New Study Finds U.S. Soybean Industry Has $124 Billion Impact on the United States Economy | United Soybean Board (2024)

WASHINGTON (August 28, 2023) — The National Oilseed Processors Association (NOPA) and the United Soybean Board (USB) are pleased to announce the availability of a new study, The Economic Impact of the U.S. Soybeans & End Products on the U.S. Economy, that examines the value of the American soybean industry. To develop the study, NOPA and USB commissioned LMC International Ltd., an independent economic consulting firm specializing in global agricultural commodity and agribusiness sectors.

NOPA’s President Thomas Hammer observes, “As indicated by this study’s findings, the economic contributions of the soybean processing and refining sectors to the U.S. economy are substantial, connecting soybean farmers with end users. Soybean processors convert soybeans into meal and oil. These value-added products are used in food, feed, industrial products and biofuels, supporting billions of dollars in domestic wages and tens of thousands of good paying jobs in the United States.”

This 33-page study analyzes the soybean value chain’s impact on the U.S. economy based on data from crop years 2019/20 to 2021/22. As highlighted in the report summary, during this period:

  • The total economic impact on the U.S. economy from the soybean sector averaged $124 billion, including $85.7 billion from soy production and $9.8 billion from soybean processing — the U.S. soy sector accounts for approximately 0.6 percent of the U.S. gross domestic product.
  • There are more than 500,000 individuals involved in soy farm decision-making. This includes 223,000 paid, full-time equivalent jobs and an additional 62,000 family members, beyond growers, who reside on farms and are integral to soybean farming operations.
  • The total wage impact of the sector averaged $10 billion.

“It’s reaffirming to see that the U.S. soybean industry has such a tremendous impact on U.S. farmers and the economy overall,” says USB Chair and Missouri farmer Meagan Kaiser. “When we think about soy’s role in food security, renewable energy and more than 1,000 products on the market, it may be surprising to the everyday consumer how our product extends across multiple sectors. This report, funded by our U.S. soybean farmers, allows soy as an often invisible ingredient to become a visible contribution and sustainable solution for our future.”

Economic impacts highlighted in the study are quantified in terms of revenue, wages, jobs and the number of people dependent on the sector — all focused on the production, distribution and use of soybeans and soybean products, spanning across the value chain, from soybean farming and production to consumers and exports. Findings are presented, with educational intent, at the national and state level and by congressional district. The study also includes one-page summaries for 39 key states where the soybean industry primarily operates.

A copy of the complete study and related national and state summary sheets are available for download from NOPA’s website at www.nopa.org.

* * *

ABOUT NOPA: Founded in 1930, NOPA represents the U.S. soybean, canola, flaxseed, safflower seed and sunflower seed crushing industries. NOPA members include 13 companies that operate a total of 61 soybean and 5 softseed solvent extraction plants across 21 states. Products from these companies include meal and oil used in human food, animal feed, fuel and industrial applications. Collectively, our members process approximately 94 percent of all soybeans in the United States. For further information on NOPA, visit www.nopa.org

ABOUT UNITED SOYBEAN BOARD: United Soybean Board’s 77 volunteer farmer-leaders work on behalf of all U.S. soybean farmers to achieve maximum value for their soy checkoff investments. These volunteers create value by investing in research, education and promotion with the vision to deliver sustainable soy solutions to every life, every day, across the three priority areas of Infrastructure & Connectivity, Health & Nutrition, and Innovation & Technology. As stipulated in the federal Soybean Promotion, Research and Consumer Information Act, the USDA Agricultural Marketing Service has oversight responsibilities for USB and the soy checkoff. For more information on the United Soybean Board, visit unitedsoybean.org.

