The young population of many countries in the Middle East region translates into a growing market for soy exports.
The Dubai office, which opened in December, services Middle East and India customers of U.S. soy. Dubai was chosen because it is centrally located between these two markets, and it is an extremely safe country, so there aren’t any security issues.
The United States currently exports soybeans to Middle Eastern countries as the region is made up of young economies, and many people in the region have alternative eating habits. Economies in the Middle East are flourishing and great potential lies ahead for the middle class as these countries transition into democracies.
On the other hand, India is a reverse market because it currently exports its own soybeans and soy meal. Within the next three years, as India’s economy continues to grow, poultry consumption is expected to increase because most people of the Hindu religion do not eat beef. Poultry, of course, are the single biggest user of soy meal, so increased consumption could mean more U.S. soy meal. China used to be a reverse market, but now it’s the No. 1 export market of U.S. soy.
The Middle East holds huge market potential for U.S. soy because of its growth opportunities as a young population. Throughout this region, they have excellent poultry production, which is comparable to U.S. standards.