Increase in US Agricultural & Manufacturing Output to Support Demand for Soybean Products

US demand for soybean products is forecast to increase less than 1.0% annually in volume terms through 2024, according to Soybean Products: United States, a report recently released by Freedonia Focus Reports. Suppliers will benefit from expected increases in US output of animal feed and manufacturing activity, which are in turn bolstered by population growth and consumer spending. However, the domestic market for soybean products is largely mature, and competition from other types of feedstock in major applications will act as a restraint on further demand growth.

Demand for soybean products in animal feed is projected to remain the leading market segment. Output by the US meat and poultry industry is expected to increase due to a growing domestic population and rising consumer spending. Favorable macroeconomic and dietary trends in export markets for meat and poultry will also support demand for animal feed. However, competition from other feed ingredients, including meal byproducts of other oilseeds, will continue to weigh on faster gains.