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The Soybean Seed Market size is forecast to increase by USD 3.59 billion, at a CAGR of 6.29% between 2023 and 2028.
The market in North America witnesses substantial growth due to the increasing adoption of plant-based diets and a rising preference for plant-derived protein sources. This surge in demand positively impacts soybean seeds and soy-based products, such as soy protein, soybean oil, and soy-based ingredients. The market benefits from ongoing innovations in the food industry, with new soy-based products and formulations aligning with changing consumer preferences. ADAMA Ltd contributes to this trend with non-GMO certified soybean seeds, branded as Pummel, along with pre and post-seed care treatments. The market shows promise in terms of growth rate, consumer benefits, and global consumption trends.
The market shows an accelerated CAGR during the forecast period.
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The high nutritional value of soybeans is notably driving the market. Soybean seeds, rich in protein, fiber, and healthy fats, belong to the pea family and serve as a vital protein source, especially for those following a vegan or vegetarian diet. They stand out as a complete protein, offering all essential amino acids. The global soybean seeds market thrives due to the escalating demand for plant-based protein and disease-resistant varieties, driving the production of soy-based products like tofu, tempeh, soy milk, and meat substitutes.
Additionally, soybeans are a nutrient-rich powerhouse, containing vitamin C, folate, low saturated fat, and providing thiamin, potassium, phosphorus, calcium, iron, magnesium, carbohydrates, and polyunsaturated fat. Regular consumption of soybean seeds is associated with alleviating menopausal symptoms and reducing the risk of prostate and breast cancers. Hence, such factors are driving the market during the forecast period.
Technological advancements in soybean processing is an emerging trend in the market. Technological innovations in processing methods result in improved product quality, including enhanced flavors, textures, and nutritional profiles. In addition, high-quality soya seeds are more likely to meet the preferences of consumers, driving demand in various applications, such as food, animal feed, and industrial products. Improved extraction technologies enhance the efficiency of soybean oil extraction from soya seeds, increasing the overall yield.
Moreover, innovations in isolating and modifying soy proteins improve their functionality and versatility. In addition, advanced soy protein derivatives find applications in a broad range of food and beverage products, contributing to an increase in demand for soybean derivatives. Furthermore, technological advancements in lecithin extraction and purification result in higher purity and increased applications of soy lecithin. Hence, such factors are driving the market trends during the forecast period.
Biotech regulations pertaining to using GM seeds in soybean seed production are a major challenge hindering the market. The global soya seed industry heavily depends on regulations surrounding biotechnology and genetically modified seeds. In addition, while GM soybean varieties offer benefits such as increased resistance to pests and herbicides, regulatory hurdles and public concerns regarding GM seeds can limit the adoption and commercialization of these varieties in certain regions.
Moreover, genetically modified soybean seeds are engineered to possess specific traits, including resistance to pests or tolerance to herbicides. However, increasing concerns about the environmental impact of GM soybean cultivation, such as potential harm to biodiversity and ecosystems, are negatively influencing purchasing decisions and reducing the adoption of GM soya seeds. Furthermore, regulatory frameworks for GM seeds vary globally, and compliance with different standards can be challenging for companies in the global market. Hence, such factors are hindering the market during the forecast period.
The increased accessibility will fuel the offline segment which in turn will fuel the market. The offline segment of the global market comprises agricultural supply stores, agriculture cooperatives, retail nurseries, and garden centers. In addition, these offline channels provide access to a wider consumer base. Moreover, this is especially important for reaching consumers in diverse geographical locations, including rural areas with limited online accessibility. In addition, offline channels leverage established retail networks with a physical presence. Furthermore, this allows soya seeds to be sold in physical retail stores, attracting the attention of consumers who prefer to shop in brick-and-mortar establishments. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
The genetically modified segment is estimated to witness significant growth during the forecast period. The genetically modified segment comprises the modification of the DNA of natural seeds and the increased tolerance of seeds against pests and herbicides. In addition, factors such as increasing population, shrinking arable land, and changing climatic conditions drive the adoption of genetically modified soya seeds. Furthermore, the advancements in biotechnology and genetic engineering techniques and other factors further drive the growth of the genetically modified segment.
