Soybean is a vegetable crop & edible seed of the pea family (Fabaceae) .Its scientific name is Glycine max. It is one of the most valuable and inexpensive crop available in the world. Soybean is considered a great source of protein in the human body as it has large nutritional values and contains a significant amount of phytic acid, Vitamin E, and Dietary minerals. Globally, Soybean is premier the most economically important crop; it is not only an oilseed crop and feed for livestock but also ingredients for a lot of chemical products. It has large nutritional values and contains a significant amount of phytic acid, Vitamin E and Dietary minerals. As per Renub research, Global Soybean Market would be US$162.36 Billion by the end of the year 2027.
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The global soybean market is majorly being operated and controlled by the crushing industry, where soy meal, soy oil, and other soy products are extracted. The increase in demand for high-quality protein & nutritional properties encourages high soybean production. Some of the factors driving the Soybean market are the rising market for adhesives, insecticides, candles, printing inks, waxes, plastic etc. The rise of the middle-class population and the expansion of urbanization are also boosting the rise of the soybean market. For the year 2020, Worldwide Soybean Market was US$ 127.81 Billion.
In the United States, places like Minnesota, Iowa, Indiana, Illinois and Nebraska are the major producer of soybean globally. Americans extensively use soybean for biofuel and feedstock as compared to the food and feed industry. According to our research findings, Global Soybean Industry is expected to grow with a CAGR of 3.48%.
As per consumption, China is the biggest consumer. Soybean is widely used as vegetable oil and has great industrial applications (soy milk, soy flour, soy protein etc.). The spread of COVID-19 and continuous lockdown had a very nominal effect on soy industries. Still, as restaurants were not operating during pandemic, soy oil, one of the main soybean products had faced a significant drop in production and consumption.
Renub Research new report titled “Global Soybean Market & Volume “By Consumption (China, United States, Brazil, Argentina, European Union, India, Mexico, Others), Production (Brazil, United State, Argentina, China, Paraguay, India, Canada, Other), Import (China, European Union, Mexico, Egypt, Argentina, Thailand, Japan, Others), Export (Brazil, United States, Argentina, Paraguay, Canada, Other), Company Analysis (House Foods Group Inc, CHS Inc, Kerry Inc, Fuji Oil Group, Cargill Inc, Archer-Daniels-Midland Co.) provides a complete analysis of Worldwide Soybean Industry.
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