China's domestic corn consumption in 2024 is forecasted to be 311.42 million metric tons, up from the 2023 actual consumption of approximately 305 million metric tons. This represents a year-on-year growth of nearly 2.1%. In subsequent years, from 2025 to 2028, the consumption is projected to grow steadily, reaching 340.3 million metric tons in 2028. The average annual growth rate, or CAGR, over the five-year period from 2023 to 2028 is roughly 2.2%.
Key trends to watch for include:
- Urbanization and rising middle-class spending power driving increased demand for meat and, consequently, animal feed, a major use for corn.
- Technological advances in agricultural practices which could either boost domestic corn production or affect import dynamics.
- Government policies impacting agricultural subsidies, trade tariffs, and renewable energy mandates (e.g., ethanol production).