The global soybean market in 2024 continues to be driven by strong demand for soy products across various industries, from food production to animal feed and biofuels. As a key agricultural commodity, soybeans play a vital role in global trade, and the top soybean suppliers are essential in meeting the increasing global demand. This article explores the leading soy suppliers in 2024, highlighting their export value, market share, and key trends shaping the industry. In this blog, we will be discussing about global soy suppliers. Also, whether you are looking for information on countries exporting soy, global soy exporters, or top destinations for global soy exports, contact us through Tendata for better export data.

Global Soybean Market Overview

In 2024, the global soybean export market reached a total value of $1.28 billion, with 735.4 million kg of soybeans traded across international borders. The average unit price for soybeans is $1.7395 per kg, reflecting the importance of soybeans as a staple agricultural product. The global demand for soybeans is driven by a variety of factors, including the growing consumption of plant-based proteins, the expansion of livestock feed production, and the increasing demand for biofuels.

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Leading Global Soy Suppliers in 2024

In 2024, the global soybean export market is diverse, with suppliers from various regions playing key roles. Here are the top global soy suppliers by export value:

1. CÔNG TY TNHH CANON VIỆT NAM CHI NHÁNH QUẾ VÕ – $139.55 Million (10.91% of Total Exports)

The largest soy supplier in 2024 is CÔNG TY TNHH CANON VIỆT NAM CHI NHÁNH QUẾ VÕ, contributing 10.91% of total soy exports, with a value of $139.55 million. Based in Vietnam, this company is a major player in the soybean export industry. Their extensive production capacity and strategic location in Southeast Asia have positioned them as one of the leading suppliers in the global market.

2. PT SMOE INDONESIA – $86.82 Million (6.79%)

PT SMOE INDONESIA ranks second, with $86.82 million in exports, making up 6.79% of the global market share. Indonesia has become an important hub for soybean production and processing, and this company is a key supplier of soybeans to markets in Asia and beyond.

3. CÔNG TY TNHH LUXSHARE ICT VIỆT NAM – $64.11 Million (5.01%)

Another significant player from Vietnam, CÔNG TY TNHH LUXSHARE ICT VIỆT NAM, accounts for 5.01% of total soybean exports, valued at $64.11 million. The company’s strong export performance is driven by its large-scale operations in agricultural production and trade, as well as its connections to international buyers in both food and industrial sectors.

4. PT INDONESIA EPSON INDUSTRY – $54.18 Million (4.24%)

PT INDONESIA EPSON INDUSTRY follows with $54.18 million in soybean exports, representing 4.24% of global exports. Located in Indonesia, the company is involved in the production and distribution of soybeans, supporting demand in Southeast Asia and other international markets.

5. CÔNG TY TNHH THƯƠNG MẠI VÀ XUẤT NHẬP KHẨU MAI PHƯƠNG HÀ NAM – $30.1 Million (2.35%)

With a total export value of $30.1 million, CÔNG TY TNHH THƯƠNG MẠI VÀ XUẤT NHẬP KHẨU MAI PHƯƠNG HÀ NAM ranks fifth, contributing 2.35% to the global soybean export market. Based in Vietnam, this company specializes in agricultural exports, with a focus on soybeans for both domestic consumption and international trade.

6. PT ERA BERSAMA INDONESIA – $29.48 Million (2.3%)

PT ERA BERSAMA INDONESIA contributes 2.3% of total exports, with soybean exports valued at $29.48 million. As part of Indonesia’s growing agricultural export sector, this company focuses on supplying high-quality soybeans to both local and international markets.

7. KIA INDIA PRIVATE LIMITED – $22.95 Million (1.79%)

KIA INDIA PRIVATE LIMITED, based in India, is another important player, with exports valued at $22.95 million, representing 1.79% of the market. India has emerged as a significant supplier of soybeans, particularly to neighboring countries and regions with growing demand for soy products.

8. DEEPAK PHENOLICS LIMITED – $21.26 Million (1.66%)

India-based DEEPAK PHENOLICS LIMITED ranks eighth with $21.26 million in soybean exports. The company’s focus on industrial-grade soybeans for biofuels and other non-food applications has led to steady growth in its international exports.

9. ТОВ СП ЮКОЙЛ (YUKOIL) – $20.91 Million (1.63%)

ТОВ СП ЮКОЙЛ (YUKOIL), a company based in Russia, has reached $20.91 million in soybean exports, representing 1.63% of the global market. Russia is slowly emerging as a supplier of soybeans, especially in Europe and neighboring regions, where the demand for soybeans is steadily increasing.

10. LARSEN AND TOUBRO LIMITED – $18.22 Million (1.42%)

LARSEN AND TOUBRO LIMITED, another India-based company, rounds out the top 10 with $18.22 million in soybean exports, accounting for 1.42% of the global market. The company’s extensive network and strong presence in agriculture-related exports have helped it become a significant player in the soybean trade.

Above we have mentioned the top global soy exporters. Apart from this, many other exporters also play a vital role in global export of soy from all over the world. Also, explore our soy export data at Tendata to get a complete list of all the active soy exporters across the globe and overseas.

Key Trends in the Soybean Export Industry

1. Asia-Pacific Dominance: The Asia-Pacific region, particularly Southeast Asia and South Asia, remains a dominant force in global soybean exports. Countries such as Vietnam, Indonesia, and India are leading suppliers, leveraging their agricultural infrastructure and regional trade agreements to expand their presence in global markets.

2. Rising Demand for Plant-Based Proteins: The growing global trend toward plant-based diets and protein alternatives has boosted the demand for soybeans, especially in markets like Europe and North America. This shift is particularly evident in the growing demand for soy-based products such as tofu, soy milk, and meat substitutes.

3. Technological Advancements in Agriculture: Technological improvements in farming, such as precision agriculture and enhanced seed varieties, are driving increases in soybean production and export capacity. Companies in key exporting countries are adopting these technologies to improve yields and meet the rising global demand.

4. Sustainability Initiatives: As environmental concerns grow, sustainable farming practices and certification systems (such as organic or fair-trade certifications) are becoming increasingly important for soy suppliers. Companies are focusing on reducing the environmental impact of soybean farming, particularly in relation to land use, water consumption, and carbon emissions.

5. Geopolitical Dynamics: Geopolitical factors, including trade policies, tariffs, and international trade agreements, play a significant role in shaping the global soybean export landscape. Suppliers in countries with favorable trade agreements or lower tariffs are better positioned to expand their export reach.

Conclusion

The global soybean market in 2024 continues to evolve, driven by demand for plant-based proteins, expanding agricultural production, and technological advancements. Leading soy suppliers from Southeast Asia, India, and Russia are meeting the growing global demand, and their contributions to the market reflect the strategic importance of soybeans as a key agricultural commodity.

With an increasing focus on sustainability, technological innovation, and expanding international trade networks, the future of global soybean exports looks promising. These soy suppliers will continue to play a crucial role in the agricultural supply chain, ensuring that soybeans remain an essential ingredient in the global food and industrial markets.

Tendata is the premium solution to find global soy suppliers. One can easily get the list of global soy exporters and their previous shipment value through Tendata. Simply view the latest global soy export data on our platform and you can view the entire list of soyHS codes. It is the leading export data source providing import and export data for more than 218 countries/territories.

Moreover, if you have any questions regarding exporter data, HS codes or soy export data, feel free to contact Tendata.Our professionals will help you in any way they can. Get a free live demo today!