Demand for feed set to rise in Bangladesh pushing up soybean imports

Soybean

Bangladesh

Market & Price Trends

Published Mar 22, 2024

Tridge summary

The US Department of Agriculture (USDA) has forecasted an increase in demand for feed in Bangladesh due to the growth of large commercial poultry farms and the start of contract poultry farming by major feed producers. The USDA report predicts that soybean meal consumption in Bangladesh's feed industry will rise to 2.65 million tonnes in the 2024-25 marketing year, up 150,000 tonnes from the previous year. The report also expects an increase in soybean and soybean meal imports, a slight rise in domestic soybean production, and notes that only half of the country's total daily soybean crushing capacity of 18,000 tonnes is currently being utilized.

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Original content

Despite high prices, the demand for feed is expected to grow in Bangladesh as large commercial poultry farms expand their operations and some major feed producers initiate contract poultry farming resulting in an increase in imports, the US Department of Agriculture (USDA) said in a report. released on Tuesday (March 19). It said soybean meal consumption in Bangladesh's feed industry in the 2024-25 marketing year is expected to reach 2.65 million tonnes, a 150,000-tonne increase from the previous year, "assuming a reversion to a normal price and supply situation." Soybean meal is a primary ingredient in cattle feed and aquafeed formulations. It makes up 30% of feed ingredients in Bangladesh. Additionally, there is also an ever-present high demand for soybean oil for human consumption. As demand for soybean meal rises, the Foreign Agriculture Survey (FAS) of the USDA forecasts an increase in soybean and soybean meal imports – to 2 million tonnes, up from 1.8 million in 2023-24, ...

Source: TBS