In 2023, China led global soybean domestic food consumption with a share of 69.79 thousand metric tons, reflecting a 4.66% increase year-on-year. Indonesia followed but experienced a decline of 1.73%. India, at 3.55 thousand metric tons, saw the highest growth rate at 14.08%, indicating a significant rise in consumption. Japan and Vietnam, at 3.84 and 2.3 thousand metric tons respectively, had slight changes, with Japan decreasing by 0.11% and Vietnam increasing by 5.05%. Other notable countries include South Korea with a 1.39% increase and Taiwan holding steady with no change. In contrast, Ukraine showed a dramatic decrease to zero consumption.
Key future trends to watch include China's continued dominance and potentially increasing market share. India's rapid growth signifies rising demand, and Vietnam’s increased consumption reflects ongoing dietary shifts. The emergence of new markets in Africa, such as Benin with a 6.96% increase and regions with robust growth like Singapore, Zimbabwe, and Ethiopia, also warrants attention.
Top countries in Soybean Domestic Food Consumption Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 69.79 | 2023 | +4.38% | +4.66% | View data |
| 2 | 2 Indonesia | 11.49 | 2023 | +8.27% | -1.73% | View data |
| 3 | 3 Japan | 3.84 | 2023 | +1.1% | -0.11% | View data |
| 4 | 4 India | 3.55 | 2023 | +6.25% | +14.08% | View data |
| 5 | 5 Vietnam | 2.3 | 2023 | +3.77% | +5.05% | View data |
| 6 | 6 South Korea | 1.44 | 2023 | +1.47% | +1.39% | View data |
| 7 | 7 Taiwan | 1.3 | 2023 | +3.33% | 0% | View data |
| 8 | 8 Thailand | 1.21 | 2023 | +7.41% | +2.29% | View data |
| 9 | 9 Nigeria | 0.86 | 2023 | 0% | +0.5% | View data |
| 10 | 10 Malaysia | 0.75 | 2023 | +2.86% | +1.76% | View data |
