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Soybeans are grown as a food crop in East Asia and produced in Western agriculture as a source of oil and protein. The United States, Brazil, Argentina, Canada, Paraguay and Uruguay are the largest global soybean producers and exporters, accounting for more than 85.0% of global production. For many years, the United States was the world's leading producer and exporter of soybeans.

In August, US soybean futures hit their lowest level in four years, $9.4 a bushel, following the prediction by federal agriculture experts of a record harvest this fall. Because of additional acreage and better yields, the USDA raised its forecast for 2024 production by 154 million bushels, or approximately 4.6 billion bushels. Estimates of the harvested area increased by 1 million acres to 86.3 million, and yields per acre increased to 53.2 bushels. Despite a 25 million bushel increase in projected exports, ending stocks of soybeans increased by 125 million bushels to 560 million. Furthermore, ending stockpiles around the world unexpectedly rose to 134.30 million metric tons.

Soybean is one of the protein powder and oilseed products. During the period 2021/2022, about 162.76 million tons of soybeans are imported globally. China is by far the top soybean importer, with an annual import volume of about 97 million tons that year. The soybean market is forecast to record a CAGR of 3.5% during the forecast period (2022-2027). The soybean market is driven by the increasing adoption of vegan diets in Western countries due to the popularity of plant-rich proteins in the diet. The enhanced health awareness of consumers due to higher living standards also has a positive impact on the market.