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    • Commodity Insights /
    • ...
      • Commodity News & Research
    • / Special Reports / Atlas of Food
    • Special Reports
    • Introduction
    • Fertilizer
    • Rice
    • Wheat
    • Corn
    • Soybean
    • Meat Production
    • Seafood
    A variety of foods is arranged on a dark surface, centered around a wooden cutting board with raw beef, chicken, and pork, garnished with herbs. Surrounding the board are bowls of grains and seeds, including buckwheat, chickpeas, and quinoa.

    S&P Global Energy Platts

    Atlas of Food

    Global food prices are sensitive to weather and government policy in a few key regions. This updated report highlights those markets and explores the relationship between fertilizer, rice, wheat, corn, soybeans, seafood, pork, beef and poultry.

     

    Introduction


    As governments monitor inflation, it’s food prices that worry them the most. In India, everyone is a rice trader in a sense, stocking up when they anticipate that a late start to the monsoon season will reduce yields.  

    Rice is one of the new sections for this second edition of the Atlas of Food, where we have also updated the price history for wheat, corn, soybeans, chicken, beef and pork.  

    This edition has a new section on the largest category of animal protein, seafood. Aquaculture has massively expanded the supply of species such as shrimp, which Platts assesses.

    Fertilizer is usually farmers’ largest input cost. A third new section shows its main forms and price drivers.

    The chart compares chicken, pork, beef and shrimp production, focusing on consumption rates, feed conversion ratios, age at harvest, commonly traded forms, typical feed consumption, and major exporting countries.


    The Atlas of Food shows the changes to key trade flows, such as Ukraine’s supply of corn to China. It also represents the crop cycle in each month for the key producers, illustrating, for example, why traders pay such close attention to Brazil’s weather in April and May.

    Demand for corn and soybeans has accelerated in response to the rising per capita consumption of proteins. People typically spend more on pork, beef, chicken and seafood as they become more prosperous. The feed conversion ratio for swine and cattle is higher than two – meaning that many pork producers need to give a pig at least 2 kg of feed to produce 1 kg of meat. Among proteins, aquaculture makes the most efficient use of feed inputs, with just 1.5 kg of feed producing 1 kg of shrimp   
       
    Many of Platts’ price assessments capture flows from Brazil. The country’s GMO adoption and double-cropping system are behind much of the growth in that flow.

    Back to top
     

    Explore
    Atlas of Food    

    Dig deeper into each field-to-fork commodity to learn about its key price drivers, trade flows and processing.

    Back to top
    Close-up of a tractor with large wheels dispersing fertilizer across a vibrant green field

    S&P Global Energy Platts / Atlas of Food

    Fertilizer

    Modern agriculture owes its success to synthetic fertilizers, which have lifted crop yields to meet the demands of a growing population. 

     

    This is part of the updated Atlas of Food report examining the field-to-fork links between agriculture and protein markets.

    October 15, 2025

    On this page

    • Key properties
    • Trade flow
    • Key price drivers
     

    Key properties

    Download Report

    Population growth has increased pressure on the world’s stock of arable land, fuelling research into synthetic fertilizers. These enable farmers to enhance yields and produce more grain from a given area of land. Improvements in crop yields have accelerated since 1913 thanks to the Haber-Bosch process, which synthetically converts atmospheric nitrogen into ammonia.

    Three primary nutrients – nitrogen, phosphorous and potassium – can accelerate plant growth.

    Nitrogen, often supplied through urea, promotes plant growth and enhances photosynthesis; phosphates are key for root development and energy transfer; and potassium contributes to overall plant health, drought resistance, and disease tolerance.

    The effective use of fertilizers not only increases crop yields but also supports food security for a growing global population.

    Nutrient application has long been appreciated by farmers: manure application, for example, has featured in agrarian societies, providing a natural source of primary nutrients. However, it wasn’t until the early 20th century that more concentrated chemical products started to be manufactured and traded globally, eventually leading to the “green revolution” of the 1970s.

    One key component, nitrogen, is often extracted from nitrogen via the Haber-Bosch process, which transformed fertilizer production into a true industry. This process involves the reaction of nitrogen gas from the atmosphere with hydrogen, typically derived from natural gas, under high temperatures and pressures to produce ammonia, which is used in the production of urea, nitrates, and most complex fertilizers such as ammoniated phosphates, NPKs, ammonium sulfate, or potassium nitrate.

