soybean field

USSEC Expects Korea’s Protein Meal-Based Aquafeed Market to Expand

The number of fish growers who applied to enroll in the Korean government’s “Feed EP [Extruded Pellet] Feed” program in 2014 was reported to be 103, an 84% increase over the 56 growers enrolled in 2013.  These fish growers will be the beneficiaries of the two-fold increased budget passed by the Korean national assembly in January.  The “Feed EP Feed” program has been in place since 2012 to stimulate a shift of the aquafeed market to protein meal-based extruded pellet (EP) from fish-based moist pellet (MP) in order to protect the environment and conserve fisheries’ resources.  USSEC expects the program to contribute to an increased demand for soy in the Korean aquaculture sector.  In tandem with this favorable market environment for protein meal-based aqua feed, USSEC will continue to promote the benefits of soybean meal and soy protein concentrate (SPC) as protein sources replacing fish meal to those growers enrolled in the “Feed EP feed” program in hopes of increasing opportunities of soybean meal and SPC derived from U.S. soybeans in the fish feed market.