The American Soybean Association (ASA) released its annual “Made in America” report earlier this week, noting the resurgence of soybeans as a key ingredient in food and cosmetics, with a growing focus on the biofuels sector.
The report also found that soybeans are a major driver of agricultural production, with the number of soybean fields in the United States nearly doubling between 2013 and 2020.
The ASA reported that the soybean crop is now worth more than $3.5 trillion, a number which is expected to grow by nearly a billion in 20 years.
In 20 years, soybeans will account for 40 percent of all soybeans grown worldwide, and soybean production will surpass corn for the first time, with about 40 percent coming from the U.S.
According to the report, the soy industry is on track to double its annual production by 2020, as soybeans account for roughly half of the U