A study carried out by China’s Ministry of Agriculture and Rural Affairs and the Chinese Academy of Agricultural Sciences revealed that Asian demand for imported soy and beef is likely to increase over the next decade. The document makes a projection for consumption, production and agricultural imports until 2030.
In the economy, the study indicates an increase in the urbanization, an increase in Chinese income and a GDP that will have an average annual growth rate of 4.9%. All these factors put together will be responsible for the increase in Chinese demand for products such as soy and meat.
The expectation is that China will increase soybean consumption from 118 million tons to 127 million tons until 2030 and imports of such grain will go from 103 million tons to 110 million tons.
Despite the local beef production forecast increase, from 5 million tons to 7.9 million tons in the period, the Chinese should increase their consumption of imported protein as well. The projection indicates that China will go from 2.1 million tons to 2.4 million tons of imported beef. The expansion of urbanization and the greater demand for quality animal protein will be responsible for such these increases. The consumption of beef by the Chinese is expected to rise from 8.99 million tons to 10.3 million tons.