Soybeans serve as an important source of protein for both humans and animals thanks to their versatility, affordability, and nutritional benefits. Around three quarters of soybean production is used for animal feed, and a fifth is consumed as edible oils and food products.
The global soybean sector has experienced rapid growth in the past 5 decades. But the sector is both vulnerable to and a driver of critical sustainability challenges, including deforestation, biodiversity loss, and climate change. Establishing deforestation-free supply chains is critical to ensuring the sector sustains and nourishes us without harming the natural environment that it relies on.
Voluntary sustainability standards (VSSs) such as the Round Table on Responsible Soy (RTRS), ProTerra Foundation, and Organic have been working to address sustainability challenges in the soybean sector for the past 3 decades. They support and promote practices that can help soybean farmers and workers preserve vital ecosystems and build resilience to climate impacts.
Becoming certified can also help soybean farmers negotiate higher prices or premiums with buyers. But the processing and trading of soybeans are controlled by a few multinational companies that operate at a pinch point in the value chain. They can buy from a wide range of producers and sell to an equally wide range of consumers. These powerful actors hold all the power, whereas farmers bear most of the financial and environmental risks of production—as well as the costs of certification.
While pursuing certification can improve farmers’ productivity, help them save costs on inputs, and provide them with access to finance, more direct financial incentives are needed to motivate more farmers to get on board. This report provides recommendations for how governments, private sector actors, and standard-setting bodies can work together to reward farmers for using sustainable practices and better distribute the costs of production and certification throughout the value chain
FAQs
The global soybean sector is worth USD 155 billion and is projected to reach USD 278 billion by 2031, with a compound annual growth rate (CAGR) of 6% (Persistence Market Research, 2023).
What are the sustainability issues of soybeans? ›
The production of soybean products requires extensive land usage, which can have a direct impact on the surrounding ecosystem – such as via deteriorating soil health and monopolizing water usage.
What is the prediction for soybean prices? ›
Soybean prices averaged $14.20 per bushel in 2022, falling to $12.55 in 2023, with a projection of $11.20 per bushel for 2024 (see Figure 1).
What are the major factors affecting global soybean and products trade projections? ›
The primary factors driving global soybean and products trade include population and income growth, which are driving the world's increasing demand for livestock products, as well as policies implemented by major agricultural importers and exporters.
Who is the number 1 producer of soybeans? ›
Top Producing Countries
| Market | % of Global Production | Total Production (2023/2024, Metric Tons) |
|---|
| Brazil | 39% | 153 Million |
| United States | 29% | 113.34 Million |
| Argentina | 13% | 49.5 Million |
| China | 5% | 20.84 Million |
6 more rowsMarkets of Major Importers
China is by far the largest importer of soybeans in the world.
What are the negative impacts of soybean? ›
Soybeans seem to be a perfect food for vegetarians, but you should be cautious of the harmful effects of soybeans in certain conditions like allergy to soy products, pregnancy, thyroid disease or breast cancer.
Why don't people eat soybeans? ›
For instance, some fear that eating too much soy may increase the risk of breast cancer, hinder thyroid function, or have feminizing effects in men, to name a few.
What are sustainable alternatives to soy? ›
Rich in protein and fibre, lupins are emerging as a more sustainable rival to soybeans in the rapidly growing alternative protein industry.
What is the soybean market outlook for 2024? ›
The 2024 projected price for soybeans is $11.55 per bushel, well below projected prices in 2022 ($14.33) and 2023 ($13.76). November futures prices have fallen since February, now trading near $10.20 per bushel.
Sell Soybeans Now
Soybean futures are incentivizing selling soybeans now rather than sometime in 2024. Selling soybeans “off the combine” is a consensus plan among market advisers, but only if growers are willing to maintain pricing flexibility.
What is driving soybean prices? ›
The growth of the biodiesel industry in the USA has increased the domestic demand for soybeans. For instance, in 2023, the Renewable Fuel Standard (RFS) mandated blending a certain volume of biodiesel into the nation's diesel fuel supply, driving up demand for soybean oil as a feedstock for biodiesel production.
Why are soybean prices dropping? ›
In mid-July, the price of soybean futures contracts dipped below $11 per bushel for the first time since November 2020, as the U.S. Department of Agriculture (USDA) and other major analysts reported more favourable than expected supply conditions for the global market, as well as weak export demand.
Which countries eat the most soy? ›
China consumes the most soybean meal, followed by the United States, the European Union, Brazil and several other countries with livestock and poultry operations. Nearly 65% of the world's soybean meal is consumed by China, United States, the European Union and Brazil.
What is the global market for soybeans? ›
Soybean Market Size & Trends
The global soybean market size was estimated at USD 193.10 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2030.
What is the soybean report for 2024? ›
U.S. soybean production for MY 2024/25 is forecast at 4.4 billion bushels, down 15.0 million bushels from last month but 270.3 million bushels higher than production in MY 2023/24.
What is the market analysis of soybeans? ›
The global soybean market size was USD 200.37 billion in 2023, accounted for USD 212.79 billion in 2024, and is expected to reach around USD 388.33 billion by 2034, expanding at a CAGR of 6.2% from 2024 to 2034.
What is the outlook for soybean production? ›
Global soybean production is forecast to reach a new record of 422.3 million metric tons, up 25.3 million metric tons from MY 2023/24 on increased planted area and average yield.
What is the outlook for soybean meal? ›
The global soybean meal market is expected to rise at a CAGR of 4.8% over the forecast period. The market is projected to reach a valuation of US$ 98.6 billion in 2024 and US$ 157.8 billion by 2034.
