Soybean meal consumption in Vietnam will increase

Published 2024년 4월 2일

Tridge summary

The Federal Agricultural Surveillance Service (FAS) has reported a notable increase in soybean meal consumption in Vietnam for the 2023-24 and 2024-25 marketing years, primarily due to the country's economic recovery and a surge in demand for animal feed. Consumption is expected to hit 5.85 million tons in 2023-24, with a further increase to 6 million tons the following year. Concurrently, soybean imports are projected to grow, reaching 2.25 million tons in 2023-24 and 2.5 million tons in 2024-25, driven by an expansion in domestic processing capabilities. Despite consistent imports from Brazil and the United States, Vietnam's own soybean production is on a decline, shifting focus towards more lucrative crops. This trend is underpinned by the growth in livestock populations and the broader recovery of Vietnam's economy, especially in the industrial, tourism, and services sectors, which is anticipated to elevate total feed demand to 27 million tonnes by 2024-25. Soybean meal, a key protein source in animal feeds, is at the heart of this demand increase.

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

Original content

According to the report of the Federal Agricultural Surveillance Service (FAS), due to the recovery of the Vietnamese economy, soybean meal consumption for animal feed will increase to 5.85 million tons in the 2023-24 marketing year, which is 200,000 tons more than in the previous year, and up to a projected 6 million tonnes in the 2024-25 marketing year. USDA. The Global Agricultural Information Network (GAIN) report forecasts an increase in soybean imports in 2023-24 and 2024-25 for both processing and food purposes, while soybean meal imports are expected to decline from 4.9 million tonnes to 4.7 million tonnes due to increased domestic soybean processing capacity in 2024-25. Soybean imports in the 2023-24 marketing year are expected to be 2.25 million tons, and 2.5 million tons in the next marketing year. This reflects projected additional capacity at both the new soybean processing plant in the south and increased capacity at existing plants in the south and north. According ...

Source: Oilworld