Australia Soybean Market Size, Share Analysis and Forecast Report (2024-2032)

Australia Soybean Market Trends

The Australian soybean market is thriving because soybeans are an excellent source of high-quality protein, making them particularly suitable for vegetarians and vegans. They provide all essential amino acids, which support muscle growth and overall health. Consuming soy regularly can help lower cholesterol, thus promoting heart health. Additionally, soybeans are high in dietary fibre, aiding digestion, and are rich in antioxidants that help combat oxidative stress and inflammation. In February 2024, Bean Innovations introduced a range of high-protein tofu snacks aimed at busy individuals looking for nutritious, plant-based options, reflecting the growing trend for health-focused convenience foods.

The Australia soybean market also benefits from a broad array of products, such as tofu, soy milk, and snacks, enhancing culinary flexibility. Soybeans are a key component of animal feed, contributing to livestock health and growth. They require less water than many other crops, promoting sustainable agricultural practices. Moreover, soybeans naturally fix nitrogen in the soil, improving fertility and decreasing the need for synthetic fertilisers. This industry also drives economic growth by generating jobs in farming, processing, and distribution. In March 2024, Aussie Soy launched a new range of textured soy protein products tailored for vegetarian and vegan consumers, offering versatile cooking solutions that cater to diverse dietary preferences and encourage sustainable eating habits.

Australia Soybean Market Growth

The Australia soybean market is thriving as increased production creates substantial export opportunities, enhancing its foothold in international markets. A diverse array of soy products caters to various dietary needs and preferences. Low in saturated fat, soybeans promote heart health, while their naturally gluten-free quality appeals to those with gluten sensitivities. The market fosters innovation, leading to unique soybean-based food products that align with evolving consumer demands. In November 2023, Vitasoy Australia is expected to reach its peak annual output, aiming for 70 million litres of soy, almond, oat, rice, and coconut milk, along with a new range of soy and oat-based yoghurts.

The Australia soybean market is thriving as increased production not only benefits local farmers but also bolsters rural economies. Growing soybeans has a positive effect on the environment by enhancing biodiversity and fostering healthier ecosystems. The soybean industry is vital for food security, providing a dependable source of protein. Furthermore, soybeans play a significant role in various cultural cuisines, enriching culinary traditions. The rising number of health-conscious consumers is also driving demand for soybean products, contributing to Australia soyabean market growth. In April 2024, Green Harvest introduced a selection of soybean-based meat alternatives, focusing on taste and texture to offer consumers attractive plant-based options that mimic traditional meat products, addressing the increasing demand for sustainable protein sources.

Australia Soybean Market Insights

• The USDA reports that Australia's soybean production reached 42,000 tons in the 2022/23 season, driving growth in the soy protein market within the country.
• Preliminary data from the National Nutrition Survey and various studies indicate that around 2% of Australians identify as vegan, which is contributing to the increasing demand for soybeans in Australia.
• The Australian Bureau of Statistics reveals that purchases of dairy and meat alternatives in Australian supermarkets and other food retailers rose by a further 14% in 2020-21, following a similar 14% increase recorded between 2018-19 and 2019-20.
• The Western Australia soybean market share is expected to grow significantly, with a projected compound annual growth rate (CAGR) of 15.9% from 2024 to 2032.
• The Australian Capital Territory and Victoria are forecast to grow at CAGRs of 6.3% and 5.5%, respectively, from 2024 to 2032.

Industry News

January 2024

Soy Delight launched a new line of organic soymilk products targeted at health-conscious consumers. This range features a variety of flavours and fortified options, responding to the increasing demand for plant-based alternatives in the Australian market.

February 2022

Benson Hill, Inc., a food technology company that utilises natural plant genetic diversity, introduced TruVail™, a range of domestically sourced, non-GMO plant-based protein ingredients. The initial offering included high-protein soy flour and texturised proteins, appealing to both traditional and emerging plant-based protein markets.

Australia Soybean Market Drivers

Growing Demand for Plant-Based Products

The Australia soybean market is experiencing a significant increase in demand for plant-based products, fueled by health-conscious consumers and a greater awareness of sustainable eating. As more individuals adopt vegetarian and vegan diets, soy products such as tofu, soy milk, and tempeh are gaining popularity. This shift is encouraging manufacturers to innovate and expand their product ranges to accommodate diverse consumer preferences, including organic and gluten-free options. The growing trend towards plant-based diets is influencing product development and fostering collaborations between local farmers and food companies to ensure sustainable soybean sourcing. In August 2023, Plant Power launched a new range of soy-based protein bars, fortified with vitamins and minerals, aimed at active individuals and the rising trend of health-oriented snacks.

