Soybean meal consumption to rise in Indonesia

For the year 2023/24, Indonesia is projected to experience a rise in soybean meal consumption, reaching 5.8 million tons, as per the USDA. This increase is primarily driven by the feed sector, with the poultry industry being its largest consumer, accounting for 80% of feed production. Additionally, the aquaculture sector's feed demand is anticipated to rise alongside an expected uptick in fish exports, leading to a heightened demand for soybean meal. To satisfy this demand, imports of soybean meal, predominantly from South America, are expected to match the consumption level at 5.8 million tons.