Soybeans market in Europe

Earlier Report Observations

The European soybean market volume fluctuated between 2018 and 2023, peaking at 27.8 million t in 2021. Initial growth was supported by increased imports in 2020, driven by global supply constraints and high prices linked to adverse weather in Brazil and strong worldwide demand. However, from 2022 onward, the total market size contracted as rising domestic production began to replace imported volumes.

European soybean production grew significantly, particularly surging by over 21% to 15.1 million t in 2023. This expansion was fueled by increased cultivation area in key countries like France and Germany, supported by investments in new processing facilities such as ADM's plant in Mainz. The entry of new players into the plant-based protein segment and the development of innovative food products, including meat substitutes and fresh soy-based items, further stimulated production and diversified demand.

Regulatory developments shaped market dynamics, with the upcoming EU Regulation on Deforestation-free Products (RDUE) creating demand for enhanced traceability and sustainable certification of imports from 2024. Concurrently, the continued growth of organic soybean production in Europe and climate-related factors influencing global trade flows and prices contributed to the evolving supply structure.

Production soybeans in Europe

In kind, 2017-2020, K t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

Soybean production in Europe has declined for the second year in a row. In 2020, Europe produced 10,615 thousand tonnes of soybeans, which represents a 9.0% decrease compared to the previous year. The highest production level was recorded in 2018 at 12,131 thousand tonnes, with the largest annual increase of 13.1% also occurring that year.

Annual dynamics of production in Europe in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Europe's soybean production has fallen for the second consecutive year. In 2020, the output was valued at 4,706 million US dollars, showing a significant 12.1% drop from the year before. Over the period from 2017 to 2020, production increased by 2.3%, with a compound annual growth rate of 0.8%. The peak value was reached in 2018 at 5,607 million US dollars, when the largest annual increase of 21.9% was recorded.

Annual dynamics of production in Europe in value, 2017-2020, M $ US

Exports soybeans from Europe

Exports in kind, K t

In 2020, soybean exports from Europe amounted to 5,052 thousand tonnes, marking a moderate 4.3% decline from the previous year. Between 2017 and 2020, exports decreased by 5.2%, which translates to an annualized rate of 1.8%. The lowest export volume was recorded in 2018 at 4,465 thousand tonnes, with the largest annual decline of 16.2% occurring that year. In contrast, the largest increase of 18.2% was observed in 2019.

Annual dynamics of product's exports from Europe in kind, 2017-2020, K t

From 2017 to 2020, the export market for soybeans in kind was quite diverse. Turkey, China, and Egypt were key destinations, accounting for 16.8%, 12.7%, and 5.9% of exports in kind, respectively. Together, these three countries made up 35.3% of total flows, while the remaining 64.7% was distributed among numerous other countries.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Europe in kind, 2017-2020

Exports in value, M $ US

In 2020, the value of soybean exports from Europe totaled 2,239 million US dollars, reflecting a moderate 7.6% decrease compared to the previous year. The lowest value was recorded in 2018 at 2,064 million US dollars, when the largest annual decline of 9.7% occurred. The highest value was reached in 2019 at 2,422 million US dollars, with the largest annual increase of 17.4% taking place that year.

Annual dynamics of product's exports from Europe in value, 2017-2020, M $ US

Between 2017 and 2020, Turkey, China, and Egypt played significant but not dominant roles as buyers of European soybeans in value terms. Turkey accounted for 15.2% of exports, China for 10.0%, and Egypt for 5.1%. Combined, their share reached 30.2% of total export value, indicating a broad distribution among other markets.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Europe in value, 2017-2020

Imports soybeans to Europe

Imports in kind, K t

In 2020, Europe imported a total of soybeans, with the volume increasing by 12.3% year-over-year. Over the period from 2017 to 2020, imports grew by 19.1%, equating to an annualized rate of 6.0%. The largest annual decline of 4.7% was recorded in 2019.

Annual dynamics of product's imports to Europe in kind, 2017-2020, K t

From 2017 to 2020, three main markets—Brazil, the United States, and Paraguay—were the primary sources for soybean imports to Europe in kind, together accounting for 78.1% of total imports.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Europe in kind, 2017-2020

Imports in value, M $ US

In 2020, Europe's soybean import volume reached 8,683 million US dollars, showing a significant 14.5% increase compared to the previous year. Over the period from 2017 to 2020, imports rose by 15%, with a compound annual growth rate of 4.8%. The largest annual decline of 10.7% was recorded in 2019.

Annual dynamics of product's imports to Europe in value, 2017-2020, M $ US

Between 2017 and 2020, Brazil, the United States, and Canada were the leading suppliers of soybeans to Europe in value terms. Brazil accounted for 38.3% of imports, the United States for 31.8%, and Canada for 6.4%. Together, these three countries made up 76.5% of total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Europe in value, 2017-2020