Know About India’s Soybean Trade

India’s Soybean Trade

India has become a significant player in the soybean trade worldwide. This growth can be attributed to improved farming practices and advanced agricultural technology. In our last blog, we learned about how soybean is grown in India. In this blog, we’ll look at how India trades soybeans, its impact on the global market, import-export, and many other aspects.

India’s Soybean Trade

Soybean trade worldwide

Soybeans serve a multitude of purposes beyond just oil production. They are essential ingredients in animal feed, soy milk, tofu, biscuits, and various other food products. This nutritionally rich crop has gained substantial global trade importance, not limited to India alone, primarily due to its surging demand. Presently, soybean is cultivated, utilized, and traded in numerous countries. Major soybean producers globally are countries such as the United States, Brazil, Argentina, and China.

India’s Soybean Trade

Soybean trade in India

Soybean can prove to be a boon for Indian agriculture. India is known for producing GM-free (non-genetically modified) soybeans, which are highly sought after in the global market. Additionally, soybean cultivation is less water-intensive compared to paddy crops, making it an environmentally friendly choice. Approximately 90% of India’s soybean production occurs in the states of Madhya Pradesh and Maharashtra. Given the substantial vegetarian population in the country, there exists a great opportunity for soybeans to witness increased demand in the domestic market.

Soybean has great potential as a gluten-free, nutrient-rich food source. However, in India, the primary use of this crop is meeting the demands of the oil industry. After extracting oil from soybeans, the leftover peels are predominantly utilized in nugget production. Only about one-third of the soybeans cultivated in the country are processed into soybean milk and tofu.

Top-selling soybean varieties

While India cultivates numerous soybean varieties, a few have gained prominence as best-sellers. These include “JS 335,” “JS 9305,” “JS 9560,” and “NH 1010”. These varieties have especially high demand in the market and their favourable yields make them a preferred choice from a commercial perspective.

Soybean export trends

India’s soybean exports have surged significantly, marking an 87% increase to reach 7.99 lakh tonnes during the October-February period of 2022-23. This remarkable growth can be attributed to the rising demand from nations like Vietnam, Bangladesh, and Nepal. In comparison, during the same period the previous year, exports were at 4.26 lakh tonnes. The rise in demand for Indian soybeans is partly due to weather-related disruptions affecting soybean production in countries such as Argentina.

India’s Soybean Trade

Opportunities for soybean trade in India

Soybean trade is experiencing substantial growth in India and globally, due to technological advancements, increasing market demand, and enhancements in production techniques. The implementation of new guidelines is likely to provide further impetus to soybean trade, which holds significant importance for both agricultural development and business prosperity.

If you’re a soybean supplier, we highly recommend downloading the ‘Bijak Vyapaar’ app to access up-to-date soybean selling rates. This user-friendly app is available in both Hindi and English. Moreover, stay tuned for upcoming special features designed to streamline your soybean selling process even further. Waste no time – download the ‘Bijak Vyapaar’ app today and spread the word about its advantages among your fellow traders.