The genetically modified segment was the largest segment and was valued at USD 4.42 billion in 2018.
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Moreover, genetically modified soybean seeds are often engineered to exhibit traits that contribute to higher yields, including improved pest resistance, disease tolerance, and enhanced stress tolerance. In addition, farmers are attracted to GM soya seeds for their potential to increase productivity and crop yields, thereby improving profitability. Furthermore, the growing need for increasing crop output increases the use of GM seeds. In addition, governments in a number of developing nations, such as those in APAC and Africa, are encouraging farmers to use genetically modified seeds to boost agricultural yields. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
North America is estimated to contribute 35% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market in the region is expected to grow significantly coming years owing to the favorable agricultural conditions and practices that contribute to a robust supply chain. In addition, the US is one of the leading producers of soybeans globally. The production of soybean in the US in 2022 was around 112.55 million tonnes. Moreover, the increasing demand for soybeans for animal feed drove the growth in the production of soya seeds in the US in 2022. In addition, the increasing consumption of processed and convenience foods, where soybeans are often used as ingredients, supports the growth of the regional market. Furthermore, economic stability and rising disposable incomes can positively impact consumer spending on food products, including those containing soybean derivatives. Hence, such factors are driving the market in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
BASF SE, Bayer AG, Bioceres Crop Solutions Corp., BrettYoung, Bunge Ltd., Cargill Inc., COFCO International, Corteva Inc., House Foods Group Inc., KWS SAAT SE and Co. KGaA, Limagrain, Olam Group Ltd., Sinochem Group Co. Ltd., The Scoular Co., UPL Ltd., Wilmar International Ltd., and CHS Inc.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The Market is thriving with a focus on protein, fiber, and healthy fats. Research laboratories play a crucial role in developing specialty soybean varieties, including disease-resistant and herbicide-tolerant traits. These traits enhance soybean products, benefiting livestock and poultry industries, and supporting meat production. Addressing weather-related risks like droughts, floods, and extreme temperatures, herbicide-tolerant traits provide effective weed control. Innovations in breeding technology, hybrids, and improved seeds contribute to higher yields and wider adaptability. Some of the specialty soybean varieties include soybean oil, soy milk, and tofu. The market caters to environmentally conscious buyers, ensuring high profit margins for farmers. The non-transgenic hybrid market is significant, reducing dependence on imports. Additionally, the resistance to diseases and pests enhances crop resilience, benefiting small-scale farmers and reducing crop input costs. The market aligns with global trends toward sustainable agriculture and non-GMO food choices, further driven by the herbicide-tolerant soybean traits promoted by the Chinese government.
The Market is strategically positioned with a focus on essential nutrients like protein, fiber, and healthy fats. Research efforts concentrate on developing disease-resistant varieties and herbicide-tolerant traits, bolstering the sector. The Food and Agriculture Organization (FAO) guides industry practices, addressing challenges posed by weather extremes. Traits like insecticide resistance and drought tolerance in soybeans contribute to high yields and profit margins, supporting both low-income farmers and the hospitality sector. The market caters to diverse needs, from cooking oil to animal feed. With an emphasis on sustainable practices, the market aligns with global trends and regulatory frameworks, including China's government-backed initiatives to address crop loss, enhance resilience against biotic and abiotic factors, and promote transgenic soybean cultivation.
Industry Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.29% |
Market Growth 2024-2028 |
USD 3.59 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.93 |
Regional analysis |
North America, APAC, South America, Europe, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, India, Brazil, and Argentina |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ADAMA Ltd., Amaggi, Archer Daniels Midland Co., BASF SE, Bayer AG, Bioceres Crop Solutions Corp., BrettYoung, Bunge Ltd., Cargill Inc., COFCO International, Corteva Inc., House Foods Group Inc., KWS SAAT SE and Co. KGaA, Limagrain, Olam Group Ltd., Sinochem Group Co. Ltd., The Scoular Co., UPL Ltd., Wilmar International Ltd., and CHS Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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