New Market for U.S. Soybeans Emerging in Africa
The U.S. Soybean Export Council is continuing its work to develop new markets for U.S. soy. One of those new regions is Sub-Saharan Africa, the area south of the Sahara Desert consisting of more than 50 countries. USSEC says the region demonstrates a lot of factors that make it a valuable potential soy market. There’s a growing population that exceeds one billion, and it’s expected to double in size by 2050. That makes Sub-Saharan Africa one of the most substantial “frontier markets” in the world. The economic conditions in the region are getting stronger, with the annual GDP growth rates between 2 and 6.5 percent. Projections for the recovery and growth in the region are positive coming out of COVID-19 during 2020. People in the region are also taking steps to address protein deficiency as awareness, knowledge, and investment to combat the shortage continue to grow. USSEC says the African Development Bank Group is working to increase livestock ownership to help fill in dietary gaps and make an impact on nutrition in the region. Soybeans will play a key role in helping produce protein sources like milk, eggs, and fish.