Vietnam’s corn consumption growing

Published 2024년 4월 15일

Tridge summary

A report from the US Department of Agriculture's Foreign Agricultural Service predicts a significant increase in corn consumption in Vietnam, reaching 14.1 million tonnes by the 2024-25 marketing year, primarily due to heightened feed demand. This surge follows a downturn in demand for Vietnamese aquaculture products in Europe and the US in 2023. The report also forecasts a total feed demand of 27 million tonnes by 2025, with Vietnam importing approximately 75% of feed ingredients due to price sensitivity. Despite a slight decrease in domestic corn production, corn imports are expected to rise, with Brazil being the primary supplier. Additionally, the report discusses Vietnam's dependence on wheat imports and maintains a stable outlook for rice production and consumption.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Corn consumption in Vietnam is expected to grow with an uptick in feed demand during marketing year 2024-25, following lackluster demand from Europe and the United States for Vietnamese aquaculture products in 2023, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. The Global Agricultural Information Network (GAIN) report, released April 11, said total corn consumption is forecast to reach 14.1 million tonnes, including 12.7 million tonnes for feed and residual use and in line with total feed demand forecasts. The FAS lowered its 2023-24 forecast for corn consumption to 13 million tonnes, including 11.5 million tonnes for feed and residual due to higher imports of feed wheat. Feed demand for 2024 is forecast at 26.5 million tonnes, up from 25.9 million tonnes year-on-year due to projected higher aquafeed demand after a demand dip in 2023. Continued growth in animal feed and aquafeed demand are seen pushing total feed demand to ...

Source: UkrAgroConsult