$56.2bn
$X.Xbn
68,442
66,254
$XXX.Xm
The Soybean Farming industry is historically volatile. Before the COVID-19 pandemic, industry revenue had declined because of falling exports to China. In 2018, the US and China entered a trade war brought on by the US imposing tariffs on Chinese steel. The Chinese government responded by placing significant tariffs on US soybeans. Historically, China has been a major soybean importer, so these tariffs resulted in revenue declines for industry growers. However, in 2020, exports of soybeans surged as global supply chain disruptions increased demand for soybeans in other countries. Meanwhile, as the US economy moved beyond the pandemic in 2022, domestic soybean demand grew steadily. Overall, due to the significant growth in 2020 and 2021, industry revenue is expected to grow at an annualized rate of 6.6% to $56.2 billion over the five years to 2024. However, falling soybean prices are expected to cause revenue to fall 4.7% in 2024.
Industry revenue has grown at a CAGR of 6.6 % over the past five years, to reach an estimated $56.2bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Bayer Corp | 814.4 | 146.4 | 18.0 |
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Industry revenue is measured across several distinct product and services lines, including Soybean meal, Soybean oil and Soybean hull. Soybean meal is the largest segment of the Soybean Farming in the US.
Soybean meal loses ground to animal feed crops
Farms in this industry grow soybeans as their main crop. Soybeans are most often used in livestock feeds and vegetable oils, with a small but growing proportion being used in biofuel production. Establishments that sell soybean seeds to US farmers for growing crops are also included.
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NAICS 11111 - Soybean Farming in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Global soybean prices determine soybean farming revenue. Soybean prices surged during the pandemic, but are now coming back down.
Learn about an industry's products and services, markets and trends in international trade.
Refineries need soybean oil for biodiesel. Biofuel production has grown as supply chain disruptions at home and abroad have led to surging gas and diesel prices
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Soybean plants need large fields of open space. The Plains region grows nearly half of US soybeans because it has the necessary space.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Soybean farms must reduce costs to better compete with other soybean farms, feed grain producers and oilseed growers. Product innovation and differentiation can help, but pri...
Learn about the performance of the top companies in the industry.
Almost exclusively small companies grow soybeans in the US. While some companies produce seeds on a large scale, nearly all soybean farms are small independent operations. Th...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Subsidies help protect soybean farmers when soybean prices decline. Subsidies also reduce volatility brought on by harsh growing conditions and adverse weather.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Input costs have grown for soybean farms as fertilizer prices have increased and investors have purchased farmland and raised rent prices.
Including values and annual change:
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Key data sources in the US include:
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These sources include:
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The market size of the Soybean Farming in the US industry in United States is $56.2bn in 2024.
There are 66,254 businesses in the Soybean Farming in the US industry in United States, which has declined at a CAGR of 2.2 % between 2019 and 2024.
The market size of the Soybean Farming in the US industry in United States has been growing at a CAGR of 6.6 % between 2019 and 2024.
Over the next five years, the Soybean Farming in the US industry in United States is expected to grow.
The biggest company operating in the Soybean Farming market in United States is Bayer Corp
Soybean oil and Soybean meal are part of the Soybean Farming in the US industry.
The company holding the most market share in United States is Bayer Corp.
The level of competition is moderate and increasing in the Soybean Farming in the US industry in United States.