Updated: November 1, 2018
Global population and economies continue to grow. According to the Department of Economic and Social Affairs, in less than 30 years, the world’s population will reach an estimated 9 billion people. As more people reach the middle class, they are demanding more protein. This has translated into a need for quality, reliable livestock and aquaculture feed ingredients, including soybean meal. But it’s not just production of animal and aquaculture feed that is increasing: Demand for soybean oil and whole soybeans is also growing with the population. It’s important for the United States to remain the preferred supplier of soybeans as global competition continues to increase.
Why the Checkoff Cares
Currently, more than 60 percent of U.S. soy is exported as whole soybeans, meal or oil. China alone imports more than 25 percent of all U.S. soy. According to the U.S. Census Bureau, global demand for soybeans reached more than 343 million metric tons in the 2016/17 marketing year and is estimated to grow to more than 400 million metric tons by 2026.
- Thanks to consistent quality and a reliable transportation system, the U.S. soy industry is positioned to be a top supplier for the world.
- U.S. soy sustainability has been proven, showing it fills growing customer demand for sustainably-sourced feed ingredients.
- U.S. soy needs to continue to reach new markets and grow exports to our biggest end users in order to increase profitability for U.S. soybean farmers.
Facts & Figures
For the 2016/2017 marketing year:
- U.S. soybean farmers exported 2.67 billion bushel equivalents of soybeans.1
- U.S. soy exports were valued at more than $28 billion.2
- Exports included more than 1.93 billion bushels of whole soybeans, meal from 395 million bushels of soybeans and oil from 176.4 million bushels of soybeans.3
- The U.S. exports more than 60 percent of its soy production.4
- Top buyers of whole U.S. soybeans include China, Mexico and Japan.5
- Top buyers of U.S. soybean meal include Mexico, the Philippines and Canada.6
- Top buyers of U.S. soybean oil include Mexico, the Dominican Republic and South Korea.7