The story of Illinois soybean farmers can’t be shared often enough.

That’s the approach Illinois Soybean Association (ISA) takes to developing and growing international markets. The importance of identifying and growing emerging soybean markets also can’t be overstated because 60% of U.S. soy is exported. In total, more than 82 countries rely on U.S. soy
for human consumption, livestock feed and aquaculture feed in the form of whole beans, meal or oil.

Emerging markets for U.S. and Illinois soybeans are not just decided on a whim. Regular research and analysis are done by the ISA Market Development team to identify key potential emerging markets and countries.

By contrast, mature soybean markets generally operate in countries with advanced economies. Those locations tend to have well-defined strategies for buying and selling of commodities.

“The mature markets make decisions for purchasing based on their own criteria,” said Todd Main, ISA’s Director of Market Development. “Through our checkoff investments, our ability to influence mature economies is pretty thin.”

Emerging economies, on the other hand, often are navigating factors such as food security issues or meeting the needs of developing urban populations that have increased protein demand for swine, poultry or fish.

Or in the case of Indonesia, the number one buyer of Illinois soybeans, they may want whole soybeans for traditional dishes like tempeh, which is made from fermented soybeans.

“Our ability to influence and help these emerging economies is much greater,” explained Main. “If they want a low-cost source of protein, we can provide that. If they want to do oil or meal, we get a soybean crush facility going. Most importantly, we can develop a two-way relationship to help these economies.”

To do this, ISA and partner organizations must determine how to grow these markets and increase the use of soybeans.

ISA’s partners include the World Initiative for Soy and Human Health (WISHH) and the U.S. Soybean Export Council (USSEC). Coupled with projects supported fully by ISA, the track record is strong for developing relationships with new markets.

“Mexico is one of the top five consumers in the world of U.S. soybeans, and that’s because of the work and partnerships we have been a part of,” said Main. “In Egypt, we have supported their growing aquaculture industry, in addition to in Southeast Asia.”

The ISA team takes a rational approach to research and analysis when determining potential emerging markets, looking at population age, income level, where people live, whether it’s a growing economy, trade barriers, free trade agreements and governmental barriers.

“We do a detailed analysis of all the markets we have. What can we do, and what’s the probability of success?” explained Main. “Do they have the port infrastructure to handle boatloads of soybeans?”

The detailed analysis has shown some key markets and indicators as to why they might be of interest to U.S. soybean growers.

Emerging Markets
Historically, China has been the largest buyer of U.S. soybeans. But over the past several years, farmers have faced challenges because of slowing exports to China.

“Over the last decade, U.S. exports to China fell 15%, largely due to tariffs, African Swine Fever and trade disruptions,” said Eric Woodie, ISA Trade Analyst. “While China remains critical, its demand has softened, underscoring the need to continue diversifying markets.”

Emerging markets are filling this gap. In the current marketing year (MY), 2024/25, soybean exports to multiple countries are ahead of last year, and several new and growing destinations posted sharp increases.

In Indonesia, imports of U.S. soybeans have surged over 20 years, reaching a record 2.4 million metric tons (MMT) in MY 2023/24. U.S. soy enjoys an 88% market share, fueled by strong demand for tofu, tempeh and feed.

In Bangladesh, imports have soared in recent years, signaling major new demand.

Vietnam, Egypt and other Southeast Asian/North African markets also posted growth across soybeans and meal.

Soybean meal exports tell a similar story, with critical export markets seeing sharp increases including in the Philippines and Mexico.

Egypt: A Strong & Growing Market
Egypt is a powerhouse and expanding Illinois soybean buyer with a dominant market share, growing consumption and a strong preference for U.S. quality. It’s a resilient anchor market offering long-term demand stability.

Between MY 2019/20 and MY 2023/24, Egypt imported 18.5 MMT of soybeans. Of this, the U.S. accounted for 13 MMT, almost 70%, making the U.S. a leading provider of its imports.

Egypt’s demand for soybean imports is steadily increasing. In MY 2024/25, imports are expected to rise by 14.8%, and another 5% growth is projected for MY 2025/26.

The growth in Egypt’s soybean consumption is fueled by rapid expansion in their poultry and aquaculture sectors, which rely heavily on soybean meal in feed formulations. Structured efforts, including training programs and the Soy Excellence Center, have helped solidify U.S. credibility and relationship-building in the market.

Vietnam: A Rising Opportunity
Vietnam is emerging as a dynamic growth market, especially for soybean meal. Although it’s not yet as dominant as Egypt as measured by volume of imports, Vietnam’s double-digit growth streak suggests strong momentum and opportunity.

Vietnam’s imports of U.S. soybean meal have soared by 110%, reaching approximately 744,000 MT in MY 2023/24. This surge outpaced other fast-growing markets during the same time period, including Venezuela, Indonesia and the European Union.

In the 2023/24 MY, U.S. soy exports to Vietnam, including whole beans and meal, totaled about $365 million, putting Vietnam among the top emerging buyers.

Vietnam’s livestock and aquafeed industries continue to drive increasing demand for protein-rich feed ingredients, creating opportunities for U.S. soy.

Key Value for Farmers
Emerging markets such as Indonesia, Bangladesh, Vietnam and Egypt are becoming critical growth drivers. These markets are not only increasing demand for whole beans but also for soybean meal. By strengthening trade ties and capturing these expanding markets, Illinois soybean farmers can diversify markets, stabilize demand and secure long-term growth opportunities.

That’s why farmers are at the forefront of ISA trade missions. They share stories of how they grow and produce sustainable food, feed and fuel.

“At the end of the day, when meeting with potential global partners, it’s one human talking to another,” said Main. “In the case of ISA, having one farmer talk to another farmer or buyer is really powerful.”