USSEC Creates Value for U.S. Soy through Versatility
- General News
- Market Information
U.S. Soy reached a record export value of $40.42 billion for the second-highest volumes of soy products to date, 71.79 million metric tons, during Marketing Year (MY) 2021/2022, according to USDA data. With sustained soy checkoff and industry investment, USSEC delivers solutions that create long-term value, supporting this accomplishment.
USSEC’s 2022 Annual Report explains that demand for livestock and aquaculture feed is growing alongside global demand for vegetable oil, creating opportunities for soy products. Soy is recognized worldwide as a nutritious, versatile ingredient with strong sustainability credentials. USSEC’s commitment to collaboration helps soy customers and a global population of more than 8 billion manage a challenging global economic environment.
“While populations are increasing, we are also seeing significant economic challenges in many of the markets we operate,” says USSEC CEO Jim Sutter. “The four Cs — Covid, climate, conflict and currency — have created an unprecedented combination of challenges.”
He adds that 2022 was the first year of implementation of USSEC’s new strategic plan.
“USSEC’s strategic work in emerging economies has helped countries increase and maintain their share of world trade growth, while continuing to position U.S. Soy as a trusted, sustainable source of nutrition and energy in mature and expanding markets worldwide,” Sutter says.
USSEC provides tools, technical expertise and industry support to allow the entire value chain to better capture the value of opportunities to meet that demand in diverse markets.
· Emerging and expansion markets like Algeria, India, Turkey and Venezuela experienced significant year-on-year volume growth in U.S. Soy exports.
· Customers chose U.S. Soy Sustainability Assurance Protocol (SSAP) certificates for 59% of U.S. Soy exports in MY 2021/22. SSAP shipments in 2022 increased 33% compared to 2021.
· More than 7,000 early career protein professionals in emerging markets attended world-class programs provided by USSEC’s Soy Excellence Centers.
“The innovative, research- and data-driven tools and services we provide help companies understand and assess the value of U.S. Soy,” he says. “Our targeted marketing is working.”
Read the 2022 report here.
This story was partially funded by U.S. Soy farmers, their checkoff and the soy value chain.