The U.S. Soybean Export Council (USSEC) invests heavily to evolve emerging markets for U.S. soybeans and soy products.
Emerging markets are identified by factors like growing populations, improving economic conditions and efforts addressing protein deficiency.
One region of emerging markets is Sub-Saharan Africa, the area south of the Sahara Desert, which consists of more than 50 countries. The region demonstrates factors that identify it as a valuable potential soy market.
- Growing population:Its population exceeds 1 billion – and it’s expected to double by 2050, making Sub-Saharan Africa one of the most substantial frontier markets in the world.
- Improving economic conditions:Since 2000, Sub-Saharan Africa has seen annual gross domestic product (GDP) growth rates between 2% and 6.5% with just one exception, according to World Bank data.1While 2020 is expected to show very little or negative growth due to the global coronavirus pandemic, projections for recovery and continued growth in this region are positive.
- Addressing protein deficiency:Awareness, knowledge and investment to combat protein deficiency in diets throughout Sub-Saharan Africa has been growing. For example, the African Development Bank Group works to spur sustainable economic development and social progress in African countries.
Read the full reporthere.
