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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.

With global soybean supplies predicted to hit record highs this year, US soybean prices are currently at about $10 per bushel, down over 15% from the previous year. Last month, the USDA revised its forecast for the global soybean stock for 2024–25 from 124.3 million to 121.4 million metric tons. Due to lesser crop sizes and higher demand, this indicates a considerable decrease from prior estimates of a 20% increase, even if it still represents an 8% gain from the previous year. Despite a little higher stocks-to-use ratio in 2024–25 compared to 2023–24, consumption is predicted to increase by 6.4%, the biggest increase in ten years. China is poised to import a record 31.3 million metric tons of soybeans in Q2 2024, helping to ease supply pressure from smaller arrivals in March. However, Beijing retaliated against new U.S. tariffs by raising duties on $21 billion worth of agricultural products, including soybeans.

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.