October 26, 2022
US' United Soybean Board launches Soy Innovation Challenge to increase value for soybean meal
The United Soybean Board (USB) in the United States and the Yield Lab Institute (YLI) challenge companies to create innovations that increase the use and value of soybean meal in existing markets through the Soy Innovation Challenge.
"Soybean oil demand is increasing as a feedstock for renewable energy, creating unique opportunities for soybean farmers," said USB chair Ralph Lott. "But an increase in expanded crush for oil means higher meal supply. With US soybean meal's strong reputation as a high value product, additional pathways are necessary to advance consumption both domestically and internationally."
The challenge will enhance the value of soybean meal in existing markets and uses by targeting:
- Innovations that increase use and value for soybean meal in animal agriculture, aquaculture, pet foods and soyfoods for human consumption;
- Innovations that advance the commercial viability of existing uses and segments in both food and feed spaces, overcoming the technical challenges of increasing soybean meal usage;
- Innovations that advance the transportability and storage viability of soybean meal.
"With clear sustainability differentiators, such as soil health and land stewardship, this competition has the potential to create unique revenue streams for US soybean farmers in meeting customers' evolving preferences," said Mac Marshall, USB vice president of market intelligence. "Sustainability is the future of our industry, and these new innovations will enhance the profit opportunities for our farmers."
Soybean meal is used as a feed ingredient for animal agriculture. These markets are limited by demand constraints of poultry and livestock volume, competition from alternative ingredients, storage capacity and transportation challenges. The Soy Innovation Challenge aims to solve these problems.
The application period is open from October 25 to December 6.
"With a favorable market for soy, an increased interest in enhancing the existing value of soybean meal is often forgotten in the equation," said Brandon Day, chief operating officer of YLI. "This innovation challenge will uncover ideas and technologies that will drive more value for soybean meal and its constituents within existing markets and uses. This is truly an exercise in circular economy and optimising the bean."