Aquaculture Decline Hits Soybean Demand
U.S. supplies about one-third of the soybeans used in aquaculture sector
Aquaculture is the fastest growing animal protein business in the world and soybean meal is the top protein source in aquaculture feed rations, reports The Western Producer.
The U.S. supplies about one-third of the soybeans used in the aquaculture sector.
George Chamberlain, president of the Global Aquaculture Alliance, said the food service sector, which includes hotels, restaurants and catering businesses, has seen a 70% reduction in sales during COVID-19.
His best guess is that social distancing will continue for another 18 to 24 months until a vaccine is available and that means reduced seafood consumption and decreased soymeal demand from the aquaculture sector.