Exploring Buyers and Suppliers in India’s Soybean Export Market
Exploring Buyers and Suppliers in India’s Soybean Export Market
Blog Article
India is becoming an increasingly important player in the global soybean trade. With its growing production and strong export base, Indian soybean products are reaching markets across Asia and beyond. In this article, we take a closer look at India’s soybean export landscape—including top products, major buyers, key suppliers, and the challenges shaping the market today.
India’s Soybean Export Snapshot
In the financial year 2023-24, India exported soybean and related products worth around USD 1.2 billion, according to import-export trade data. The bulk of these exports included soybean meal, soybean oil, and non-GMO soybeans, with a growing demand for soy derivatives like soy lecithin and processed soy products.
Top Soybean Products Exported from India
India’s main soybean exports include:
Soybean Meal – A high-protein feed used by livestock and poultry industries.
Soybean Oil – Popular in cooking and food processing.
Non-GMO Soybeans – Preferred in certain global markets, especially the U.S.
Soy Lecithin – Used in food, cosmetics, and pharmaceuticals.
Processed Soy Products – Value-added items for various industries.
Major Importers of Indian Soybean Products
India exports soybean products to several countries, but the top five destinations are:
Iran – A key buyer of soybean meal for livestock.
Vietnam – Imports large quantities for animal feed.
Bangladesh – Consumes soybean meal and oil for poultry and food.
South Korea – Buys food-grade soy products.
Thailand – Imports soybean oil and processed soy.
Top Buyers and Suppliers in India’s Soybean Ecosystem
Leading International Buyers (Importers)
Iranian Livestock Industry – Major consumer of Indian soybean meal.
Vietnamese Feed Manufacturers – Use soybean meal in livestock feed.
Bangladesh Poultry Industry – Relies on soy-based feed.
South Korean Food Processors – Focus on food-grade soy products.
Thai Oil Refineries – Import Indian soybean oil.
Top Indian Exporters (Suppliers)
Patanjali Foods (Ruchi Soya) – One of the largest soybean meal exporters.
Adani Wilmar Ltd – Major supplier of soybean oil.
Agrocorp International
Bunge India
Cargill India
Top Companies Involved in Soybean Trade
Exporters from India:
Patanjali Foods
Adani Wilmar
LT Foods
Key Global Suppliers to India (Importers):
Archer Daniels Midland (ADM)
Louis Dreyfus Company
Bunge Limited
Challenges Impacting India’s Soybean Export Market
Despite strong demand, India’s soybean exporters face several hurdles:
High Freight Costs & Port Delays – Affect timely shipments.
Non-Tariff Barriers – Especially strict import rules in the EU and U.S.
Global Price Competition – Brazil and Argentina offer cheaper soybean meal.
Geopolitical Risks – Sanctions on Iran impact export volumes.
HSN Codes for Key Soybean Products
1201 – Soybeans
1507 – Soybean Oil
2304 – Soybean Meal
Reviving Exports to the U.S.: A Strategic Opportunity
The U.S. was once a major importer of Indian soybean meal. However, trade restrictions and competition caused a decline in shipments. Now, with growing demand for non-GMO soybeans in the U.S., India has an opportunity to reopen and strengthen this trade route.
Why it Matters:
✅ Higher Revenue – U.S. buyers pay a premium for non-GMO soy.
✅ Better Trade Relations – Enhances agricultural ties with the U.S.
✅ Market Diversification – Reduces over-reliance on Iran and Southeast Asia.
India should push for improved market access during bilateral trade talks to tap into this high-value opportunity.
Conclusion
India’s soybean export market is full of potential—but to unlock it fully, the country must address logistical issues, trade barriers, and stiff global competition. Businesses can gain a competitive edge by leveraging accurate Global import-export data to discover new markets and improve supply chain efficiency.
Looking to explore real-time data and insights on soybean trade? Connect with a trusted global import-export data provider and make informed decisions that grow your business.
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