The global soybeans market has shown significant variations by country. In 2023, China leads with 5.28 million metric tons, reflecting a marginal year-on-year increase of 0.045%. Vietnam, Japan, and Pakistan follow with 2023 volumes of 1.06, 1.03, and 0.697 million metric tons, showing year-on-year growth rates of 1.99%, 0.39%, and 6.03%, respectively. India, with 0.567 million metric tons, experienced a notable 6.19% increase. Noteworthy declines were observed in South Korea and Germany with -2.85% and -3.48% changes, respectively. The United States remained stable with no year-on-year change, maintaining its market volume.
Future trends to watch include the potential for increased production and consumption in developing economies driven by growing demand for plant-based proteins. Additionally, potential geopolitical factors and environmental challenges may impact production and trade flows, influencing market dynamics. Technological advancements in agricultural practices and genetic modifications could also play a significant role in shaping the market's future landscape.
Top countries in Soybeans Market Size Volume by Country
# | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
---|---|---|---|---|---|---|
1 | 1 China | 5,280 | 2023 | 0% | +0.045% | View data |
2 | 2 Vietnam | 1,060 | 2023 | +1.34% | +1.99% | View data |
3 | 3 Japan | 1,030 | 2023 | +0.59% | +0.39% | View data |
4 | 4 Pakistan | 697 | 2023 | +6.41% | +6.03% | View data |
5 | 5 India | 567 | 2023 | +5% | +6.19% | View data |
6 | 6 Indonesia | 354 | 2023 | +0.57% | +0.52% | View data |
7 | 7 Taiwan | 253 | 2023 | +1.61% | +0.56% | View data |
8 | 8 South Korea | 251 | 2023 | -2.71% | -2.85% | View data |
9 | 9 South Africa | 202 | 2023 | +3.59% | +1.88% | View data |
10 | 10 Thailand | 151 | 2023 | +0.67% | +0.81% | View data |