In 2023, China held the largest share in the global soybean meal supply, followed by the United States and Brazil. While China showed a steady increase of 2.85%, Brazil experienced a significant growth of 4.58%, overshadowed by Argentina's decline of 3.48%. Other noteworthy movements include a robust increase of 4.62% in Indonesia and a strong 8.63% growth in Ecuador. Notable declines were seen in Iran at -5.45% and Pakistan at -21.09%. Over the past five years, trends highlight variable growth, with standout performers such as Iraq and Uruguay showing strong forward momentum.
Future trends to watch for include:
- Continued dominance and growth from China increasing its market hold.
- Brazil's potential to surpass the U.S. in growth rate sustainability.
- Potential recovery in Argentina's market share if strategic changes are implemented.
- Emerging markets like Ecuador and Nigeria could capitalize on increasing production capacities.
Top countries in Soybean Meal Supply Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 23.16 | 2023 | +3.86% | +2.85% | View data |
| 2 | 2 United States | 14.75 | 2023 | +3.16% | +1.95% | View data |
| 3 | 3 Brazil | 13.72 | 2023 | +3.47% | +4.58% | View data |
| 4 | 4 Argentina | 8.63 | 2023 | +10.44% | -3.48% | View data |
| 5 | 5 India | 2.33 | 2023 | -9.47% | -0.15% | View data |
| 6 | 6 Mexico | 2.16 | 2023 | +3.32% | +1.14% | View data |
| 7 | 7 Vietnam | 2.11 | 2023 | +6.19% | +1.43% | View data |
| 8 | 8 Indonesia | 1.75 | 2023 | +2.06% | +4.62% | View data |
| 9 | 9 Thailand | 1.53 | 2023 | +4.13% | +2.35% | View data |
| 10 | 10 Russia | 1.45 | 2023 | +6.17% | +3.33% | View data |
