Sprouting Up: Soybean Farming in Canada Industry Market Research Report Now Available from IBISWorld
(PR Web/TimesUnion.com) Although US soybean farmers have grown in the past five years, the industry will continue to face revenue and profit pressures from international operators, with Brazil expected to overtake the United States as the top provider of soybeans in the next five years. For these reasons, industry research firm IBISWorld has added a report on the Soybean Farming industry to its growing industry report collection.
…“The depreciating dollar, coupled with food demand from developing nations, has boosted exports,” says IBISWorld industry analyst Agiimaa Kruchkin, “while the rapid expansion of biofuel production in the United States has spurred soybean farming revenue growth in four of the past five years.”
…Despite strong growth, an adoption of genetically modified seeds is reaching a saturation point and is no longer a major source of yield improvement, says Kruchkin. “Additionally, the biofuels segment, which has rejuvenated the industry and continues to strengthen domestic demand, is stabilizing.” Consequently, growth rates are forecast to weaken slightly in the next five years. A surge in South American inventory is responsible for the United States experiencing a steadily declining share of global exports.
…Farms in this industry grow soybeans as their main crop. Soybeans are most often used in livestock feeds and vegetable oils with a small but growing proportion being used in biofuel production. READ MORE