In 2023, Argentina led global soybean meal exports at 33.53%, with Brazil and the United States following at 31.52% and 19.89% respectively. While Brazil saw a 6.45% increase, Argentina experienced a 4.09% decline. Notably, Russia, Nigeria, and Vietnam posted significant gains, with increases of 16.42%, 82.06%, and 16.47% respectively.
Looking forward to 2024, expect increased competition as Brazil may continue its upward trajectory. Watch emerging markets like Russia and Nigeria, which are growing rapidly, indicating potential shifts in traditional market leadership.
Top countries in Soybean Meal Export Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Argentina | 33.53 | 2023 | +12.77% | -4.09% | View data |
| 2 | 2 Brazil | 31.52 | 2023 | +3.01% | +6.45% | View data |
| 3 | 3 United States | 19.89 | 2023 | +4.34% | +2.71% | View data |
| 4 | 4 Paraguay | 2.87 | 2023 | +17.65% | -3.02% | View data |
| 5 | 5 Bolivia | 2.44 | 2023 | -2.86% | +0.75% | View data |
| 6 | 6 China | 1.43 | 2023 | +25.79% | +1.42% | View data |
| 7 | 7 Ukraine | 1.29 | 2023 | +66.67% | +2.98% | View data |
| 8 | 8 Russia | 1.15 | 2023 | +6.67% | +16.42% | View data |
| 9 | 9 India | 0.86 | 2023 | -67.12% | -22.78% | View data |
| 10 | 10 Canada | 0.5 | 2023 | -7.65% | -3.81% | View data |
