Soybean meal is used in food and animal feeds, principally as a protein supplement, but also as a source of metabolizable energy. Typically, 1 bushel (i.e. 60 lbs. or 27.2 kg) of soybeans yields 48 lbs. (21.8 kg) of soybean meal. Some, but not all, soybean meal is produced from the residue left after oil extraction.

Soybean meal is such an important commodity for animal feed and, to a lesser extent, for human food that the oil has been described as a by-product. 

Soybean meal is an excellent source of protein, especially for the young growing horse.

Soybean meal is the most commonly used alternative protein source to fish meal in fish and shrimp diets, because of its highly digestible protein and amino acid profiles.