Animal Feed - Soybean Meal: Market Size & Forecast 2026

The global soybean meal market sits at approximately USD 60 billion in 2026, anchored by a 2025 base of USD 58 billion and a 4.2% CAGR through 2032 that delivers roughly USD 77 billion at the forecast endpoint. Poultry and swine demand account for 73% of consumption, while crushing capacity additions in the United States and Brazil create a supply overhang that keeps feedstock pass-through behaviour muted. The category sits in structural surplus, but procurement complexity is rising on the back of EUDR compliance costs, origin-concentration risk, and a supplier base consolidating around four integrated traders. > **Analyst Take.** The 4.2% headline CAGR looks modest, but the composition underneath is misleading. Roughly 60% of projected growth comes from poultry density gains in Asia and aquaculture expansion, not livestock herd expansion. The consensus is pricing in steady Brazilian and

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