Sustainable Farming Practices

The Australia soybean market is benefiting from a growing emphasis on sustainability. Farmers are increasingly implementing eco-friendly practices, such as minimising pesticide use and practising crop rotation, to improve soil health and reduce environmental impact. The rising demand for sustainably sourced soybeans is affecting consumer buying habits, with more shoppers prioritising ethically produced goods. This trend is prompting companies to invest in sustainable farming initiatives and certifications, which in turn enhances transparency within the supply chain. Consequently, the soybean industry is not only contributing to environmental conservation but is also establishing itself as a leader in sustainable agricultural practices. The Australian government supports these efforts through policies like the National Landcare Program, which funds projects aimed at enhancing biodiversity and soil health.

Opportunities in the Australia Soybean Market

Technological Advancements in Processing

The Australia soybean market is experiencing growth due to advancements in processing technologies. Innovations such as enhanced extraction methods and better preservation techniques are improving the efficiency and quality of soy products. These improvements allow manufacturers to produce a broader range of items, including high-protein snacks and ready-to-eat meals, to meet evolving consumer preferences. Additionally, these technologies enhance traceability in the supply chain, ensuring product quality and safety. As processing techniques continue to develop, they are anticipated to play a vital role in the growth of the Australia soybean industry and attracting new consumer segments. In August 2023, Aussie Soy introduced advanced processing techniques for soybeans, focusing on enhancing product quality and efficiency, particularly in the extraction of soy protein and oil.

Market Restraints

The Australia soybean market faces several significant challenges. Competition from imported products, often cheaper due to lower production costs, undermines local producers and can hinder market growth. Climate change threatens soybean yields through unpredictable weather and environmental issues like soil degradation.

Consumer misconceptions about soy’s health impacts limit its acceptance, necessitating better education. Regulatory hurdles and compliance costs pose further barriers, particularly for smaller producers, impacting their competitiveness. Lastly, price volatility driven by global demand fluctuations adds uncertainty, complicating financial planning for farmers and processors and potentially deterring investment in the sector. Addressing these issues is crucial for Australia's soybean market's sustainable growth.

Australia Soybean Industry Segmentation

“Australia Soybean Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Nature

• Organic
• Conventional

Market Breakup by Application

• Animal Feed
• Human Food

Market Breakup by Food and Beverage Type

• Oil
• Tofu
• Soy Milk
• Others

 Market Breakup by Region

• New South Wales
• Victoria
• Queensland
• Australian Capital Territory
• Western Australia
• Others

Australia Soybean Market Share

By Nature Insights

The Australia soybean market is enhanced by organic soybeans, which are grown without synthetic pesticides or fertilisers, making them a healthier option for consumers concerned about chemicals. This trend aligns with the increasing demand for organic products. The segment is projected to grow at a CAGR of 7.2% from 2024 to 2032. Furthermore, organic farming promotes soil health and biodiversity, aiding environmental sustainability. The higher prices for organic soybeans provide better profit margins for farmers, incentivising them to adopt organic practices. In February 2024, Bean & Leaf introduced a new range of organic tofu products aimed at versatile cooking. These offerings respond to the growing consumer interest in organic and plant-based foods, expanding the variety in the market.

The Australia soybean market also benefits from conventional farming, which usually has lower production costs due to the use of synthetic inputs. This results in more affordable soy products, making them accessible to a wider audience. The Australia soybean market revenue is strengthened by conventional farming methods, which can produce greater yields per hectare, ensuring a consistent supply. Additionally, well-established processing and distribution networks improve market accessibility for producers. In April 2024, SnackWise launched a new range of conventional soy-based snacks targeted at families. These products offer a nutritious and budget-friendly snack option, addressing the increasing demand for convenient, protein-rich foods in the Australian market.

By Product Analysis

The Australia soybean market is thriving, with soybean meal providing several advantages in the animal feed sector, such as high protein content that enhances livestock growth and productivity. The segment is projected to grow at a CAGR of 6.1% from 2024 to 2032. Its affordability makes it a popular choice for producers, while its high digestibility improves nutrient absorption and reduces waste. Additionally, local sourcing of soybeans supports sustainable farming practices and reduces carbon footprints, benefiting both the environment and local economies. In March 2024, EcoFeed launched a sustainable soybean-based cattle feed, emphasising nutritional quality and environmental impact. This innovative product promotes livestock health while encouraging eco-friendly farming methods.

The Australia soybean market also benefits from soy products that deliver substantial nutritional value, being rich in protein and essential amino acids, making them perfect for vegetarians and vegans. Their versatility leads to various offerings, such as tofu and soy milk, accommodating diverse dietary preferences. Furthermore, soy consumption can help lower cholesterol and enhance heart health, with many products being naturally gluten-free, making them suitable for those with sensitivities. In June 2024, Healthy Harvest introduced a range of soy-based snacks, including roasted soybeans and soy crisps, providing delicious and nutritious options for health-conscious consumers seeking convenient snacks.

