The global soybean market in 2024, as measured by volume, shows China as the leading consumer with a significant lead over other countries. Vietnam, Japan, and Pakistan follow in descending order of market share. Over the past year, Pakistan and India have shown notable growth, while South Korea and Germany have experienced declines in market volume. China's demand had a slight increase, while Nigeria maintained a stable output with minimal decrease. Trends indicate that ongoing geopolitical factors, climate change, and trade dynamics will influence the future growth and distribution of soybean markets.
Future trends to watch in the global soybean market include increasing demand in Asia, driven by growing populations and expanding food industries. Technological advancements in agricultural practices are expected to enhance production efficiencies. Climate change remains a crucial factor, posing challenges and requiring adaptive strategies for cultivation. Additionally, trade policies and international relations will significantly impact market dynamics, potentially reshaping country-specific import and export capacities.
Top countries in Soybeans Market Size Volume Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 48.84 | 2023 | 0% | +0.045% | View data |
| 2 | 2 Vietnam | 9.77 | 2023 | +1.34% | +1.99% | View data |
| 3 | 3 Japan | 9.52 | 2023 | +0.59% | +0.39% | View data |
| 4 | 4 Pakistan | 6.45 | 2023 | +6.41% | +6.03% | View data |
| 5 | 5 India | 5.24 | 2023 | +5% | +6.19% | View data |
| 6 | 6 Indonesia | 3.27 | 2023 | +0.57% | +0.52% | View data |
| 7 | 7 Taiwan | 2.34 | 2023 | +1.61% | +0.56% | View data |
| 8 | 8 South Korea | 2.32 | 2023 | -2.71% | -2.85% | View data |
| 9 | 9 South Africa | 1.87 | 2023 | +3.59% | +1.88% | View data |
| 10 | 10 Thailand | 1.4 | 2023 | +0.67% | +0.81% | View data |
