Tuesday, 28 May, 2024

Business

Demand for feed set to rise in Bangladesh: USDA report

Business Desk | banglanews24.com
Update: 2024-03-22 15:29:02
Demand for feed set to rise in Bangladesh: USDA report Bangladesh’s feed industry in the 2024-25 marketing year is expected to reach 2.65 million tonnes.

Despite economic challenges and high feed prices, demand for feed is expected to grow in Bangladesh as large commercial poultry farms expand their operations, according to a report from the Foreign Agricultural Service (FAS) of the United States Department of Agriculture (USDA). 

The growth has been undeterred by inflation, the depreciation of Bangladesh’s currency (taka) and depletion of its foreign currency reserves, the report, released on March 19, noted.

“Recently, many commercial poultry farms have expanded their business, while some large feed producers have started contracts with (those farms),” the FAS said. 
“According to Bangladesh’s feed industry, in 2022, total livestock feed production was 6.6 million tonnes. Feed production is projected to hit 10 million tonnes by 2030.”

While corn is the primary raw material in poultry feed, the report noted that soybean meal consumption in Bangladesh’s feed industry in the 2024-25 marketing year is expected to reach 2.65 million tonnes, a 150,000-tonne increase from the previous year, “assuming a reversion to a normal price and supply situation.”

Soybean meal is a primary ingredient in cattle feed and aquafeed formulations.

With demand for soybean meal rising, the FAS forecasts an increase in soybean and soybean meal imports in the 2024-25 marketing year.

The agency sees soybean imports rising to 2 million tonnes, up from 1.8 million in 2023-24, while soybean meal imports are projected to increase 50,000 tonnes, to 1 million. Domestic soybean production in 2024-25 is pegged at 150,000 tonnes, a slight increase over the previous year.

Meanwhile, production of another oilseed — rapeseed — has been soaring in recent years in Bangladesh, and the FAS anticipates the 2024-25 crop to approach last year’s record harvest of 1.5 million tonnes.

Source: World Grain

BDST: 1528 HRS, MAR 22, 2024
MN
 

All rights reserved. Sale, redistribution or reproduction of information/photos/illustrations/video/audio contents on this website in any form without prior permission from banglanews24.com are strictly prohibited and liable to legal action.