Soybean Around the World
The forecasts for the soy flour market assume a rate of growth of 6.12% CAGR between the years 2019 and 2024. Worldwide, the leader of soybean cultivation is Brazil where the soybean sector amounted to almost 35% of the entire agricultural sector in 2019. In the crop year 2019/20, the production was 124 million metric tons, an increase of around 6% and ranks Brazil first in global production. The US is ranked second, where crop area amounted to 83.8 million acres in 2020, scoring a 10% increase since last year. In 2019, the average price for the product was the lowest in five years at amounted to $ 369 per metric ton. The forecasts expect the prices to raise up to 442 dollars per metric ton until 2025.
Soybean applications expand to several segments. Due to its high concentration of protein, fiber, and iron, soybean is commonly used in vegan and vegetarian diets. It is also a popular component of animal feed. In Nigeria, soybean has been adopted into the strategy of tackling malnutrition among children. Incorporating soybean into their diet is designed to enhance the development of their immune system and provide more energy. The country is southern Africa’s largest soybean producer with the 2020 production amounting to 368 thousand metric tons. Guinea Bissau follows the same model and launched a national program within which $50,000 worth of corn and soy flour will be obtained to battle malnutrition among school children.