South Korea expected to produce more soybeans in coming years

Published 2023년 3월 15일

Tridge summary

South Korea's soybean production is projected to stay steady at 0.13 million tonnes in the 2023-24 season, according to USDA reports. The government is encouraging soybean cultivation to enhance food self-sufficiency, with plans to raise the rate from 44.4% in 2021 to 55.5% in 2027. Soybean consumption is expected to slightly increase to 1.44 million tonnes, with 91.6% used for animal feed and the rest for human consumption in various food products. Import volumes are anticipated to remain steady at 1.3 million tonnes. In contrast, Turkey's wheat production is expected to rise by 1 million tonnes in 2022-23, despite high input costs, with an estimated total production of 17 million tons, including 2 million tonnes of durum wheat.

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

Original content

South Korea's soybean production is expected to remain stable in 2023-24 and gradually increase with government incentives aimed at improving food self-sufficiency. Production is estimated at 0.13 million tonnes, unchanged from 2022-23, according to a US Department of Agriculture (USDA) Foreign Agricultural Service report. The government aims to increase its food self-sufficiency rate from 44.4% in 2021 to 55.5% in 2027, with soybeans for food use rising from 23.7% in 2021 to 43.5% in 2027. Soy is the most consumed oilseed in South Korea. Consumption is estimated to increase slightly in 2023-24 to 1.44 million tonnes. Of this total, 1.02 million tons will be used for shredding and 0.34 million tons will be used for foods such as tofu, soy milk and soy sauce. Soybean imports are expected to remain unchanged at 1.3 million tonnes. Almost all vegetable flour produced in South Korea is imported soybeans. Most of this flour, and imported flour, is used in the production of compound ...

Source: Agrolink