Soybean meal imports expected to rise due to higher demand for feed

PHILIPPINE soybean meal imports will likely increase by 0.2% to 3.26 million metric tons (MMT) in marketing year 2026-2027, driven by higher feed demand from the poultry, aquaculture, and pet food industries, according to the US Department of Agriculture (USDA).

In a report, the USDA’s Foreign Agricultural Service (FAS) in Manila said soybean meal (SBM) imports are forecast to increase slightly from 3.25 MMT in the previous marketing year, due to high feed demand from key livestock and aquaculture segments.

Despite an ongoing African Swine Fever (ASF) outbreak affecting the hog industry, overall SBM consumption is projected to expand as poultry and aquaculture production offset weaker swine industry demand.

“Ongoing ASF cases continue to limit hog feed demand relative to pre‑ASF years, but feed use for poultry and aquaculture maintains overall SBM consumption growth in marketing year 2026/27,” according to the report.

FAS Manila projects SBM feed use to rise by 0.9% to 3.28 MMT in marketing year 2026-2027, reflecting higher demand for both commercial and self-mixed feed.

It said higher output in poultry and aquaculture also drives SBM demand, as feed in these sectors typically have the highest soybean mixes.

Meanwhile, FAS Manila said soybean imports are forecast to grow 2.4% to 128,000 metric tons, driven by rising demand for soybean-based food and beverage products such as soy drinks, soy sauce, and tofu.

“Demand for soy drinks and soy sauce continues to expand year on year. In the Philippines, soybeans are processed into a range of food products… including soymilk, soy sauce, soy oil, tofu, bean curd, and fermented soybean products,” it said.

FAS Manila said total sales volume of soy-based products rose by an average of 0.3% per year between 2023 and 2025, and is expected to further increase by an average of 2% between 2025 and 2026. 

It said the Philippines will continue to rely on imports of both soybeans and soybean meal due to limited domestic production and processing capacity. — Vonn Andrei E. Villamiel