How Big Is the US Soy Market?
Soybeans and soy products have been in high demand over the last few years due to the growth of the vegan and vegetarian communities, as soy is one of the primary protein sources in a vegan diet. However, these vegetables can benefit anyone since they contain various minerals and vitamins, such as potassium, fiber, phosphorus, and more.
Since these vegetables are highly beneficial and loved by healthy people, the US soy market has expanded over the years. Many factors can influence the size of the soy market, such as the soil, the weather, and many more. We will look into how soybeans grow, what you can do to ensure healthy crops, and the current size of the United States soy market.
Healthy lifestyle
World Health Organization has found that more than a billion people worldwide are obese. This health condition can severely influence our immune system, which needs to be strong during the COVID-19 pandemic. Over the last two years, global soy use was influenced by the diet culture and healthy lifestyle to decrease one’s chances of contracting or being affected by the spreading virus.
Soy can be turned into various products, such as soy milk, tofu cheese, and many more, foods with very few calories and packed with nutrients. This small but powerful vegetable can help one lose weight and strengthen the immune system. Because of this, the request for soybeans and soy products has increased over the last few years, resulting in higher soy production.
The growth of soy plants
Soy plants require a lot of additional preparation and chemicals to grow correctly. Since these plants are small and tender, farmers in the US must consider pesticide control once the soy is planted. The maintenance of these plants doesn’t require much work, but the protection does.
The soil can significantly impact the growth of the soybean plant – the PH levels of the soil need to be around 6.5 at all times. Moreover, you should till the soil before the planting process and drill the plant into the soil. Additionally, you must remove all weeds in the soil to ensure proper soy plant growth.
Once the planting process is done, the plant will need 2–3 months to sprout and produce soybeans. Usually, the plants are harvested in the early fall, representing the season of growth of the soy market.
How big is the US soil market?
In the 20th century, the citizens of the US realized that their soil was good for growing soybeans. Since then, the soy market has kept growing, with the possibility of the soy market becoming one the largest markets in the US.
A study has found that planting and growing soy plants in the US have decreased greenhouse gas emissions by more than 40% from the ’80s. It means that planting soybeans can be beneficial when it comes to the ecological aspects and air quality. Because of this, more and more people have decided to create soy farms.
Records have shown that over 40 years, the soybean market has grown more than 100%. Today, the US soy market is worth more than 45 million US dollars and keeps growing. In comparison to 2020 reports, the soy market has increased by over 30%, and 2021 was one of the best years for soy production. Professionals predict this market to double in size in the next decade.
The rapid growth of the soy market is not a coincidence – several key factors dictate the market, the production, and the price of soybeans in the US. Let’s look at some of the most important factors influencing the soy market today.
Factors that influence the soy market
As you have seen above, the soy market’s growth occurred around the beginning of the COVID-19 pandemic. There are two primary reasons behind this: the healthy lifestyle required during a global pandemic and the export of these goods to countries that cannot produce enough soybeans.
Export
Some countries, such as China, don’t possess enough compatible soil to grow soybeans, which means that such countries must import soy to satisfy the consumer community. During the COVID-19 pandemic, the request for soy has increased everywhere, resulting in more soy exports from the United States.
One of the largest soy importers is China – the citizens of China are known to lead healthy lifestyles and use plant-based diets to keep their immune systems strong. With this being said, the market bloomed due to high requests for exporting soy and soy products worldwide. The pandemic significantly influenced and dictated the soy market in the US, with the possibility of it growing even more in the future.
Conclusion
Soy plants and soy products can benefit one’s body since they contain nutrients and vitamins. Consuming these beans can have many positive effects on one’s body which is essential during the pandemic. With this being said, the soy market has grown during the pandemic, which made it one of the biggest markets in the United States. This market will just keep on growing in the future.
