Exports of soybean meal from India for the 2023-24 oil year have surged to 2.1 million tons, reflecting a substantial 16% increase from the previous year. This growth was primarily fueled by strong demand from Iran, Bangladesh, and Nepal, as reported by the Soybean Processors Association of India (SOPA).
From October 2023 to September 2024, soybean meal exports reached 2.128 million tons, a significant rise from the 1.836 million tons recorded in the previous season. This increase was largely driven by heightened demand from these countries, which in turn prompted greater crushing and production of soybean meal, according to SOPA’s Executive Director, DN Pathak.
Madhya Pradesh continues to be the leading soybean-producing state in India. In the 2023-24 oil year, Iran imported 415,182 tons of soybean meal, while Bangladesh imported 302,731 tons. Germany accounted for 106,434 tons, and Nepal imported 192,951 tons from India.
However, industry experts predict a potential decline in soybean meal exports for the new season starting in October, citing reduced demand from Iran and disruptions in shipping routes. The global demand for soybean meal has decreased significantly, primarily due to the rising prices of Indian soybean meal. Currently, Indian-origin soybean meal is approximately USD 100 per ton more expensive than that of other major suppliers in the international market.
Source: The Times of India
