Exports of soybean meal from India in the 2023-24 oil year surged to 21 lakh tonne marking a substantial 16 per cent increase from the previous year. This growth was primarily driven by robust demand from Iran, Bangladesh, and Nepal, according to a trade body.
Soybean meal exports in the October 2023 to September 2024 period skyrocketed to 21.28 lakh tonne, a significant leap from the 18.36 lakh tonne recorded in the preceding season, as per the data provided by the Soybean Processors Association of India (SOPA).
“The heightened demand for Indian-origin soybean meal from Iran, Bangladesh, and Nepal during the 2023-24 oil year was a key factor in this remarkable growth. Total exports from India in the 2023-24 oil year witnessed an approximate 16 per cent surge compared to the previous year. This elevated demand catalysed increased crushing and production of soybean meal,” said DN Pathak, executive director of SOPA.
Madhya Pradesh is a leading soybean cultivating state in the nation. According to SOPA, Iran imported 4,15,182 tonne, Bangladesh 3,02,731 tonne, Germany 1,06,434 tonne, and Nepal acquired 1,92,951 tonne of soybean meal from India during the 2023-24 oil year.
Industry experts anticipate a potential decline in soybean meal exports in the newly commenced season from October, attributing this projection to diminished demand from Iran and disruptions in shipping routes. The global demand for soybean meal has fallen largely due to the elevated prices of Indian soybean meal.
According to SOPA, Indian-origin soybean meal is around $100 per tonne more expensive compared to other major suppliers in the international market.
