Soybean Meal Demand Assessment 2007-2017
The United States Soybean Meal Demand Assessment 2007-2017 completed by Decision Innovation Solutions is now available. The purpose of this research has been to analyze the competitive environment for protein sources in animal diets. The analysis provides key findings on the elasticities of U.S. soybean meal demand plus an updated and complete state-by-state database on animal agriculture economics and the implications for soybean meal demand at the state and national levels.
This report includes detailed estimates of soybean meal and soybean hull consumption by species and by state. A table summarizing this information appears on pages 839-841 of the report. Approximately 31.2 million tons of soybean meal was fed to animal agriculture during the 2016/17 soybean marketing year, with species consumption estimates as follows:
- 48%, broilers
- 24%, hogs
- 9%, dairy
- 9%, layers
- 7%, turkeys
- 3%, beef cattle, companion animals, aquaculture, sheep, meat goats
The study also found that in 2017 U.S. animal agriculture contributed more than:
- 1.8 million jobs to the economy;
- $347 billion to gross domestic product; and
- $75 billion to household incomes.
The analysis identifies the contributions of animal agriculture to output, earnings, employment and taxes by state. It tracks shifts in animal production over the past 10 years, and then reveals the economic impact of those changes both by state and nationally. The increased value of animal agriculture production between 2007 and 2017 grew total national economic output more than $32 billion. This growth increased household incomes by almost $7 billion and supported an additional 159,786 jobs.
The report demonstrates the increased use of soybean meal in U.S. livestock and poultry diets during 2007-2017, the impact of competitive protein sources on soybean meal consumption, as well as the positive impact that animal agriculture has on the U.S. economy.