International Demand Increases for U.S. Soy
World-wide demand for U.S. soy is climbing, according to a recent article in Beyond the Bean. The U.S. Soybean Export Council believes the need for U.S. soy by users in eight countries could significantly increase over the next five to 10 years: China, Egypt, Indonesia, Mexico, Philippines, Russia, Syria and Vietnam.
Escalating incomes among these citizens means they can now afford to consume more vegetable oils, protein, poultry, meat and fish. Thus, the animal producers in these countries will require more animal feed and food processors more vegetable oil.
In Southeast Asia, for example, the annual per capita meat consumption is expected to increase to 11 pounds by 2030. That’s double the amount of meat consumed by the average citizen a decade ago!
Soybean oil continues to be the preferred vegetable oil for consumption in the Middle East, and Syria’s growing demand has led to the construction of several new processing facilities.
Demand is also expected to increase for soy in China and Mexico, which are currently the United States’ strongest export markets. In 2010, China imported 825 million bushels of U.S. soy.
The Food and Agriculture Organization of the United Nations (FAO) predicts the global population will reach 8.3 billion by 2030. As the world’s population grows, demand for high-quality soybeans, soybean meal and soybean oil is expected to further increase.
Click the below links to read more about growing soy exports:
Growing global demand.
Can U.S. ports handle growing soy exports?
