In 2023, China led global soybean demand, capturing 32.07% of the market, followed by the United States (17.26%) and Brazil (13.47%). Argentina and India also demonstrated significant demand, with 12.76% and 2.77%, respectively. Year-on-year variations displayed notable increases for countries like Pakistan (5.34%), Lebanon (12.15%), and the Philippines (6.18%). Conversely, Ukraine faced a significant decline of 4.31%, and North Korea saw the most substantial reduction of 5.99%. CAGR over the last five years highlighted steady growth in demand, with Poland, Sri Lanka, and Bulgaria showing the highest positive trends.
Future trends to watch for include China's sustained dominance in global soybean demand and the increasing influence of countries like Pakistan, which may continue to see significant annual percentage increases. The impact of geopolitical events and trade policies on soybean imports will be crucial, particularly in countries with fluctuating demand like Germany and Ukraine. Technological advancements in agriculture and crop yields will also play a pivotal role in shaping future demand distributions.
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 32.07 | 2018 | View data | ||
| 2 | 2 United States | 17.26 | 2023 | +0.63% | +0.56% | View data |
| 3 | 3 Brazil | 13.47 | 2023 | +1.02% | +0.85% | View data |
| 4 | 4 Argentina | 12.76 | 2023 | +0.48% | +1.35% | View data |
| 5 | 5 India | 2.77 | 2023 | +0.17% | -0.79% | View data |
| 6 | 6 Mexico | 1.54 | 2023 | +1.52% | +0.78% | View data |
| 7 | 7 Russia | 1.52 | 2023 | +1.24% | +1.57% | View data |
| 8 | 8 Paraguay | 1.38 | 2023 | +0.99% | +0.96% | View data |
| 9 | 9 Egypt | 1.13 | 2023 | +3.68% | +1.15% | View data |
| 10 | 10 Japan | 0.98 | 2023 | +0.75% | +0.82% | View data |
