U.S. Soybean Market Overview:

Glycine max, popularly known as soybean, is a crop of great economic significance. It originated from Asia but its high protein factor led to the expanded cultivation of the crop for food and forage across all regions. Soybean is good source of amino acid, vegetable oil, and proteins. It is consumed in the form of soy milk, tempeh, and tofu. The increased adoption of vegan foods in the U.S. has been a major growth driver for the soybean market in the country in the recent years. This crop is an inexpensive source of high protein and therefore it is widely used as a crop to feed the livestock. Integrating soybean diet has proved to reduce problems of cholesterol and heart diseases among the humans too.

According to the U.S. Department of Agriculture (USDA), soybean is favored among the major crop for production and export purposes. Additionally USDA’s reports projects that the U.S. is cultivating the soybean in an area of 91 million acres to cater the global soybean demands. Taking account of these factors, a recent business intelligence report from IndustryARC has estimated healthy growth in demand for the US soybean market players to benefit from. 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 (2018 – 2023).”

Soybean Market: US Demand Analysis

Early 2019 marked the downfall in the export market of soybean for the U.S. as the Asian superpower China halted importing soybean from the U.S. China has supposedly started their own production of soybeans owing to its bulk import of seeds from South American country such as Brazil. Meanwhile, adverse weather conditions in Brazil curbed the production of soybean, which lead to the hiked prices of export in the U.S.
The idea of shifting to a vegan diet in the U.S. has boosted the US soybean market. Approximately 15 to 20 million US citizens are vegans, as per a 2018 Gallup Poll. This substantial population of vegans and vegetarians has enticed innovations in the F&B industry and lead to increased number of edible soybean variants. Products such as tofu and soy milk have now become a part of regular diet for the Americans.
Studies done on soybean portrayed that, regular consumption of soy products has many health benefits. According to medical experts, soy products are very helpful for the women who are suffering from breast cancer. Soy-rich diets helps to reduce menopausal symptoms among women owing to the presence of phytoestrogens, which acts as mild type of hormone replacement therapy (HRT).
Soybean is among the staple diets for livestock, mainly because of its rich-proteins content and low cost. Over the years, the demand for livestock has increased consistently, and consequently, hiking the soybean demands from this sector
Conclusion:

Soybean is a species of legumes started from Asia. When the benefits were ascertained, it spread widely through the globe. Currently, United States is the leading producer in the global soybean market. This legume is known for its protein-rich and low cost benefits. The demands of this product is constantly increasing because of the steady shift to vegan diet by the U.S. residents. The soybean market is estimated to show a considerable profit in the near future.

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