U.S. Soybean Market Outlook
As per the information extracted from IndustryARC market research report, the U.S. soybean market is valued at around $61,000 million to $62,500 million as of 2018. And the market is anticipated to grow at a positive CAGR of 3% to 4.5% during the forecast period of 2019 to 2025. The soybean legume is of great prominence as products such as soybean protein, soy milk, and soy sauce are extremely popular in the food and forage industry. Animal feed and pet food sector are considered as the largest application of soybean and the demand is increasing at a CAGR of 4.2% to 5.5% through the forecast period, according to IndustryARC report.
As per research from the Centers for Disease Control and Prevention on obesity prevalence, about 93.3 million of the U.S. adults suffered from obesity in 2015-2016, which includes 39.8% adults and 18.5% youngsters. This translates into $150 billion in medical costs annually. Integrating a soybean diet has proved to reduce problems of obesity, cholesterol, and heart diseases among humans owing to various soybean health benefits. The increased adoption of vegan foods in the U.S. has been a major growth driver for the soybean market in recent years. The growing awareness about the importance of fiber and protein-rich diet is also responsible for driving the growth of the U.S. soybean market in the near future.
According to the U.S. Department of Agriculture (USDA), the escalating soybean demands have enforced the farmers to increase the production land for soybean. The national estimates to plant soybean at 89.6 million acres of land which is expected to yield 51.6 bushels per acre on an average. This increases production by 2.5 bushels per acre. Taking account of these factors, a recent business intelligence report from IndustryARC has estimated healthy growth in demand for the US soybean market players. The report is titled “U.S. Soybean Market: By Type (Soybean Food Products, Soymeal, Soybean Oils); By Application (Food, Feed, Beverages, Pharma and others); & By Geography – Forecast (2019 – 2025).”
U.S. Soybean Market Companies: Recent Developments
Some of the key players influencing the global market are:-Kerry Inc., Cargill, Archer Daniels Midland, Senoj International, Sunshine Soybean, MEFTA, LLC, Grain Millers, Inc., Bluegrass Farms of Ohio Inc., Brushvale Seed, Inc., Eden Organic Grains Inc.
Archer Daniels Midland
The company is recognized as one of the world’s largest agricultural processors and food ingredient providers. The company produces soybean oil, soybean tofu, and soybean milk from soybean extracts. Headquartered in Chicago, the company connects crops to around 6 continents, and their net sales surpassed the mark of $60 billion in the year 2016. Soybean is considered as the global asset for the company which is thriving owing to its powerful soybean manufacturing facility around the world which includes 270 food and feed ingredient manufacturing facilities, 500 crop procurement locations, and 44 innovation centers around the world.
The company is one of the largest organic and conventional grain suppliers. The company is recognized as the most efficient supplier of organic soybean meal. The product cart of related to soybean here consists soybean cake, ground soybean flakes, and ground soybean chips. The organic soybean meal is processed without any solvents and the final product results in two variants for the soybean, one being the full saturated fat version and the other with most of the oil removed. The company considers soybean meal as the primary source of protein for the livestock. With such an inflow of soybean demands from the livestock sector, the company is anticipated to contribute significantly to the U.S. soybean market.
The U.S. soybean industry is flourishing owing to its numerous health benefits in humans. Soybean is one of the most economical crops available, owing to which it is considered as one of the most staple feed for the forage. Innovations that encouraged the production of multiple variants of soybean has increased the soybean market at a great extent. Continued demands for soybean is projected to poise the U.S. Soybean market.
Talk to one of our sales representative about the full report by providing your details in the link below:
- Soybean Market
- Soy Food Market