Soybeans have become one of the most dominant forces in global agricultural trade, accounting for nearly half of all international oilseed shipments and reflecting the world’s growing demand for protein and vegetable oils, according to a new report from the Organization for Economic Cooperation and Development.
The latest data from the OECD and the Food and Agriculture Organization of the United Nations data show soybeans were the most traded product within the oilseeds category between 2021 and 2023, with 44% of global production volume traded — a significant rise from 25% in 1995–97. In comparison, other oilseeds saw only 14% of their production enter world markets during the same period.
The report underscores that soybean trade has expanded more rapidly than that of nearly any other agricultural commodity over the past three decades, cementing its position as a cornerstone of the global food and feed system.
The soybean’s dominance is rooted in its versatility. Over half of global oilseed production is processed into protein meal used for animal feed, particularly for poultry and livestock production. China remains a major driver of this demand, accounting for a large share of global imports to support its growing meat and aquaculture industries. The report notes that only about one-quarter of total oilseed and oil crop production—including palm oil, sunflower, and rapeseed—is consumed directly by humans, with the remainder feeding the global livestock supply chain or being refined into vegetable oils.
The vegetable oil trade has also grown steadily, with more than one-third of global production now traded internationally, up from previous decades when the sector was largely regional. This expansion reflects both rising global consumption and increased integration of agri-food supply chains, particularly in emerging markets, the report said.
Meanwhile, over the past three decades, the overall value of global agri-food trade has expanded significantly. In 2021-23, world agri-food exports reached US$1.4 trillion in current prices, almost five times their level in 1995-97. Trade has also grown at a faster rate than agricultural production, with the share of traded production for key agricultural commodities increasing from an average of 16% in 2000 to 23% in 2022-24.
