A new study released this year shows the value and impact of the American soybean industry.
The 33-page study, The Economic Impact of the U.S. Soybeans & End Products on the U.S. Economy, was published by the National Oilseed Processors Association (NOPA) and the United Soybean Board (USB).
“As indicated by this study’s findings, the economic contributions of the soybean processing and refining sectors to the U.S. economy are substantial, connecting soybean farmers with end users,” NOPA’s President Thomas Hammer said. “Soybean processors convert soybeans into meal and oil. These value-added products are used in food, feed, industrial products and biofuels, supporting billions of dollars in domestic wages and tens of thousands of good paying jobs in the United States.”
The study’s key findings include:
- The total economic impact on the U.S. economy from the soybean sector averaged $124 billion, including $85.7 billion from soy production and $9.8 billion from soybean processing. The U.S. soy sector accounts for about 0.6% of the U.S. gross domestic product.
- There are more than 500,000 individuals involved in soy farm decision-making. This includes 223,000 paid, full-time equivalent jobs and an additional 62,000 family members, beyond growers, who reside on farms and are integral to soybean farming operations.
- The total wage impact of the sector averaged $10 billion. The study analyzed data from 2019 to 2022.
“It’s reaffirming to see that the U.S. soybean industry has such a tremendous impact on U.S. farmers and the economy overall,” USB Chair Meagan Kaiser said. “When we think about soy’s role in food security, renewable energy and more than 1,000 products on the market, it may be surprising to the everyday consumer how our product extends across multiple sectors. This report, funded by our U.S. soybean farmers, allows soy as an often invisible ingredient to become a visible contribution and sustainable solution for our future.”
The study highlighted economic impacts like revenue, wages, jobs and the number of people dependent on the soybean industry.
One-page summaries for 39 states where the soybean industry is present, were included in the study. Texas was among the 39 states.
Soybeans have a $1.4 billion impact on Texas revenues and have resulted in 5,450 paid jobs.
NOPA and USB commissioned LMC International Ltd., an independent economic consulting firm specializing in global agricultural commodity and agribusiness sectors, for the study.
Learn more about the study here.
View the Texas economic summary here.
View the entire study here.
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