By Food and Beverage Type Insights

The Australia soybean market is strengthened as tofu provides multiple advantages, acting as a high-protein meat substitute for vegetarians and vegans. Its versatility in preparation, along with being low in calories and saturated fat, makes it a heart-healthy option. Furthermore, tofu promotes sustainable diets by reducing reliance on animal agriculture, benefiting the environment. In March 2024, Tofu Innovations launched a new range of organic tofu targeted at health-conscious consumers, emphasising sustainability and ethical sourcing to meet the rising demand for organic products.

The Australia soybean market also benefits from soy milk, which offers a lactose-free alternative for those with intolerance while maintaining a creamy texture. Often fortified with vital nutrients like calcium and vitamin D, soy milk supports overall health. Additionally, it helps lower cholesterol levels and is versatile for various culinary uses, contributing to the Australia soybean demand growth. In April 2024, Purely Soy introduced organic, unsweetened soy milk designed for health-conscious individuals, focusing on quality and sustainability to cater to the expanding organic beverage market.

Australia Soybean Market Regional Insights

New South Wales Soybean Market Regional Insights

New South Wales (NSW) is experiencing a surge in soybean cultivation, driven by favourable climatic conditions and rising consumer demand for plant-based products. The region boasts an established agricultural infrastructure that supports both conventional and organic farming. Farmers are increasingly adopting sustainable practices to improve yields and reduce environmental impact. In 2022, soybean production in NSW reached around 25,000 tonnes, according to the NSW Department of Primary Industries.

Queensland Soybean Market Trends

As per the Australia soybean market analysis, Queensland's soybean market is witnessing notable growth, fueled by increasing demand for soy products in both local and global markets. The state is prioritising production enhancement through advanced farming techniques and innovations. Recent figures from the Queensland Government reveal a 15% increase in soybean acreage over the past year, showcasing farmers' responsiveness to market opportunities.

Western Australia Soybean Market Dynamics

Western Australia is projected to grow at a CAGR of 15.9% from 2024 to 2032. Western Australia (WA) is shifting towards soybean farming as producers recognise its benefits. The state emphasises sustainable agricultural practices, enhancing the attractiveness of soybeans as a crop. WA's diverse climate supports various cultivation methods, crucial for adapting to environmental changes. In 2023, soybean production in WA reached 18,000 tonnes, indicating a positive adoption trend, as reported by the Western Australian Department of Agriculture and Food.

Competitive Landscape

The Australia soybean market key players are dedicated to producing and marketing high-quality soybean products for both local and international consumers. By prioritising sustainable farming practices, they strive to meet the growing demand for plant-based proteins and various soybean products. With an emphasis on innovation and quality assurance, they provide a wide array of products, including whole beans and processed foods, to appeal to diverse consumer preferences. Through collaborations with local farmers and investments in sustainable agriculture, these firms are instrumental in promoting the advancement of the soybean industry in Australia.

Key Industry Players

Bunge Global SA: Founded in 1818 and headquartered in White Plains, New York, is a leading agribusiness focused on sourcing, processing, and distributing agricultural commodities, including soybeans. The company prioritises sustainability and innovation, connecting farmers to markets while enhancing the global food supply chain.

Cargill Australia Limited: Established in 1967 and based in Sydney, is part of Cargill Inc., one of the world’s largest privately held corporations. The company operates in agriculture, food production, and animal nutrition, emphasising sustainability and quality in its operations to serve both local and global markets.

Ridley Corporation Limited: Founded in 1962 and headquartered in Australia, is a major provider of animal nutrition products. The company produces high-quality feed for livestock, aquaculture, and pets, focusing on sustainability and innovation. Ridley is committed to supporting the agricultural industry through research and development.

Bean Growers Australia: Established in 1998 and headquartered in Queensland, specialises in the production and marketing of soybean products. The company emphasises sustainable farming practices and aims to meet the growing demand for plant-based protein, providing high-quality products for both domestic and international markets.

Another key player in the Australia Soybean market report is Gateway Products Pty Ltd., among others.

Recent Developments

January 2024

Farm Fresh launched a new line of high-protein soybean meal designed for poultry feed. This product focuses on promoting growth rates and enhancing overall flock health, addressing the rising demand for high-quality animal nutrition.

April 2024

Green Gourmet unveiled a selection of ready-to-eat meals that include textured soy protein, targeting busy individuals in search of convenient, plant-based dining solutions that maintain nutritional value.