Northern America: Soya Bean Market 2024

Soya Bean Market Size in Northern America

The North American soya bean market reached $X in 2021, surging by 2.4% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Soya Bean Production in Northern America

In value terms, soya bean production fell to $X in 2021 estimated in export price. Overall, production recorded a mild downturn. The growth pace was the most rapid in 2020 with an increase of 30% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

The United States (X tons) constituted the country with the largest volume of soya bean production, accounting for 94% of total volume. Moreover, soya bean production in the United States exceeded the figures recorded by the second-largest producer, Canada (X tons), more than tenfold.

In the United States, soya bean production expanded at an average annual rate of +2.6% over the period from 2012-2021.

In 2021, the average yield of soya beans in Northern America dropped modestly to X tons per ha, waning by -3% compared with 2020. The yield figure increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2013 when the yield increased by 9.4%. Over the period under review, the soya bean yield attained the maximum level at X tons per ha in 2016; however, from 2017 to 2021, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the total area harvested in terms of soya beans production in Northern America fell slightly to X ha, waning by -3.9% compared with the previous year. Over the period under review, the harvested area, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the harvested area increased by 9.7%. As a result, the harvested area reached the peak level of X ha. From 2018 to 2021, the growth of the soya bean harvested area remained at a somewhat lower figure.

Soya Bean Exports

Exports in Northern America

In 2021, overseas shipments of soya beans decreased by -15.9% to X tons for the first time since 2018, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 with an increase of 21% against the previous year. As a result, the exports attained the peak of X tons, and then reduced dramatically in the following year.

In value terms, soya bean exports expanded rapidly to $X in 2021. The total export value increased at an average annual rate of +1.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 with an increase of 36%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The United States prevails in exports structure, amounting to X tons, which was near 92% of total exports in 2021. It was distantly followed by Canada (X tons), mixing up a 7.8% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to soya bean exports from the United States stood at +2.2%. At the same time, Canada (+2.5%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in Northern America, with a CAGR of +2.5% from 2012-2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) remains the largest soya bean supplier in Northern America, comprising 92% of total exports. The second position in the ranking was held by Canada ($X), with an 8.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United States amounted to +1.1%.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2021, rising by 29% against the previous year. In general, the export price, however, continues to indicate a slight downturn. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Canada ($X per ton), while the United States totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-1.0%).

Soya Bean Imports

Imports in Northern America

In 2021, after two years of decline, there was significant growth in purchases abroad of soya beans, when their volume increased by 47% to X tons. Over the period under review, imports saw a measured expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 88% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, soya bean imports surged to $X in 2021. In general, imports saw a measured increase. The most prominent rate of growth was recorded in 2013 with an increase of 86%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) and Canada (X tons) represented the main importer of soya beans in Northern America, creating 99.9% of total import.

From 2012 to 2021, the biggest increases were in Canada (with a CAGR of +7.3%).

In value terms, the largest soya bean importing markets in Northern America were the United States ($X) and Canada ($X).

In terms of the main importing countries, Canada, with a CAGR of +5.9%, recorded the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

In 2021, the import price in Northern America amounted to $X per ton, jumping by 15% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, the country with the highest price was the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.6%).

Source: IndexBox Platform

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