Based on the provided data, soybean meal imports in Saudi Arabia are forecasted to grow steadily over the next five years. In 2023, the actual imports stood at 937.0 thousand metric tons. Forecasts predict incremental growth each year: 2024 (952.0 thousand metric tons), 2025 (967.0 thousand metric tons), 2026 (982.0 thousand metric tons), 2027 (996.0 thousand metric tons), and 2028 (1010.0 thousand metric tons). The year-on-year growth rates are 1.60% for 2024, 1.58% for 2025, 1.55% for 2026, 1.45% for 2027, and 1.41% for 2028. Over the five-year period, the compounded annual growth rate (CAGR) stands at approximately 1.52% from 2024 to 2028.
Future trends to watch for:
• Increased focus on sustainable and organic farming practices, potentially affecting demand for conventional soybean meal.
• Fluctuations in global soybean production due to climate changes and geopolitical factors.
• Technological advancements in feed alternatives for livestock.
