The 2024 forecast for global soybean meal domestic food consumption reveals India leading with 52.82 thousand metric tons, followed by Japan at 23.47, Vietnam at 10.56, Mexico at 5.87, South Korea at 2.93, and Bangladesh at 0.59 thousand metric tons. In 2023, India experienced a 14.37% year-on-year increase, Japan 4.56%, Vietnam 2.38%, while Mexico and South Korea saw no change, and Bangladesh had a 4.56% increase. Over the past five years, India shows the highest CAGR in consumption growth.
Future trends to watch include India's growing demand for soybean meal, driven by dietary shifts and population growth. Japan's moderate yet steady rise suggests a stable demand, while Vietnam's emerging market potential signals possible increased consumption. Economic conditions and dietary preferences will also influence Mexico's and South Korea's stagnant numbers. Bangladesh could experience modest growth with improving economic circumstances. Monitoring these factors will offer valuable insights into global consumption patterns.
Top countries in Soybean Meal Domestic Food Consumption Share by Country (Thousand Metric Tons)
| # | 6 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 India | 52.82 | 2023 | +5.88% | +14.37% | View data |
| 2 | 2 Japan | 23.47 | 2023 | 0% | +4.56% | View data |
| 3 | 3 Vietnam | 10.56 | 2023 | +5.88% | +2.38% | View data |
| 4 | 4 Mexico | 5.87 | 2023 | 0% | 0% | View data |
| 5 | 5 South Korea | 2.93 | 2023 | 0% | 0% | View data |
| 6 | 6 Bangladesh | 0.59 | 2023 | +25% | +4.56% | View data |
