The federalÂ governmentÂ announcesÂ an investment of $358,175, to Soy Canada to help identify new and emerging international markets and demand for Canadian soybean products.
This investment will enable Soy Canada to implement a market development strategy, attend international trade shows and lead missions to raise awareness of Canadian soybeans, concentrating efforts on expanding key markets in China, the United States, Korea, Japan and Europe.
“As acreage and production of soybeans increases quickly in Canada, our industry is seeking to develop new markets and expand existing ones,” says Jim Everson, executive director of Soy Canada. “This strong support from the Government of Canada will be invaluable in helping our industry expand exports.”
Canadian soybeans, a nutritious source of protein, are a growingÂ favourite on the world stage, especially in Asia. Canada is the world’s fifth-largest exporter of soybeans, exporting to over 55 countries inÂ 2014. Since 2000, soybean production in Canada has increased 123.7 per cent.Â Soybeans are now the fourthÂ largest crop by acreage in Canada with aÂ production of 6.04 million metric tonnes in 2014.
In terms of farm cash receipts, soybeans rank thirdÂ in value, behind onlyÂ canola and wheat, reaching $2.4 billion in 2014. This investment isÂ being made under Agriculture and Agri-Food Canada’s AgriMarketingÂ Program, a five-year, up to $341-million initiative under GrowingÂ Forward 2.