Organic Soybean Market Overview:
Organic Soybean Market Size was valued at USD 1.5 billion in 2022. The Organic Soybean market industry is projected to grow from USD 1.688 Billion in 2023 to USD 3.433 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.56% during the forecast period (2023–2030).
Furthermore, with people growing health conscious all around, healthy chemical-free products are gaining traction both as human consumables and animal feed. This is playing a crucial role in giving a head start to an organic soybean market. At the same time, apart from being a much-desired food component, personal care & cosmetic, pharmaceutical, and other sectors are also opening up a market opportunity for organic soybean.
On the flip side, price volatility of such products can always become a challenge for smooth market growth during the forecast period. Price of grains is varying much due to the impacts of climate change. This directly affects yielding of the crop which advertently impacts the organic soybean market.
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The organic soybean market is depending heavily on merger, acquisitions, collaborations and other methods for further market expansion. For instance, Grain Millers Inc. acquired Blue Buffalo, a company that has made its name in manufacturing pet foods. Perdue Farms, on the other hand, is planning to buy Cargill grain elevator and reopen that in Vincennes, Indiana.
Leading players in the global organic soybean market who are influencing decisions and taking the market forward are Sapthsathi Organic Agriculture project (S.O.A.P.) (India), Soni Soya Products Pvt Ltd (India), AFG Brasil S/A (Brazil), Grain Millers Inc. (U.S.), Perdue Farms (U.S.), Tyson Foods Inc. (U.S.), Pilgrim’s Pride (U.S.), and others.
The United Soybean Board (USB) and the National Corn Growers Association (NCGA) have joined hand in the U.S. to develop technology that would increase the margin of profit and help farmers gain more from the cultivation of soybean and corn. Their initiative has a target of five years within which they would like to transform the industrial scenario by implementing latest technologies.
Considerable innovations have been made by biotechnology in soybean farming, and as a result, high oleic soybean is gaining fast traction. It has high nutritional profile, and food functionality and the brands DuPoint Pioneer and Visitive Gold, who are launching this product have improved its storage and processing stability.
The global organic soybean market can be segmented based on application. The segmentation involves food-based, feed-based, and crush-based.
Crush-based application holds the dominant market share as it is gaining substantial traction from organic chocolate in the confectionery and bakery industries. Consumers are all looking for chemical-free healthy components which are creating significant market space for the organic soybean. This sub-segment has the lion’s share under its control, with over 80% of the global market share crush-based organic soybean market can expect a 15% CAGR during the forecast period. Feed-based has the second largest market share, and its current market valuation is of USD 150 million. However, the food-based application can expect a CAGR of 18.68% during the forecast period which can be the highest among the sub-segments.
Geographically, the organic soybean market spans across North America, Latin America (LATAM), Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
In terms of both volume and value, the LATAM is expected to rule the market in the near future. With a hold over 40% of the global market, the LATAM is witnessing incessant growth in demand for the product as more and more people from the region are adopting organic and healthy food consumption trends.
North America is holding the second largest share in the organic soybean market. Awareness regarding healthy food is gaining much precedence in the region providing a push for the regional organic soybean market growth. The APAC will register the highest market growth with a stellar CAGR of 18.68% during the forecast period.