The global soymeal marketis expected to grow at a CAGR of more than 6% during the forecast period, according to Technavio's latest report.
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Technavio has published a new report on the global soymeal market from 2017-2021. (Graphic: Business Wire)
In this report, Technavio covers the market outlook and growth prospects of the global soymeal market for 2017-2021. The market is segmented based on application, which includes animal feed and human consumption.
The demand for soymeal is expected to remain high in the coming years due to the rising demand from the feed sector. The majority of the soymeal produced globally is used for animal feed. The low cost and high protein content of soymeal make it ideal for use in animal feed. Soymeal is also used for making soy flour and soybean oils, which are used for human consumption. Sustainable soy cultivation and growing popularity of veganism among consumers are some of the trends emerging in the market that are expected to aid the growth of the market during the forecast period.
Technavio's food and beveragesresearch analysts categorize the global soymeal market into the following segments by regions:
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APAC: largest soymeal market
The demand for soymeal in Asia-Pacific (APAC) is expected to remain high during the forecast period due to the increasing demand from China, India, and Vietnam. China is one of the largest producers of soybean globally and is also the top consumer of the product. The increasing demand from the animal feed market is driving the growth of the market in the region. China and India are the two major producers of soymeal in APAC. India is also one of the top five exporters of soymeal globally.
"In China, consumers are using soymeal to replace other protein sources such as rapeseed, cottonseed, and distillers dried grains. The use of hog stocks, which account for about 40% of the livestock feeds in China, is decreasing, and consumers are increasingly using soymeal as animal feed due to its relatively low price," says Manjunath Reddy, a lead analyst at Technavio for research on food
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Soymeal market in the Americas
"The US is the largest market for soymeal in the Americas, and the demand for soymeal is driven by increasing demand from the animal feed sector. Argentina, Brazil, the US, and Paraguay are some of the leading exporters of soymeal globally. The export of soymeal from these countries is expected to rise further in the next five years," adds Manjunath.
Consumers are increasingly preferring soymeal for animal feed due to its relatively low cost. The rising demand from the animal feed sector is expected to increase the demand for soymeal in the Americas during the forecast period.
Soymeal market in EMEA
The European Union is the largest importer of soymeal globally and is also one of the largest producers of soymeal. Most of the soymeal imported to Europe is used in the animal feed industry. Soymeal is mainly used in poultry feed in Europe. The demand for soymeal is expected to remain high during the forecast period as the demand for soymeal from the feed sector is increasing.
The demand for soymeal in the Middle East is increasing due to the rising poultry production in the region. The demand for poultry products is growing in the region and is expected to remain high during the forecast period.
The top vendors in the global soymeal market highlighted in the report are:
- Archer Daniels Midland
- Wilmar International
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