Agricultural Leaders: Top 5 Soybean-Producing Countries

22 May 2024 • by Natalie Aster

Soybeans (Glycine max) are a crucial crop in the global agricultural landscape, serving multiple purposes. The global demand for this legume continues to rise owing to its versatility and nutritional benefits. Around 77% of the world’s total production volume is utilized for livestock feed, particularly in the dairy and meat industries. The remaining chunks are processed into vegetable oils, biofuels, and various industrial products. Only a small share, about 7%, is directly used for human consumption, for instance, in products such as soy milk and tofu.

The volume of the world’s soybean production went beyond 378 million metric tons in the 2022/2023 season. It is projected to exceed 396 million metric tons in the 2023/2024 season. The concentration of production in a few countries makes the global supply vulnerable to climatic and environmental changes, emphasizing the need for sustainable practices.

Understanding which countries lead in soybean production can provide valuable insights into global agricultural trends and economic impacts. Therefore, our experts have prepared a short overview of the 5 dominant soybean-producing countries in 2024, analyzing their production capabilities, environmental impacts, and the significance of soybeans to their economies.

Brazil

Brazil is the number one soybean producer in the world, often competing closely with the United States for the top spot. The country's favorable climate and expansive farmland make it ideal for soybean cultivation. Key regions like Mato Grosso and Paraná are renowned for their high output. Brazil's investment in agricultural research and infrastructure continues to drive growth in this sector. The country’s production volume amounted to 162 million metric tons in the 2022/2023 marketing year – an impressive increase from the previous season, solidifying Brazil's top position in the global soybean arena. However, forecasts suggest a slight decrease in the 2023/2024 season due to adverse weather conditions.

United States

The United States is the second-largest powerhouse in soybean production. With vast agricultural lands and advanced farming technologies, the country has consistently ranked at the top positions. The Midwest, often referred to as the "Corn Belt," is the primary region for soybean cultivation. Innovations in biotechnology and sustainable farming practices have bolstered yields and quality. However, in recent years, the production of soybeans in the US has seen fluctuations due to acreage cuts and unfavorable weather conditions. The country’s output in the 2022/2023 season totaled some 116 million metric tons, representing a YoY decrease from 121.5 million tons in the 2021/2022 season. So far, analysts predict a further decrease in output volumes in the current season.

Argentina

Argentina is the third major producer of soybeans around the world, known for its high-quality beans and significant export volumes. The Pampas region, with its fertile soil, is the heartland of the national soybean farming. Argentina's soybean production has been adversely affected by extreme weather conditions in the 2022/2023 season, resulting in a great YoY decline of 38%; the output volume was estimated at 25 million metric tons. Despite this, projections indicate a potential recovery, with the production volume anticipated to double to around 50 million metric tons in the 2023/2024 season.

China

China, while primarily known as a major consumer of soybeans, has also ramped up its domestic production. The country's focus on reducing dependence on imports has led to increased soybean farming, particularly in the northeastern provinces. Government policies and investments in agricultural technology are boosting local production and improving self-sufficiency. However, China still has to import substantial quantities of soybeans to cover high domestic demand. In the 2022/2023 season, China’s output totaled 20.2 million metric tons. Projections point to a slight increase (of slightly over 0.5 million metric tons) in the following season.

India

India is an emerging player in the soybean industry, with a steady upward trend over the past decade. India's soybean production volume reached 11 million metric tons in the 2022/2023 marketing year, with a forecasted increase to over 12 million metric tons in the next season. The country's diverse climate allows for soybean cultivation in various regions, including Madhya Pradesh and Maharashtra. Government initiatives and support for farmers have played a crucial role in enhancing production capabilities.

To Conclude:

Understanding the dominant soybean-producing countries helps in grasping global agricultural dynamics and economic implications. The United States, Brazil, Argentina, China, and India are at the forefront, each contributing uniquely to the industry. By examining their production strategies and outputs, we can gain insights into the future of soybean farming and its global impact.

Related Reports:

Use the search form to get access to a vast collection of in-demand research studies featuring the soybean market available at MarketPublishers.com.

CONTACTS

The Market Publishers, Ltd.
Natalie Aster
Tel: +44 208 144 6009
Fax: +44 207 900 3970
[email protected]
MarketPublishers.com