Soybean Seed Market Overview
The Global Soybean Seed Market reached US$ 9.2 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 15.7 billion by 2030. The market is growing at a CAGR of 6.9% during the forecast period.
Soybean seeds are commonly used for cultivation, as they are a major crop worldwide due to their various uses and nutritional value. They are rich in protein, fiber, and healthy fats, making them a valuable source of nutrients for both humans and animals. Soybean seeds are also used in research laboratories for scientific studies and genetic research, as they offer valuable insights into plant genetics, crop improvement, and sustainable farming practices.
The soybean market has witnessed a growing demand for specialty soybean varieties, such as high-yield varieties, disease-resistant varieties, and soybeans with specific traits like herbicide tolerance or enhanced nutritional profiles. Farmers are looking for soybean seeds that offer improved performance and cater to specific market demands.
For instance, a seed company introduces a new specialty soybean variety that exhibits resistance to a prevalent soybean disease while maintaining high yield potential. This variety becomes highly sought after by farmers in regions where the disease is a significant concern, leading to increased sales and market share for the company.
Soybean Seed Market Scope
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Metrics |
Details |
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CAGR |
6.9% |
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Size Available for Years |
2021-2030 |
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Forecast Period |
2023-2030 |
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Data Availability |
Value (US$) |
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Segments Covered |
Product Type, Seed Treatment, Trait, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
North America |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
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Soybean Seed Market Dynamics and Trends
Increasing Demand for Soybean Products is Driving the Growth of the Soybean Seed Market
Soybean products are becoming increasingly popular due to their health benefits and versatility. Soybean oil, for example, soybean is a popular cooking oil that is low in saturated fat and high in healthy fats. Soy milk and tofu are also popular dairy alternatives for people who are lactose intolerant or follow a plant-based diet. According to the USDA, the production of soyabean oil seed worldwide was 59.371 million Tons in 21/22.
Additionally, soybean meal is a key ingredient in animal feed, which is in high demand due to the growing global population and increasing meat consumption. The increasing demand for soybean products, such as soybean oil, soy milk, tofu, and animal feed, is a key driver of the growth of the soybean seed market. As demand for soybean products continues to rise, farmers need to plant more soybean seeds to meet this demand, creating a growing market for soybean seed producers. In summary, the increasing demand for soybean products is driving the growth of the soybean seed market.
Increasing Expansion of Livestock and Poultry Industries is Likely to Drive the Soybean Seed Market
The expansion of the global livestock and poultry industries has led to increased meat production. According to the Food and Agriculture Organization (FAO) of the United Nations, global meat production reached 360 million tonnes in 2022, a significant increase from 218 million tonnes in 1990.
Livestock and poultry require high-quality feed to support their growth and production. Soybean meal is one of the most widely used protein sources in animal feed formulations. The United States Department of Agriculture (USDA) reports that soybean meal accounts for approximately 65-75% of global protein meal consumption.
The population of livestock and poultry directly influences the demand for soybean meal and, consequently, soybean seeds. For instance, China has the largest pig population in the world, and its increasing demand for soybean meal has significantly contributed to the growth of the soybean seeds market.
Weather-Related Risks May Hamper the Growth of the Soybean Market
Weather-related risks can have a significant impact on the market growth of soybean seeds. Soybeans are a crop that is highly susceptible to adverse weather conditions, including droughts, floods, extreme temperatures, and storms. These weather-related risks can impact the yield and quality of soybeans, which can in turn affect the supply and demand dynamics of the soybean seed market. For example, droughts can lead to lower yields, which can decrease the supply of soybean seeds and drive up prices.
Floods can also impact the quality of soybeans, making them less desirable to buyers and leading to a decrease in demand. In addition to these direct impacts, weather-related risks can also lead to increased uncertainty and volatility in the soybean seed market. Farmers and other market participants may be hesitant to invest in soybean seeds if they perceive a high risk of weather-related losses. Overall, weather-related risks can have a significant impact on the market growth of soybean seeds.
Soybean Seed Market Segmentation Analysis
The global Soybean Seed market is segmented based on product type, seed treatment, trait, and region.
The Weed Control Capacity of Herbicide-Tolerant Trait
Based on the trait, the soybean seed market is classified into herbicide-tolerant, insecticide-resistant, and others. The herbicide-tolerant trait in soybean seeds has become increasingly popular and now has the highest share in the soybean seed market.
For instance, according to the U.S. Department of Agriculture (USDA), about 94% of soybean and 89% of corn grown in the united states are herbicide-resistant. The herbicide-tolerant trait allows farmers to control weeds in their soybean fields. This results in higher yields and lower costs, as farmers don't need to invest in as much labor or herbicides to control weeds.
Herbicide-tolerant soybean seeds allow farmers to use fewer herbicides overall, which can save time and money. Consumers are increasingly demanding sustainably produced crops. The herbicide-tolerant trait allows farmers to use fewer chemicals, which can make soybean seeds more appealing to environmentally conscious buyers. These factors have contributed to the herbicide-tolerant trait's dominance in the soybean seed market,
Source: DataM Intelligence Analysis (2023)
Global Soybean Seed Market Geographical Share
The Large-Scale Soybean Seed Production in North America
The climate in North America is generally favorable for growing soybeans, with warm summers and adequate rainfall. This allows for higher yields and more consistent production compared to other regions. The United States is the world's largest producer of soybeans, with Canada and Mexico also significant producers. For instance, according to USDA, in 2021-22, the United States produced about 11.8 million tons of soybeans seeds. This large-scale production has allowed North America to become a major player in the global soybean seed market.
North American farmers also have access to advanced agricultural technologies, such as precision farming and genetically modified seeds, which can increase the yields and efficiency of soybean seeds. Hence, the large-scale production in the North American region has contributed to North America's dominance in the soybean seed market.
Source: DataM Intelligence Analysis (2023)
Soybean Seed Market Competitive Players
The major global players include DuPont de Nemours, Inc., Cargill, Inc., Kerry Group plc, Bayer, BASF SE, Advanta Seeds, Syngenta, Fuji Oil Group, Danone, and Corteva Agriscience.
Covid-19 Impact On Soybean Seed Market
COVID-19 led to disruptions in transportation, logistics, and labor availability, affecting the global supply chains for agricultural commodities, including soybean seeds. Restrictions on movement and trade disruptions caused delays in the transportation of inputs and agricultural products, potentially impacting the availability and distribution of soybean seeds.
Governments worldwide implemented various support measures and policies to mitigate the impact of the pandemic on agriculture. These measures included financial assistance, subsidies, and incentives to support farmers and stabilize the agricultural sector. Such policies could have influenced soybean seed production and market dynamics.
By Product Type
- Genetically Modified
- Non-Genetically Modified
By Seed Treatment
- Treated
- Non-Treated
By Trait
- Herbicide-Tolerant
- Insecticide-Resistant
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- In December 2022, Agriscience introduced a class of 87 corn and soybean seed products in the United States market.
- In August 2022, BASF declared the launch of 10 new varieties of Xitavo soybean seed in 2023. With these additions, the Xitavo portfolio covers a total of 39 varieties.
- In February 2020, Syngenta Group’s NK brand launched about 21 new seed varieties. These seeds have benefits such as higher yield and wider adaptability to different locations and weather conditions.
Why Purchase the Report?
- To visualize the global castor 0il market segmentation based on product type, seed treatment, and trait understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous soybean seed market-level data points all for segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global soybean seed market report would provide approximately 61 tables, 55 figures, and 102 pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
