Between 2024 and 2028, Japan's domestic consumption of soybean meal is forecasted to grow steadily from 203.0 to 213.0 thousand metric tons, indicating a generally positive outlook. Assuming minimal change from 2023 levels, this period reflects a consistent year-on-year growth of approximately 1-1.5%, with a Compound Annual Growth Rate (CAGR) of slightly over 1% for the 5-year span.
Future trends to watch for include:
- Increasing demand for plant-based diets, which might boost soybean meal consumption at a faster rate.
- Potential agricultural policy changes could impact domestic supply chains and consumption patterns.