    Phosphates are produced through the mining and processing of phosphate rock, often through reacting it with a strong industrial acid (typically sulfuric acid) to obtain phosphoric acid, which is then further processed into various downstream products such as diammonium phosphate (DAP), monoammonium phosphate (MAP), or triple superphosphate (TSP).

    Potash, primarily consisting of potassium, is obtained from ancient sea and lake beds that formed millions of years ago. The extraction process involves mining and refining these deposits, mostly producing potassium chloride, from which a variety of further downstream products are made.

    The absence of any of the essential nutrients — nitrogen (N), phosphorus (P), or potassium (K) — can lead to deficiencies in plants, resulting in stunted growth, diminished crop quality, and reduced resilience against drought and diseases.

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    Trade flow

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    Seasonal factors play a crucial role in fertilizer trade, as demand typically peaks during planting seasons. The recurring north/south wave of seasonal spikes can lead to increased imports by countries preparing for their agricultural cycles, resulting in price volatility during these periods.

    Urea is one of the most traded fertilizers globally. Major exporters of urea include countries in the Middle East, such as Qatar and Saudi Arabia, where abundant natural gas supplies facilitate low production costs. Other key exporters include Russia, China, and Egypt. On the import side, countries like Brazil, the US, and several Southeast Asian nations are significant consumers, driven by their large agricultural sectors.

    Global trade in phosphates is marked by a high concentration of exports from a few key regions. Morocco is the top exporter of phosphate fertilizers, followed by China, Russia, and Saudi Arabia (2024 data). These countries produce various phosphate fertilizers, including monoammonium phosphate (MAP) and diammonium phosphate (DAP). Major importers include Brazil, India, Europe, and Southeast Asian countries, where agricultural demand is strong. Unlike nitrogen, excess phosphorus applied to soil can remain (to an extent) available for future crop seasons, although this largely depends on rainfall patterns and soil quality.

    Potash trade flows are even more concentrated on the supply side, with Canada being the largest producer and exporter, followed by Russia and Belarus. These countries dominate the global market, supplying potash to various regions, including the US, Brazil, and India, which are among the largest importers.

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    Price drivers

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    Author: Jeffrey McDonald
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    Close-up view of mature rice plants in a field, with golden brown rice grains hanging heavily from the stalks.

    S&P Global Energy Platts / Atlas of Food

    Rice

    Billions of people eat rice every day. India and China are by far the largest producers. Policies and weather can disrupt complex trade flows.

    This is part of the updated Atlas of Food report examining the field-to-fork links between agriculture and protein markets.

    October 15, 2025

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    • Trade flow
    • Key price drivers
    • Paddy processing
     

    Key properties

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    Rice is a staple food for much of Asia, Africa and Latin America, with caloric intake ranging from 50% to 70%. It holds deep cultural significance in many Asian countries.

    India and China are the leading rice producers, accounting for over 50% of the world's rice output.

    The rice trade even produced the world’s first futures contact — in 18th century Japan.

    Rice has complex trade routes that are affected by weather, trade policies and other factors.

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    Trade flow

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    Thailand dominated the global rice market from 1960 until 2011, according to US Department of Agriculture data. In 2012, India lifted its export ban on non-Basmati rice because of a bumper crop. India emerged as the global leader in rice exports, surpassing Thailand.

    The major consumers of rice in the world are the major producers like India and China. In 2024, India and China together consumed approximately 52% of global rice supply. The strongest rice trade flows are within Asia. Globally, in the same year, 13.55 million mt was traded in Asian countries, or 23% of the global trade, USDA data showed. Vietnam ranked as the third-largest exporter and second importer globally by the USDA in 2024. Vietnam exports specialty graded rice to the Philippines and imports paddy and broken rice from Cambodia and India, respectively.

    Rice production and consumption

    The second most significant trade route is from Asia to Africa, with 6.6 million mt, or 12% of global supply, flowing to the continent in marketing year 2024, according to USDA data.

    Between marketing year 2018-19 and MY 2023-24, the Middle East was among the world’s top three rice-importing regions, with global share of 13% to 17%. Iran, Iraq, and Saudi Arabia are the Middle East’s top importers.

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    Paddy processing

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    After the paddy is harvested, it is then subjected to cleaning, hulling, milling, polishing or whitening and grading. About 70%-80% of the paddy is milled into rice globally, the remaining is used for animal feed and seed purposes.

    The major products are white rice, parboiled rice, and rice bran. White rice is produced by the above methods, whereas the cleaned rice is then soaked at 50-75°C for shorter durations, steamed to gelatinize the starch, and dried. Bran is the byproduct from both rice varieties. It is a nutrient-rich byproduct used as a nutritional supplement, in animal feed, and in food products like baked goods and cereals.

