Globally, Soybean is the most economically important crop; it is not only an oilseed crop and feed for livestock but also serves as an ingredient for a lot of chemical products. 

Soybean, Glycine max is a vegetable crop & edible seed of the pea family Fabaceae. Soybean is not only one of the most valuable and inexpensive crops available in the world but is also considered a great source of protein in the human body due to its large nutritional values and a significant amount of phytic acid, Vitamin E, and Dietary minerals. 

Soybean is an ancient crop that was first domesticated in central China as early as 7000 BCE and has been used in China, Japan, and Korea for thousands of years as a food and a component of medicines. In 1804, soybeans were introduced into the United States and became particularly important in the South and Midwest by the mid-20th century. Brazil and Argentina are also major producers of soybeans.

China is known to be the biggest consumer of soybean. Soybean is widely used as vegetable oil and has great industrial applications (soy milk, soy flour, soy protein etc.). The increase in demand for high-quality protein & nutritional properties encourages high soybean production. Some of the factors driving the Soybean market are the rising market for adhesives, insecticides, candles, printing inks, waxes, plastic etc. The rise of the middle-class population and the expansion of urbanization are also boosting the rise of the soybean market. For the year 2020, the Worldwide Soybean Market was US$ 127.81 Billion.

Globally, places like Minnesota, Iowa, Indiana, Illinois and Nebraska in the United States are the major producers of soybean. Americans extensively use soybean for biofuel and feedstock as compared to the food and feed industry. According to research findings, the global Soybean Industry is expected to grow with a CAGR of 3.48%.

In 2020, the total world production for soybeans was 353,463,735 metric tonnes, up 5.1% from 336,329,392 tonnes in 2019. Brazilian production made up 34% of the world's output, while American production made up 32%. Currently, Nigeria generates just $47.6 million from exports of soybeans, or a dismal 0.082% of the total export value.

Global production has grown significantly since the 1960s, especially in South America where a cultivar that thrived at low latitudes was created in the 1980s. According to a study that was recently released, the global soybean market would reach US$162.36 billion by the end of 2027.

There is therefore a pressing need to increase the volume of Soybeans production.

Useful Links

https://www.globenewswire.com/news-release/2021/10/11/2311593/28124/en/Global-Soybean-Market-Volume-2021-to-2027-by-Consumption-Production-Import-Export-Countries-and-Company-Analysis.html#:~:text=As%20per%20the%20publisher%2C%20Global,other%20soy%20products%20are%20extracted

www.britannica.com/plant/soybean 

https://en.wikipedia.org/wiki/List_of_countries_by_soybean_production 

https://businessday.ng/opinion/article/soya-beans-export-a-potential-gold-mine-of-nigeria/ 

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