soybean field

USSEC Conducts Promotional Campaigns for Soybean Oil in Costa Rica and Guatemala

The U.S. Soybean Export Council (USSEC) implemented a strategy, “Soy is Health,” to encourage greater consumption of U.S. soybean oil in the larger soybean oil-consuming countries in the Americas region where competing oils from other origins have affected imports from the U.S. In Costa Rica, USSEC conducted a generic campaign along with major soybean oil refiners touting activities that included educating consumers about the benefits of soy through community events, in-store promotions and an outdoor signage campaign. In Guatemala, USSEC worked with soybean oil refiners on similar educational activities and assisted “pull-through” at point of purchase in key retail stores in and around Guatemala City. USSEC invested $34,000 in Costa Rica and $10,524 in Guatemala, both under U14CXAM023-02 (Americas-Development of Media Campaigns & End User - Soybean Oil promotional campaigns). In both countries, the promotional campaign took place in August and September 2014. Costa Rica’s results showed a 10 percent increase in U.S. soybean oil consumption vs. the same period last year. Costa Rica imported 95,200 metric tons (MT) of U.S. soybeans for crush in FY14. Just two months into the current fiscal year, the major importer INOLASA was already ahead of that amount of U.S. soybeans with current and future sales of 112,500 MT. Results in Guatemala boasted an increase of 18 percent in soybean oil consumption vs. the same time last year with an increase of 25 percent for the brand promoted by the Guatemala refiner. In FY14, Guatemala increased its imports of U.S. soybean oil 292 percent (31,900 MT) vs. the previous year FY13 (10,900 MT). These results have raised Guatemala to the 7th largest importer of U.S. soybean oil in the world, up from 16th the previous year.