kg per person) and Brazil ( kg per person).

From 2007 to , the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Egypt (with a CAGR of +%), while consumption for the other global leaders experienced more modest paces of growth.


Market Forecast
Driven by increasing demand for soya bean worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .