The volume of soybean processing has reached a historical record, with even further growth projected by 2024/25.

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The volume of soybean processing has reached a historical record, with even further growth projected by 2024/25.

The volume of soybean processing worldwide increased by 14% to 29.8 million tonnes in October. The indicator grew significantly in Argentina - 4.14 million tonnes (+122.6%). Experts predict that by 2024/25 the volume of soybean processing will reach 22 million tonnes, with the leading countries being Argentina, the USA, Brazil, China, and the EU. There may be a reduction in rapeseed and sunflower processing by 8 million tonnes.

27 November 2024

According to the Oil World report, in October of this year, the soybean processing volume worldwide increased by 14%, reaching 29.8 million tonnes compared to the same period in 2023.

A particularly impressive growth in soybean processing was recorded in Argentina, where the volume reached 4.14 million tonnes, which is twice the figure from the previous year (+122.6%).

Experts predict that by the year 2024/25, the global volume of soybean processing will reach 22 million tonnes, thanks to increased production in Argentina (by 9.5 million tonnes per year), the USA (+3.1 million tonnes), Brazil (+2.7 million tonnes), China (+3.7 million tonnes), and the European Union (+1 million tonnes). It is worth noting that the demand for soybean oil remains high due to a shortage of sunflower, rapeseed, and palm oils. It is expected that the processing volume of rapeseed and sunflower will decrease by 8 million tonnes.

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Source: Forkagro.com

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