In 2023, China led global soybean consumption at the farm gate with 112.11 million metric tons, followed by the United States at 64.85 million metric tons and Argentina at 64.12 million metric tons. Smaller markets included Mexico with 6.28 million metric tons, Canada with 2.96 million metric tons, and Australia with 0.01734 million metric tons.
Year-over-year variations from 2022-2023 indicate the following trends:
- China: Increased by 2.01%
- United States: Increased by 1.43%
- Argentina: Increased by 5.57%
- Mexico: Increased by 2.69%
- Canada: Increased by 0.71%
- Australia: Increased by 10.26%
Future trends to watch in the global soybean market include increasing demand in emerging economies and potential disruptions due to climate change. Continued growth in key markets such as China, the United States, and Argentina is expected while monitoring geopolitical developments and trade policies that could impact global supply chains.
Top countries in Soybeans Consumption at Farm Gate by Country
| # | 6 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 112,110 | 2023 | +2.44% | +2.01% | View data |
| 2 | 2 United States | 64,850 | 2023 | +0.98% | +1.43% | View data |
| 3 | 3 Argentina | 64,120 | 2023 | +11.02% | +5.57% | View data |
| 4 | 4 Mexico | 6,280 | 2023 | +1.57% | +2.69% | View data |
| 5 | 5 Canada | 2,960 | 2023 | +3.93% | +0.71% | View data |
| 6 | 6 Australia | 17.34 | 2023 | -4.64% | +10.26% | View data |
