Production of the Largest Export Valued Agricultural Crop is Gearing up Thus set to Drive the U.S. Soybean Market: IndustryARC

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IndustryARC

02 Jul, 2019, 17:30 IST

HYDERABAD, India, July 2, 2019 /PRNewswire/ -- Soybean is an edible seed of the pea family considered as a vital legume in human and animal nutrition. The U.S. soybean market is forecast to reach $79 billion by 2025, growing at a CAGR of 4.5%. The growth of the market can be attributed to increasing consumer awareness about health benefits of soybeans and its surging use in animal feed. The educational programs and initiatives by associations such as the American Soybean Association, Illinois Soybean Association, and Iowa Soybean Association is increasing awareness about the importance of soybean in reducing risk of osteoporosis and coronary heart diseases. Soybean is also evolved as the largest agricultural crop in terms of export value. According to The Observatory of Economic Complexity, the export value of soybeans from U.S. reached $22 billion in 2017.

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Soybean is considered an important source of protein for millions of vegetarians in the U.S. Most Americans consume soy-based food products such as soy milk, tofu, soy sticks, soy sauce, and others. The report includes an extensive analysis of the market by type, covering both fermented and non-fermented varieties of soybean-based food products. Soybean or soya bean is a legume widely grown for its oil-rich proteinaceous seeds and used as fat free food for obese and people on diet.  According to the World Health Organization, in 2017, the obesity rate among major states of the U.S., such as Alabama and Michigan, amounted to 32% and 39% respectively. Beside soy-based food products, soymeal and soybean oils have been gaining popularity among the U.S. population in recent times owing to their nutritional benefits.

The market for soybeans is being propelled by the growing use of soybeans in animal feed and as a fat-free food by health-conscious people. The food industry evolved as the largest end-user industry for soybeans in the U.S. with a revenue share of 48% in 2018. Rising production volumes and growing adoption of soybean in the food industry is boosting the market's growth. The climate of the U.S. suits the unique production cycle of growing, planting, and harvesting of soybean; which has made the U.S. the largest global producer of soybeans. According to the Food and Agriculture Organization (FAO), the production of soybeans in the U.S. reached 1.8 million metric tons in 2018. Furthermore, the U.S. is also the second largest exporter of soybeans, next only to Brazil in terms of export value. The growing demand for protein meals is propelling the need for higher oilseed output, thus driving market growth.

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Conclusion:

Increasing production of soybean in the country, and the resultant growth in adoption of soymeal in the animal feed industry owing to high nutritional benefits is leading to growth of the U.S. soybean market. Large availability of soybeans is turning feed manufacturers towards soymeal over other import-based and expensive alternatives such as meat meal and bone meal. Livestock producers and pet owners in the U.S. are increasingly turning towards use of soymeal as a protein supplement. Soybeans are extensively used in several forms of processed pet foods including wet, dry, and semi-moist formulations. Also, soybeans have found application in veterinary formulas, thus creating new avenues for growth of the market. The large scale cattle rearing and poultry activities in the country has resulted in significant growth in animal feed production, thus indirectly boosting the demand for Soybeans market in the country. According to the statistics of the International Feed Industry Federation and Alltech, the compound feed production volume in the U.S. increased from 169 MMT in 2012 to 177 MMT in 2018.

The Major Players in this Market Include

  • Kerry Inc.
  • Cargill Incorporated
  • Archer Daniels Midland
  • Bluegrass Farms of Ohio Inc.
  • Senoj International
  • Brushvale Seed, Inc.
  • Grain Millers, Inc.

The end users covered in the U.S. Soybean Market report include:  

  • Food & Beverage Manufacturers
  • Animal Feed and Pet Food Manufacturers
  • Pharmaceutical Companies
  • Others

The overall market is also presented from the perspective of different regions in the country. Competitive landscape for each of the end-user industries is highlighted and market players are profiled.

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