US soybean meal exports to soar by 8 mil mt/year on Asia feed demand

Soybean meal, or SBM, exports from the US are expected to grow by 8 million mt/year over 2016-2024, driven by strong demand from the feed industry in Asia, according to participants at the Southeast Asia-US Agricultural Cooperators conference being held at Cebu, the Philippines, over July 31-August 3.

“[About] 60% of the demand for US soybean meal is from Asia, and the growth is exponential, with projected 80 million mt increase for the next 10 years to meet the huge demand,” said Fadjar Setiawan from Indopro Nusa Pacific, a representative of US distributor AGP Processing in Indonesia.

SBM exports from the US are expected to hit 330 million mt in 2016, up from 320 million mt in 2015. US SBM market share has been growing in Southeast Asia, replacing Brazil, another major SBM exporter to SEA, amid demand for sustainable certification across the food value chain, particular for exporters to the European Union, Keith Schrader from the Minnesota Soybean Research & Promotion Council, said on the sidelines of the conference Tuesday.

Sustainable certification is third party accreditation given to growers and other stakeholders involved in the value chain/logistics to certify that they comply with rules and regulations to produce crops that promote environmental and social responsibility across the soy value chain.

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