As of 2023, the production of soybeans at the farm gate in the U.S. stood at approximately 38.96 billion Euros. Forecasts for 2024 to 2028 show a steady increase: 39.79 billion Euros in 2024, 40.62 billion Euros in 2025, 41.43 billion Euros in 2026, 42.24 billion Euros in 2027, and 43.04 billion Euros in 2028.
The year-on-year growth rates from 2024 to 2028 range from 2.08% to 2.28%. The compound annual growth rate (CAGR) over this five-year period is approximately 2.04%, indicating consistent growth in the production value of soybeans at the farm gate.
Future trends to watch include:
- Changes in global demand for soybeans, influenced by dietary shifts and industrial usage in biofuels.
- Trade policies and tariffs affecting U.S. soybean exports, especially in critical markets like China.
- The impact of climate change and agricultural practices on crop yields.
- Technological advancements in farming techniques which could enhance productivity and efficiency.
