Soybean meal market seen rising to $94.2 billion by 2031

Soybean meal demand is rising as animal feed makers, protein supplement producers and plant-based food trends expand global use. Allied Market Research projects the market will grow from $59.2 billion in 2021 to $94.2 billion by 2031, led by Asia-Pacific and fastest growth in Europe.

Why it matters: - Soybean meal is a core protein source for livestock, poultry and aquaculture, so changes in demand can ripple through feed, meat and plant-protein supply chains. - Allied Market Research projects the global soybean meal market will grow from $59.2 billion in 2021 to $94.2 billion by 2031, signaling sustained demand across food and feed applications. - Rising interest in plant protein, vegan diets and organic products is widening the market beyond traditional animal feed uses.

What happened: - Allied Market Research released a soybean meal market size, share, competitive landscape and trend analysis report. - The report says soybean meal market revenue reached $59.2 billion in 2021 and is expected to hit $94.2 billion by 2031. - The forecast implies a 4.9% compound annual growth rate from 2022 to 2031. - The report identifies Asia-Pacific as the largest regional market in 2021, with more than one-third of global revenue. - Europe is projected to post the fastest growth rate at 5.5% CAGR from 2022 to 2031.

The details: - Demand for meat is lifting soybean meal use in feed for pigs, ruminants and poultry to help animals gain weight. - Producers in aquaculture are investing in soybean meal ingredients as fishmeal alternatives gain favor in ground feeds. - The report describes soybean meal as the “gold standard” protein source for swine diets and says it is frequently used as the benchmark against other protein sources. - Around 63% of protein sources used in animal diets worldwide come from soybean meal, ahead of rapeseed meal, cottonseed meal, sunflower meal, fish meal and peanut meal. - In the U.S., soybean meal makes up more than 92% of oilseed meals fed to livestock and poultry. - Soybean meal is used in poultry feeds 53% of the time, swine feeds 27%, cattle feeds 14%, and pet foods, fish feeds and other feeds 6%. - The report says soybean meal concentrate is produced after soy is defatted and hulled, and removing a set percentage of non-protein components creates soy protein concentrate. - Lower-end concentrates contain 30% to 90% protein. - Rising consumer interest in high-protein diets is boosting demand for soybean meal concentrate powder as a supplement. - The report says dietician and doctor recommendations are helping drive that supplement use. - Major market players listed in the report include Mahesh Agro Food Industries, Louis Dreyfus Company, Bunge, Nordic Soya, Mukwano Industries Uganda, Gujarat Ambuja Exports, AdamPolSoya, Wudi Deda Agriculture, Agrocorp International, Shafer Commodities, Denofa, Kohinoor Feeds and Fats, Minnesota Soybean Processors, Granol, DHN International, Gauri Agrotech Products, The Scoular Company, CHS and Kemin Industries.

Between the lines: - The market is being pulled by two demand pools at once: animal feed and human nutrition. - Asia-Pacific’s lead reflects expanding protein demand in India and broader soy consumption trends. - Europe’s faster growth suggests plant-based eating is becoming a stronger commercial driver there, even if the market remains smaller than Asia-Pacific. - The competitive landscape appears fragmented, with global traders, processors and specialty ingredient companies all targeting growth through expansion, new products and partnerships.

What’s next: - The report expects soybean meal use to keep rising as feed makers look for high-protein ingredients and supplement makers target protein-conscious consumers. - Market players are likely to keep pursuing expansion, product launches and partnerships to increase penetration and strengthen positions. - Download the sample report. - Request a purchase inquiry.