In 2023, China led global soybean domestic food consumption at 16.7 million metric tons, with a significant annual growth of 4.66%, reflecting its robust demand. India displayed a noteworthy increase of 14.08%, highlighting its rising consumption potential. Vietnam had a steady growth of 5.05%, while Indonesia and Japan experienced slight decreases in consumption. The global trend predominantly shows positive growth, with significant uptake in countries like Venezuela (14.87%) and emerging markets such as Benin (6.96%). Conversely, Ukraine had a marked decline with a 100% decrease in consumption.
Future trends to watch include: - Continued strong growth in demand from China and India.- Increased consumption in emerging markets due to dietary shifts.- Potential challenges in Europe, with markets like Ukraine showing significant reductions.- The impact of sustainability and climate change policies on soybean production and consumption patterns globally.
Top countries in Soybean Domestic Food Consumption by Country
| # | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 16,700 | 2023 | +4.38% | +4.66% | View data |
| 2 | 2 Indonesia | 2,750 | 2023 | +8.27% | -1.73% | View data |
| 3 | 3 Japan | 920 | 2023 | +1.1% | -0.11% | View data |
| 4 | 4 India | 850 | 2023 | +6.25% | +14.08% | View data |
| 5 | 5 Vietnam | 550 | 2023 | +3.77% | +5.05% | View data |
| 6 | 6 South Korea | 345 | 2023 | +1.47% | +1.39% | View data |
| 7 | 7 Taiwan | 310 | 2023 | +3.33% | 0% | View data |
| 8 | 8 Thailand | 290 | 2023 | +7.41% | +2.29% | View data |
| 9 | 9 Nigeria | 205 | 2023 | 0% | +0.5% | View data |
| 10 | 10 Malaysia | 180 | 2023 | +2.86% | +1.76% | View data |
