The 2023 global soybean production data reveals Brazil as the leading producer with 163.0 million metric tons, followed by the United States at 112.39 million metric tons, and Argentina at 48.0 million metric tons. Brazil showed a significant year-on-year growth of 6.23%, while the United States and Argentina faced declines of 1.39% and 2.79%, respectively. Notable increases were observed in Russia (9.01%) and South Africa (16.4%), while Indonesia saw a considerable decline of 6.33%. Several smaller producers like Uganda (13.12%) and Australia (21.67%) registered strong growth rates, while Mexico had a notable decrease of 13.74%.
Future trends to watch include the potential for increased soybean production in emerging markets like Russia, South Africa, and Zambia, supported by large year-on-year growth rates. Additionally, market dynamics may shift if Brazil continues to consolidate its leading position. Climate change, technological advancements in agriculture, and trade policies will play significant roles in shaping global soybean production patterns.
Top countries in Soybean Production by Country
| # | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Brazil | 163,000 | 2023 | +3.16% | +6.23% | View data |
| 2 | 2 United States | 112,390 | 2023 | -3.3% | -1.39% | View data |
| 3 | 3 Argentina | 48,000 | 2023 | +92% | -2.79% | View data |
| 4 | 4 China | 20,500 | 2023 | +1.08% | +5.13% | View data |
| 5 | 5 India | 11,000 | 2023 | -11.37% | +0.13% | View data |
| 6 | 6 Paraguay | 10,000 | 2023 | +10.5% | +2.49% | View data |
| 7 | 7 Canada | 6,700 | 2023 | +2.4% | -2.01% | View data |
| 8 | 8 Russia | 6,200 | 2023 | +3.4% | +9.01% | View data |
| 9 | 9 Ukraine | 5,200 | 2023 | +26.83% | +1.48% | View data |
| 10 | 10 Bolivia | 3,300 | 2023 | +3.13% | +1.99% | View data |
