Oilseed Farming Industry Profile

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Excerpt from Oilseed Farming Industry Profile

Companies in this industry grow and harvest soybeans and other oilseed-producing plants, such as sunflower, safflower, flax, sesame, and canola (also known as rapeseed). No major companies dominate the industry.

Worldwide, the 2020/21 oilseed production totals about 370 million metric tons, according to Statista. The global 2021/22 oilseed production is forecast at about 630 million tons, according to the US Department of Agriculture (USDA). Soybeans are by far the largest oilseed crop, accounting for about 60% of global production. Soybeans are by far the largest oilseed crop, accounting for about 60% of global production. Top soybean exporters include Brazil, the US, and Argentina. The US exports about 30% of its soybean production.

The US oilseed farming industry includes about 310,000 farms, about 90,000 of which generate the majority of their revenue from oilseeds, with combined annual revenue of about $38 billion.

COMPETITIVE LANDSCAPE

Demand is driven by trends in food consumption. The profitability of individual companies depends on efficient operations. Large companies have advantages in purchasing land and equipment. Small operations can compete effectively by specializing in organic and heirloom oilseeds. The US industry is concentrated: the top 15% of farms account for about 65% of revenue.

PRODUCTS, OPERATIONS & TECHNOLOGY

The industry's primary product is soybeans, which account for about 60% of US oilseed farming production. Other products include sunflower seed, canola (also known as rapeseed), flaxseed, and safflower.

Soybeans are bushy, green legumes related to clover, ...

 
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