- Chapter 1 Executive Summary
- Chapter 2 Introduction of Soyfutures Company
- 2.1 Company Overview
- 2.2 Biodiesel Industry Analysis
- Chapter 3 Identifying market for International Development
- 3.1 Country/Market Screening
- 3.2 SWOT Analysis
- 3.3 Choosing appropriate route to market
- 3.4 Market Segmentation
- Chapter 4 Choosing market entry strategy
- Chapter 5 Financing option for International Expansion
- Chapter 6 Recommendation
The soya bean (or soybean in the US) is a legume mainly grown because of its edible bean, which also has several other uses (Sidney & Smith 1972). A natural crop of East Asia, the UN Food and Agricultural Association classifies it as an oilseed and not a pulse. 85% of the entire soya bean crop produced worldwide is processed into vegetable oil and soya bean meal. 60 pounds of soya bean bushel creates 11 and 47 pounds of fresh soybean oil and soybean meal, respectively, when dried. The high protein content makes soya beans great, especially in the United States, for the development of livestock feed. Human use is mostly in the form of milk and beef substitutes, edible oils, soy flour, and infant formula. In the non-food business, the usage of soy beans has also been on the increase, most especially in the energy market. Biodiesel fuel can be obtained from soya bean oil for use in diesel engines by the process of transesterification (Drapcho, Nghiêm & Walker 2008). The procedure literally extracts glycerine from the oil of soya beans. It is non-toxic, environmentally safe and green since soya biodiesel burns cleaner than petroleum-based diesel oil. Soya oil, which extracts oil from shorelines, streams and creeks without causing any damage to the ecosystem, people, wildlife and aquatic organisms, may also be made from environmentally sustainable solvents. It is also used in the manufacturing of synthetic solvents, lubricants, coatings and cleaners. In the construction industry, soya bean extracts, classified as biocomposites, are used in the manufacturing of building products, replacing commonly used timber in the manufacture of furniture and flooring (McCormick 2006). The making of crayons is another application of soya bean oil, which allows them better for children because they are non-toxic. Soya bean oil candles produce fewer smoke and burn longer.
This study would recognise and evaluate foreign market prospects as well as the threats raised by Soyfutures in their bid to expand the soybean oil market with the increasing non-food usage of soybeans. As seen in the table below, given by the UN Food and Agricultural Organisation, the US remains the world’s largest producer of soya beans.
|Country||Million Metric Tons in 2011|
|People’s Republic of China||15.0|
Nigeria will manufacture and export biodiesel to Latin America, Asia and Europe, where diesel engines are used extensively in farm equipment, vehicles, trains, turbines and marine machinery, with an annual soybean capacity of 500,000 metric tonnes, which is mainly used locally. Though Soyfutures’ emphasis was on accessing markets beyond Africa, the analysis found that Africa still has a potentially inexhaustible biodiesel industry (Mitchell 2010).