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PLSoybean Meal in 2024: Export from Ukraine, Key Markets, Prices, and Logistics
Soybean meal is one of the most important products in Ukraine’s agribusiness complex, holding strategic significance in the global market. This product is derived from the processing of soybeans after oil extraction and is used as a high-protein feed for livestock, poultry, and fish. In 2024, soybean meal from Ukraine continues to be in high demand due to the growth of agricultural production in many countries, particularly in Europe, Asia, and the Middle East, where this product is actively imported to meet the demand for protein-based animal feeds.
In this article, we will discuss in detail:
- Export routes of soybean meal from Ukraine.
- Key importing countries of Ukrainian soybean meal.
- Major players in the global soybean meal market.
- Price dynamics of soybean meal in 2024.
- Logistical aspects of soybean meal transportation.
- Prospects for the development of the soybean meal market in Ukraine.
Thanks to Ukraine’s strategic advantages, the country remains one of the leading exporters of soybean meal in the global market. However, there are also certain challenges that need to be addressed when planning exports in the coming years.
- Ukraine as a Producer and Exporter of Soybean Meal
Ukraine is one of the leading suppliers of soybean meal to the international market. In 2024, the total production of soybeans in Ukraine is expected to reach 4.5 million tons. Given the high yield and modern processing techniques, a significant portion of the soybeans produced in Ukraine is used for soybean meal production.
Unlike many other global producers, Ukraine not only produces soybean meal but also has a significant export potential, allowing it to hold a leading position in the world in terms of supply volume. The majority of the produced soybean meal is exported to European countries, Asia, Turkey, and the Middle East.
According to forecasts, Ukraine is expected to increase its soybean meal exports to 1.5 million tons in 2024, which represents about 10% of the global market share.
Structure of Soybean Meal Exports from Ukraine:
| Importing Country | Share of Total Exports | Growth Dynamics (2024) |
|---|---|---|
| EU | 35% | +5-7% |
| Turkey | 15% | +10% |
| China | 20% | +15% |
| India | 10% | +3% |
| Middle East | 7% | +4% |
| Africa (Nigeria, Kenya) | 5% | +6% |
| Other countries | 8% | – |
Key factors driving export growth include competitive prices, production stability, and Ukraine’s advantageous geographical location, which allows for quick delivery to key markets.
- Key Importing Countries of Ukrainian Soybean Meal
The main importing countries are:
2.1 European Union (EU)
The EU continues to be the largest buyer of Ukrainian soybean meal. Key importing countries include Poland, Germany, the Netherlands, and Italy. In 2024, demand for soybean meal in the EU is expected to grow by 5-7%, as internal demand for high-protein feeds remains high.
2.2 Turkey
Turkey is actively developing its agricultural sector and increasing its demand for animal feed. In 2024, Turkey is expected to increase its imports of Ukrainian soybean meal by 10%. This is due to the rapid growth of livestock and poultry farming.
2.3 China
China occupies a special place among the importing countries. Demand for Ukrainian soybean meal in China is expected to grow by 15% in 2024 due to several factors, including political and economic changes, as well as increasing domestic demand for animal feed.
2.4 India and the Middle East
India and Middle Eastern countries are also significantly increasing their purchases of Ukrainian soybean meal in 2024. The demand for poultry and livestock feed in these regions continues to grow.
2.5 Africa
African countries, particularly Nigeria and Kenya, are starting to actively purchase soybean meal, as there is a growing need for feed to develop agricultural sectors on the continent.
- Key Players in the Global Soybean Meal Market
The key competitors of Ukraine in the global soybean meal market include:
| Country | Production (Million Tons) | Key Markets | Market Share |
|---|---|---|---|
| USA | 45 | China, EU, Japan | 40% |
| Argentina | 33 | China, EU, India | 25% |
| Brazil | 35 | China, EU, India | 30% |
| Ukraine | 1.5 | EU, China, Turkey | 5% |
The USA remains a leader in global soybean and soybean meal production. However, high competition, particularly from Argentina and Brazil, as well as climate instability (droughts and floods), may shift the market balance.
Argentina and Brazil are dominant players in South America. Due to reduced yields in Argentina in 2024, there is a real opportunity for Ukraine to increase its market share, particularly in the EU and China.
- Price Dynamics of Soybean Meal in 2024
Soybean meal prices in the global market remain relatively stable but exhibit seasonal fluctuations depending on factors such as yield, currency fluctuations, and changes in demand for animal feed. The forecasted price per ton of soybean meal for 2024 is:
| Importing Country | Price per Ton (USD) | Price Dynamics (2024) |
|---|---|---|
| EU | 480-520 | +5-7% |
| Turkey | 460-490 | +10% |
| China | 500-550 | +15% |
| India | 470-510 | +3% |
| Middle East | 480-500 | +4% |
Prices may vary depending on market conditions and production volumes. For example, due to changes in demand in China and Turkey, prices could increase by 10-15%. Additionally, soybean meal supplies from Argentina and Brazil may influence prices if their production volumes decrease due to unfavorable weather conditions.
- Logistics of Soybean Meal Export
In 2024, soybean meal exports from Ukraine are conducted through several main transportation channels:
- Sea Transport: The primary route for delivery to Europe, Asia, and the Middle East. Ports in Odesa, Mykolaiv, and Chornomorsk are key hubs for exports.
- Share: 70% of exports
- Rail Transport: Used for deliveries to European countries such as Poland, Romania, Hungary.
- Share: 20% of exports
- Road Transport: Mainly used for neighboring countries such as Poland, Moldova, and Romania.
- Share: 10% of exports
- Prospects for the Soybean Meal Market in Ukraine
Demand for soybean meal is expected to continue growing in 2024, particularly due to the development of the livestock sector in Asia, Africa, and the Middle East. However, to strengthen its position in the market, Ukraine must:
- Invest in production modernization and processing technology.
- Improve logistics chains to reduce transportation costs.
- Expand market outlets, particularly in Africa and Southeast Asia.
Thus, Ukraine has all the opportunities for further development of soybean meal production and exports, which is an essential part of its agricultural strategy.ю її аграрної стратегії.