Soybean Meal Market Set for Robust Growth Driven by Surging Demand for Quality Protein and Animal Feed
Source: The DairyNews
In a recent analysis conducted by Future Market Insights, Inc., the global soybean meal market is anticipated to witness substantial growth, fueled by the rising demand for high-quality protein and nutritious animal feed.
The key factors propelling this growth include the adoption of soybean meal in dairy animal feed, particularly for cattle and buffalo, resulting in enhanced milk nutrition. With a dominant share in the market, the Asia-Pacific region is expected to play a pivotal role in the industry's flourishing trajectory.
The market is forecasted to experience a Compound Annual Growth Rate (CAGR) of 4.8%, reaching a valuation of US$ 157.8 billion by 2034, compared to the anticipated US$ 98.6 billion in 2024.
Dairy farming operations stand as a significant driver for soybean meal utilization, contributing to the production of more nutritious milk. The incorporation of soybean meal in the diets of ruminants and poultry is also driven by the global demand for increased meat production. Additionally, pharmaceutical companies are integrating soybean meal as an ingredient in various products, further stimulating market growth.
Key Insights from the Report:
Global Market Valuation: The global soybean meal market is expected to achieve a valuation of US$ 157.8 billion by 2034.
CAGR Projection: The market is projected to exhibit a robust CAGR of 4.8% throughout the forecast period.
Regional Outlook: The United States is poised to reach a market valuation of US$ 22.7 billion by 2024, with Asia Pacific being a flourishing region for soybean meal demand.
Application Segment Share: The feed application segment is estimated to hold a significant market share of 48.0% in 2024.
Indian Market Growth: India is projected to experience substantial growth at a CAGR of 5.5% during the forecast period.
Nandini Roy Choudhury, Client Partner for Food and Beverages at Future Market Insights, Inc., emphasized, "The food industry uses soybean meal for both human and animal feed. The growing number of livestock that are fed soybean meal, as well as the health advantages of this food that is high in protein, are the primary factors of the surging demand for soybean meal."
The surge in demand for soybean meal is indicative of its expanding role in addressing the global need for quality protein and sustainable animal feed solutions, writes Future Market Insights.
The market is forecasted to experience a Compound Annual Growth Rate (CAGR) of 4.8%, reaching a valuation of US$ 157.8 billion by 2034, compared to the anticipated US$ 98.6 billion in 2024.
Dairy farming operations stand as a significant driver for soybean meal utilization, contributing to the production of more nutritious milk. The incorporation of soybean meal in the diets of ruminants and poultry is also driven by the global demand for increased meat production. Additionally, pharmaceutical companies are integrating soybean meal as an ingredient in various products, further stimulating market growth.
Key Insights from the Report:
Global Market Valuation: The global soybean meal market is expected to achieve a valuation of US$ 157.8 billion by 2034.
CAGR Projection: The market is projected to exhibit a robust CAGR of 4.8% throughout the forecast period.
Regional Outlook: The United States is poised to reach a market valuation of US$ 22.7 billion by 2024, with Asia Pacific being a flourishing region for soybean meal demand.
Application Segment Share: The feed application segment is estimated to hold a significant market share of 48.0% in 2024.
Indian Market Growth: India is projected to experience substantial growth at a CAGR of 5.5% during the forecast period.
Nandini Roy Choudhury, Client Partner for Food and Beverages at Future Market Insights, Inc., emphasized, "The food industry uses soybean meal for both human and animal feed. The growing number of livestock that are fed soybean meal, as well as the health advantages of this food that is high in protein, are the primary factors of the surging demand for soybean meal."
The surge in demand for soybean meal is indicative of its expanding role in addressing the global need for quality protein and sustainable animal feed solutions, writes Future Market Insights.
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