    In Asia rice is most often consumed in the form of cooked rice. It is also processed into various products such as rice flour, rice noodles, rice cakes, and rice bran oil, which are widely used in culinary applications.

    The flowchart outlines two distinct pathways for processing paddy into rice: white rice and parboiled rice. For white rice, the steps include cleaning, hulling, milling, polishing, and sorting. Parboiled rice processing involves steaming, soaking at 50 to 75°C, a second steaming, dehusking, and drying. The chart visually differentiates the processes, highlighting the additional steps in parboiled rice production, such as soaking and multiple steaming phases, which distinguish it from the simpler white rice process.

    Milled rice (white rice)

    India is the largest exporter of white rice in the world, followed by Thailand. Globally, Asian countries importing 69 million mt, followed by Middle East countries, African countries, the US and Canada.

    White rice milling typically produces a significant amount of rice bran and broken rice that are commonly used in animal feed. Rice bran, rich in protein, fat, and fiber, is commonly used for livestock and poultry feed, also for making rice bran oil. Broken rice, which consists of fragments from milling, serves as a source of carbohydrates and energy. Both of them are considered cost-effective feed options for livestock.

    Parboiled rice

    Parboiling is a hydrothermal process applied to paddy before milling, involving soaking, steaming, and drying. Its main goal is to enhance rice quality and increase milling yield. Parboiled rice offers several benefits over unparboiled rice, such as stronger kernels, higher recovery during milling, preservation of nutrients, and longer shelf life due to better resistance to insects and mold.

    India is the top producer and exporter of parboiled rice worldwide. Africa is a major importer for India, especially Benin. Benin imported 2.11 million mt in MY 2024-25, constituting 22% of the total imports to Africa. Long-grain parboiled rice is commonly imported by African countries and is featured in various popular African dishes, including Jollof rice and fried rice.

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    Author: Nanditha Kinavoor Madathil
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    A close-up view of a wheat field shows golden, ripe wheat heads ready for harvest.

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    Wheat

    Wheat is the world’s most important grain for human consumption. The Middle East and North Africa are supplied from the Black Sea.

    This is part of the updated Atlas of Food report examining the field-to-fork links between agriculture and protein markets.

    October 15, 2025

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    • Key properties
    • Trade flow
    • Key price drivers
    • Processing wheat
     

    Key properties

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    Wheat is the world’s most important grain for human consumption. It requires a temperate climate with moderate rainfall during the growing season from autumn to spring. In the months before it is harvested, temperatures should be around 20°C to 25°C. 

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    Trade flow

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    Around 220 million mt of wheat was traded between countries in the 12 months to June 30, 2024. The five largest exporters – Russia, the EU, Australia, Canada and Ukraine – supplied the bulk of globally traded wheat. Trade is less concentrated on the import side, with the five buyers – Egypt, Indonesia, Algeria, the EU and China – accounting for 28%.  Russia has been the world’s largest exporter of wheat since MY 2017-18. That followed a surge in production, with yields almost doubling between 2000 and 2017, as the country’s farmers applied the latest technology, including pesticides and sensor-equipped tractors.

    Russia’s share of exports has mostly continued to grow since then. Its most significant customer is Egypt, which captured 8.2 million mt in MY 2023-24, or roughly 3.7% of global trade. Over the past five years, Russia has consistently been the largest exporter of wheat to Egypt, averaging 6.72 million mt annually and accounting for more than half of Egypt's total wheat imports. Despite the ongoing Russia-Ukraine war, Egypt has increasingly relied on Russian wheat due to its competitive pricing and high quality compared to other global sources. 

    When the Russian government imposed an unofficial price floor to prevent the sale of low-priced wheat, Egypt faced some challenges in its procurement strategy in tenders. During this period, the Egyptian state, which buys half of the country’s wheat imports, sought alternative, cheaper sources from Ukraine, Bulgaria, and Romania. However, even with these challenges, Russia continues to be the most significant supplier of wheat to Egypt.

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    Processing wheat

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    Wheat is processed into two main products: flour and bran.  The milling process begins with cleaning the wheat grains to remove impurities, followed by conditioning to ensure optimal moisture content. The grains are then ground into flour, separating the endosperm from the bran and germ. The main products derived from this process are flour for human consumption, and bran, commonly used as animal feed.  

    In the European market, a significant portion of wheat is also allocated for biofuel production, in countries like Germany and France, where sustainability initiatives have increased the demand for biofuels. 