###

Contacts:

Katie Vassalli at National Oilseed Processors Association, 202.864.4368

Paul Murphy-Spooner at United Soybean Board, 636.681.1254

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New Study Finds U.S. Soybean Industry Has $124 Billion Impact on the United States Economy | United Soybean Board (1)

New Study Finds U.S. Soybean Industry Has $124 Billion Impact on the United States Economy | United Soybean Board (2024)

FAQs

New Study Finds U.S. Soybean Industry Has $124 Billion Impact on the United States Economy | United Soybean Board? ›

The total economic impact on the U.S. economy from the soybean sector averaged $124 billion, including $85.7 billion from soy production and $9.8 billion from soybean processing — the U.S. soy sector accounts for approximately 0.6 percent of the U.S. gross domestic product.

Where does the US rank in soybean production? ›

The total world production for soybeans in 2022 was 348,856,427 metric tonnes, down 6.4% from 372,853,699 tonnes in 2021. Brazil was the largest producer, accounting for 35% of world production, followed by the United States at 33%.

What are the challenges of the soybean industry? ›

The global soybean sector has experienced rapid growth in the past 5 decades. But the sector is both vulnerable to and a driver of critical sustainability challenges, including deforestation, biodiversity loss, and climate change.

What is the value of the US soybean production? ›

The production value of soybeans in the United States amounted to 52.81 billion U.S. dollars in 2023.

What percent of soybeans does the US export? ›

On average over the past five years, the United States has exported 49% of total soybean production. The soybean crop for the 2022/23 marketing year reached 4,160 million bushels, slightly lower than the previous year.

Which 5 states produce the most soybeans? ›

The top-5 soybean producing states in India are: Madhya Pradesh, Maharashtra, Rajasthan, Karnataka and Telangana.

What county is #1 in soybean production? ›

McLean County, Illinois is the top soybean producing county in the United States.

Why are soybeans crashing? ›

In mid-July, the price of soybean futures contracts dipped below $11 per bushel for the first time since November 2020, as the U.S. Department of Agriculture (USDA) and other major analysts reported more favourable than expected supply conditions for the global market, as well as weak export demand.

What is the negative effect of soybean? ›

The most common side effects of soy are digestive upsets, such as constipation and diarrhea. Soy may alter thyroid function in people who are deficient in iodine. Current evidence indicates that it's safe for women who have had breast cancer or who are at risk for breast cancer to eat soy foods.

Who is the largest export of soybeans? ›

The US is a major player in the world soybean market (Table 1). In 2024, the US is expected to be the second largest producer, consumer, and exporter of soybeans. Brazil is the largest producer and exporter of soybeans in the world. China is the largest consumer and importer of soybeans in the world.

Who buys the most soybeans from the US? ›

U.S. Soybeans Exports in 2023
MarketTotal Value (USD)
China$15.06 Billion
European Union$3.45 Billion
Mexico$2.79 Billion
Japan$1.37 Billion
6 more rows

How do soybeans affect the economy? ›

Soybeans have become a cornerstone of American agriculture, contributing $124 billion to the U.S. economy in 2022, according to a study conducted by the National Oilseed Processors Association and the United Soybean Board.

What is the biggest use of soybeans in the US? ›

Just over 70 percent of the soybeans grown in the United States are used for animal feed, with poultry being the number one livestock sector consuming soybeans, followed by hogs, dairy, beef and aquaculture.

Who is the largest US soybean producer? ›

US Soybean Production by State: Top 11 Rankings [in 2024]

In 2022 Illinois produced 677.2 million bushels of soybeans, slightly greater than 2021's total of 672.6 million. Illinois is the number one state producer of soybeans in the United States.

Who consumes the most soybeans? ›

China consumes the most soybean meal, followed by the United States, the European Union, Brazil and several other countries with livestock and poultry operations. Nearly 65% of the world's soybean meal is consumed by China, United States, the European Union and Brazil.

How many soybeans does China buy from us? ›

The country booked 132,000 metric tons of U.S. soybeans during the 2024-2025 marketing year, the Agriculture Department said last week. By comparison, China made its first U.S. soybean purchase for last year's marketing season in January 2023.

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