In 2023, China's dominant share of global soybean meal consumption continues to rise with a 2.85% year-on-year increase, reflecting its substantial demand for livestock feed. The United States and Brazil, significant players, posted increases of 1.68% and 3.25% respectively, showcasing their ongoing reliance on this commodity. Notably, fast-growing consumption markets include India and Vietnam, with increases of 4.98% and 2.03%, respectively, driven by expanding livestock industries. Conversely, decreasing consumption in places like Pakistan (-21.05%) indicates market challenges. The upward trends in Ecuador and Iraq, with growth rates of 8.45% and 9.99%, signify emerging demand.
Future trends to watch include potential shifts in consumption patterns driven by evolving dietary preferences, environmental policies, and trade dynamics. India's growth suggests a potential shift towards the South Asian market, while environmental sustainability and plant-based alternatives may influence long-term demand globally. As economies develop, both increases in livestock production and direct human consumption of plant-based proteins could reshape the landscape of soybean meal consumption.
Top countries in Soybean Meal Domestic Consumption Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 30.26 | 2023 | +3.79% | +2.85% | View data |
| 2 | 2 United States | 14.1 | 2023 | +2.66% | +1.68% | View data |
| 3 | 3 Brazil | 8.16 | 2023 | +1.97% | +3.25% | View data |
| 4 | 4 Mexico | 2.81 | 2023 | +2.52% | +1.47% | View data |
| 5 | 5 India | 2.78 | 2023 | +5.22% | +4.98% | View data |
| 6 | 6 Vietnam | 2.52 | 2023 | +3.31% | +2.03% | View data |
| 7 | 7 Indonesia | 2.22 | 2023 | +0.81% | +3.99% | View data |
| 8 | 8 Thailand | 1.93 | 2023 | +3.16% | +1.95% | View data |
| 9 | 9 Russia | 1.52 | 2023 | +5.89% | +2% | View data |
| 10 | 10 Japan | 1.4 | 2023 | +0.28% | +0.63% | View data |
