WISHH’s new USDA-funded market assessment for Central America and the Dominican Republic offers insight into opportunities for U.S. soy in food and feed trade. Furthermore, WISHH is building on these stage-one findings with its USB-funded Mobilizing Entrepreneurs to Expand U.S. Soy Utilization in Developing and Emerging Markets initiative.
USDA-Foreign Agricultural Service funds supported WISHH conducting market assessments covering Costa Rica, Dominican Republic, El Salvador, Honduras, Guatemala, and Nicaragua. All six markets are expanding and reaching industrialization levels that allow economies of scale and mass production with competitive prices. Furthermore, all are covered by the Central American Free Trade Agreement-Dominican Republic (CAFTA-DR) with the United States.
Key findings include:
Food & Beverage Manufacturers
- Soy use is growing in foods and beverages–29% of surveyed manufacturers currently produce products using soy.
- 100% of the surveyed manufacturers are willing to work alongside WISHH and its partners to improve their internal processes for incorporating U.S. soy protein ingredients.
Retailers
- 59% of distributors and retailers surveyed would consider partnering with a strategic partner to co – invest in marketing and advertising of soy-based products.
End Consumers
- Central America’s middle-income households will grow by 30% over the next five years.
WISHH’s USB-funded Mobilizing Entrepreneurs to Expand U.S. Soy Utilization in Developing and Emerging Markets works to compress the time for a new U.S. soybean market to go from emerging market entry to basic market ready. The initiative attracts and mentors entrepreneurs who can invest in developing and emerging market soy enterprises, bringing new market sectors into the U.S. soy market pipeline.