In 2023, China led global soybean domestic consumption with over 31%, followed by the United States and Brazil at approximately 17% and 15%, respectively. A notable decline in Argentina's soybean consumption was observed, contrasting with robust growth in Vietnam, Uganda, and Algeria. North African countries like Morocco and Algeria showed considerable increases, suggesting a regional trend towards higher consumption.
For future trends, watch for continued expansion in Vietnam and emerging regions like North Africa. China's demand will likely remain dominant but could face challenges from alternative protein sources gaining popularity worldwide. Monitoring geopolitical and environmental factors will also be crucial for forecasting consumption dynamics.
Top countries in Soybean Domestic Consumption Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 31.41 | 2023 | +3.43% | +3.27% | View data |
| 2 | 2 United States | 17.22 | 2023 | +5.11% | +1.82% | View data |
| 3 | 3 Brazil | 15.56 | 2023 | +5.11% | +5.61% | View data |
| 4 | 4 Argentina | 10.88 | 2023 | +14.17% | -2.53% | View data |
| 5 | 5 India | 3.1 | 2023 | -8.46% | +1.81% | View data |
| 6 | 6 Mexico | 1.71 | 2023 | -2.19% | +1.13% | View data |
| 7 | 7 Russia | 1.7 | 2023 | +8.32% | +4.4% | View data |
| 8 | 8 Japan | 0.97 | 2023 | +1.93% | +0.86% | View data |
| 9 | 9 Paraguay | 0.95 | 2023 | +14.96% | -1.29% | View data |
| 10 | 10 Thailand | 0.95 | 2023 | +13.04% | +2.88% | View data |
