Global Soybean Meal Use

posted by David Miller on Thursday, December 28, 2023

According to the USDA-FAS PSD database, reported world consumption of soybean meal was 243.67 million metric tons (mmt) in the 2022/23 marketing year. China was the top user of soybean meal (SBM) with 75.66 mmt of consumption followed by the U.S. with 34.84 mmt, the EU with 26.75 mmt, Brazil with 20.30 mmt, and Mexico with 6.88 mmt (Figure 1).

SBM Feed Use

Figure 1. Soybean Meal Feed Use, Top 30 Countries, 2022/23

In order to get a “better look” at the SBM consumption of the countries beyond the top 4, Figure 2

SBM Feed Use

Figure 2. Soybean Meal Feed Use, Top5-30 Countries, 2022/23

Shows the SBM consumption of the countries ranking 5 to 30 for the 2022/23 year. Mexico leads this group with 6.88 mmt of DBM consumption, followed by India (6.23 mmt), Vietnam (6.10 mmt), Indonesia (5.58 mmt), Thailand (4.75 mmt), and Russia (3.65 mmt). There are 29 countries that report more than 1 mmt of soybean meal consumption on an annual basis.

The top 30 soybean meal importers are shown in Figure 3. The EU is the leading importer of SBM with 16.01 mmt of SBM imports followed by Indonesia (5.43 mmt), Vietnam (5.00 mmt), Thailand (3.14 mmt), and the Philippines (2.60 mmt).  There are 16 importers that secure more than 1 mmt of SBM imports on an annual basis.  There are 77 countries in the PSD database that had positive SBM imports in the 2022/23 marketing year.

Top 30 SBM Imports

Figure 3. Top 30 Soybean Meal Importers (Any Source), 2022/23

About The Author

David Miller

David Miller, Chief Economist, contracts with Decision Innovation Solutions to provide economic analysis and business development services. He is responsible for building, maintaining and enhancing business relationships, developing new product lines and service offerings, and collaborating with ... read more