Soybean meal consumption in Vietnam will increase, forecast

Published 2024년 4월 2일

Tridge summary

The Federal Agricultural Surveillance Service reports a notable increase in soybean meal consumption in Vietnam for the 2023-24 and 2024-25 marketing years, driven by the country's economic recovery and a surge in animal feed demand. Consumption is expected to hit 5.85 million tons in 2023-24 and rise to 6 million tons in 2024-25. While soybean imports are on the upswing, soybean meal imports are anticipated to drop due to increased domestic processing capabilities. Brazil and the United States remain the top soybean suppliers to Vietnam, which has experienced a decrease in local soybean production as farmers shift to more lucrative crops. This development is largely fueled by the expanding livestock sector, particularly in pigs and poultry, which escalates the overall demand for feed, with soybean meal being a key protein component.

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: Zol