Key Global Grain Market Trends, Country-Specific Import Forecasts,
and Opportunities for Entering the Korean Market
The global grain market outlook for 2024 is garnering significant attention worldwide. Soybean meal, a key ingredient in livestock feed, is a strategic crop with high price volatility and significant influence on import volumes across countries due to fluctuations in supply and demand.
Today, Greenlabs-Grainscanner has analyzed the expected ranking of soybean meal importing countries and the key trends in each country for 2024.
Expected Ranking of Soybean Meal Importing Countries
in 2024 and Key Trends.
Rank 1. China: Expansion of livestock industry, increasing demand for feed, domestic production shortage
Rank 2. United States: Increasing domestic consumption, decreasing exports, increasing volatility in production
Rank 3. Japan: Entering an aging society, shifting consumption patterns, downsizing of livestock industry
Rank 4. Vietnam: Growth of livestock industry in Southeast Asia, increasing demand for feed, rising imports of soybean meal
Rank 5. South Korea: Policy improvements for feed self-sufficiency, expansion of livestock industry and high demand, government support expansion
Rank 6. Germany: Largest livestock industry nation in Europe, maintaining high import levels, increasing volatility in feed demand
Rank 7. Mexico: Major importing country in North America region, expecting increased imports, growth of livestock industry
IRank 8. ran: Major importing country in the Middle East region, maintaining high import levels, influenced by political instability
Rank 9. Egypt: Major importing country in the African region, expecting increased imports, population growth and increasing food demand
Rank 10. Bangladesh: Major importing country in South Asia region, maintaining high import levels, economic growth and development of livestock industry
Analysis of Key Trends.
Increasing Demand for Feed: The global livestock industry is expected to continue growing steadily in 2024, leading to increased demand for soybean meal, a major source of protein in animal feed.
Geopolitical Factors: Trade policies, tariffs, and regional conflicts can affect changes in soybean meal imports and exports, influencing the global supply chain.
Climate Change: Unpredictable weather deterioration and climate change can affect soybean production, leading to volatility in prices and supply conditions in each region.
Opportunities for Overseas Sellers to Enter the Korean Market:
High Demand: Korea is expected to be the 5th largest importer of soybean meal globally, indicating high demand for overseas sellers.
Government Support: The Korean government supports the expansion of soybean meal imports through policies to improve feed self-sufficiency.
Stable Trading Environment: Korea provides a stable economic situation and transparent trading environment, offering overseas sellers a safe and trustworthy market.
In 2024, Korea is forecasted to be an attractive market for overseas soybean meal sellers. Continuous growth of the Korean livestock industry, government policy support, and stable economic conditions can provide many opportunities for overseas sellers. Through offering high-quality soybean meal supply, competitive pricing, and building local partnerships, overseas sellers can successfully enter the Korean market. Plan your successful entry into the Korean market with trusted local partner, Grainscanner.
*Disclaimer:
The provided information is based on current market analysis and predictions, and actual import volumes may vary. Greenlabs-Grainscanner does not guarantee the accuracy of future market conditions.
*Caution:
The data and information in this document are provided for informational purposes only and should not be interpreted as investment or trading advice. Consultation with professionals is necessary for specific advice tailored to individual circumstances.
Data sources: USDA, Mordor Intelligence, IndexBox, MAFRA, KITA
If you are interested in exporting soybean meal to Korea,
talk to Green Labs.
Key Global Grain Market Trends, Country-Specific Import Forecasts,
and Opportunities for Entering the Korean Market
The global grain market outlook for 2024 is garnering significant attention worldwide. Soybean meal, a key ingredient in livestock feed, is a strategic crop with high price volatility and significant influence on import volumes across countries due to fluctuations in supply and demand.
Today, Greenlabs-Grainscanner has analyzed the expected ranking of soybean meal importing countries and the key trends in each country for 2024.
Expected Ranking of Soybean Meal Importing Countries
in 2024 and Key Trends.
Rank 1. China: Expansion of livestock industry, increasing demand for feed, domestic production shortage
Rank 2. United States: Increasing domestic consumption, decreasing exports, increasing volatility in production
Rank 3. Japan: Entering an aging society, shifting consumption patterns, downsizing of livestock industry
Rank 4. Vietnam: Growth of livestock industry in Southeast Asia, increasing demand for feed, rising imports of soybean meal
Rank 5. South Korea: Policy improvements for feed self-sufficiency, expansion of livestock industry and high demand, government support expansion
Rank 6. Germany: Largest livestock industry nation in Europe, maintaining high import levels, increasing volatility in feed demand
Rank 7. Mexico: Major importing country in North America region, expecting increased imports, growth of livestock industry
IRank 8. ran: Major importing country in the Middle East region, maintaining high import levels, influenced by political instability
Rank 9. Egypt: Major importing country in the African region, expecting increased imports, population growth and increasing food demand
Rank 10. Bangladesh: Major importing country in South Asia region, maintaining high import levels, economic growth and development of livestock industry
Analysis of Key Trends.
Increasing Demand for Feed: The global livestock industry is expected to continue growing steadily in 2024, leading to increased demand for soybean meal, a major source of protein in animal feed.
Geopolitical Factors: Trade policies, tariffs, and regional conflicts can affect changes in soybean meal imports and exports, influencing the global supply chain.
Climate Change: Unpredictable weather deterioration and climate change can affect soybean production, leading to volatility in prices and supply conditions in each region.
Opportunities for Overseas Sellers to Enter the Korean Market:
High Demand: Korea is expected to be the 5th largest importer of soybean meal globally, indicating high demand for overseas sellers.
Government Support: The Korean government supports the expansion of soybean meal imports through policies to improve feed self-sufficiency.
Stable Trading Environment: Korea provides a stable economic situation and transparent trading environment, offering overseas sellers a safe and trustworthy market.
In 2024, Korea is forecasted to be an attractive market for overseas soybean meal sellers. Continuous growth of the Korean livestock industry, government policy support, and stable economic conditions can provide many opportunities for overseas sellers. Through offering high-quality soybean meal supply, competitive pricing, and building local partnerships, overseas sellers can successfully enter the Korean market. Plan your successful entry into the Korean market with trusted local partner, Grainscanner.
*Disclaimer:
The provided information is based on current market analysis and predictions, and actual import volumes may vary. Greenlabs-Grainscanner does not guarantee the accuracy of future market conditions.
*Caution:
The data and information in this document are provided for informational purposes only and should not be interpreted as investment or trading advice. Consultation with professionals is necessary for specific advice tailored to individual circumstances.
Data sources: USDA, Mordor Intelligence, IndexBox, MAFRA, KITA
If you are interested in exporting soybean meal to Korea,
talk to Green Labs.