Long-term relationships define U.S. Soy’s presence in Japan, as the U.S. soy industry has maintained a constant presence in that country since 1956. Although Japan’s population is rapidly aging, U.S. market share in crush and soyfoods continues to increase and the U.S. enjoys a 74% market share. The crushing sector in Japan has also increased its commodity soybean imports. Japanese imports of U.S. soybeans continue to increase, putting U.S. market share at more than 65 percent. Sustainability interest has greatly increased over the past few years.
In South Korea, the Korea-U.S. Free Trade Agreement has helped to make that country the No. 1 market for U.S. soybean oil, and Korean soybean oil refiners are convinced with its quality. With more than 50 million soy consumers, South Korea has a GDP of $1.5 trillion. U.S. Soy has a 70% market share in non-GM food beans. Sustainability is important to Korean customers and nearly 100% of the U.S. soybeans exported to Korea are SSAP-verified.