Growing pig population in the Philippines will boost feed demand
The USDA forecasts a 3% increase in hog production in MY 2023/24, boosting feed demand in the Philippines.
Despite high prices and unresolved ASF issues, the hog rebuilding program is expected to continue to drive growth, albeit moderate. Along with a slight expansion in the poultry and aquaculture sectors, USDA forecasts soybean meal consumption growth of 5% in MY 2024/25.
Soybean meal serves as a major source of protein in all livestock and aquaculture feed formulations, accounting for 15-40% of total raw ingredients, underscoring its importance to the industry.
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