    Egypt imports about 12 million mt of wheat annually for flour processing. The imports are split evenly between the state and private sectors. The state imports wheat to subsidize flour for Baladi bread, a staple for most Egyptians, while private importers cater to various sectors: about 15% for flour exports, 33% for industrial uses like pasta and biscuits, and 53% for bakeries and direct consumers. 

    When milling one metric ton of wheat, a privately owned mill in Egypt produces around 720 kg of flour and 280 kg of bran. In contrast, state-owned mills, which focus on Baladi bread, achieve a higher extraction rate of 870 kg of flour. 

    Alongside bran, lower protein wheat plays a crucial role in animal feed. It is an important component due to its high energy content and digestibility, making it a valuable ingredient in livestock diets like poultry and swine, as it supports growth and development during critical stages. For example, young chicks and piglets benefit from wheat's energy-dense properties, promoting healthy growth and weight gain. In some countries, such as Indonesia 2.6 million mt is utilized for this purpose. 

    France is the largest wheat producer in the EU. France's wheat processing is pivotal for domestic use in flour milling, animal feed, starch and gluten manufacturing, and alcohol production, including bioethanol.

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    Authors: Aditya Kondalamahanty, Vivian Iroanya
    Editors: Valarie Jackson, Meghan Gordon
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    A close-up of corn in a field features an ear of corn with its husk partially peeled, revealing bright yellow kernels.

    S&P Global Energy Platts / Atlas of Food

    Corn

    Corn is the world’s most widely produced crop. Most of it is used for feeding livestock. In a normal year, the US is the largest exporter.

    This is part of the updated Atlas of Food report examining the field-to-fork links between agriculture and protein markets.

    October 15, 2025

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    • Key properties
    • Trade flow
    • Key price drivers
    • Processing corn
     

    Key properties

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    Global trade of corn is more diversified than for soybeans, the other key input for most animals. China produces 300 million mt of corn compared with less than 20 million mt of soybeans, so is a far less significant importer.  

    A wider pool of key exporters – the US, Brazil, Argentina and Ukraine – have a greater choice of customers, including Mexico, the EU, Japan and South Korea. 

    Large-scale cultivation of corn requires more fertilizer than soybeans. 

    As with other crops, Brazil’s share of trade has trended higher as farmers bring more land into cultivation and improve yields.

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    Trade flow

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    The flow of US corn to Mexico is the market’s most significant trade route, capturing 24.5 million mt in MY 2023-24 (September-August) or roughly 13% of global trade. Over the past five years, the US has consistently been the largest exporter of corn to Mexico, averaging 20 million mt and accounting for over 90% of Mexico’s total corn imports.  

    Brazil overtook the US as the world’s top corn exporter in MY 2022-23 for only the second time in history. The first being 2012-13 due to a U.S. drought. Mexico has increasingly relied on US corn due to its proximity, tariff-free access under the USMCA, and Mexico’s drought-driven demand for feed corn. 

    In recent years, as Brazil captured new markets like China with competitive pricing, Mexico faced occasional supply pressures from US planting declines and a strong dollar. During these periods, Mexico explored alternative sources like Argentina and Brazil, but the US remained the dominant supplier due to logistical advantages and established trade ties. 


    The European Union is the second-largest global buyer of corn, primarily sourcing around 55% of its total imports from Ukraine. The US is the second-largest supplier of corn to the European Union, accounting for about 17% of European imports. Asian countries including Japan, South Korea and China are also significant buyers of global corn exports. China is both the world’s second-largest corn producer and a key importer.

    The harvest outlook for China in MY 2024-25 is projected at 295 million mt, second only to the US, which is expected to produce 378 million mt. However, for the 2024-25 crop year, China is forecasted to be the fifth-largest corn importer, purchasing 7.2 million mt. This volume is significantly lower than the average of the past five years, during which China imported around 20 million mt. If China meets its projected harvest of 295 million mt in MY 2024-25, it will mark the largest harvest ever recorded in the country, reducing its import needs.

    Currently, China's record corn production was in the previous crop year, MY 2023-24, when the country produced 289 million mt. 

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    Processing corn

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    Corn, also known as maize, is processed in two primary ways: wet milling and dry milling.  In wet milling, corn is steeped in water and then separated into starch, fiber, protein (gluten), and oil. This process yields high-fructose corn syrup, corn oil, ethanol, and byproducts like corn gluten feed and meal.  

    In dry milling, commonly used in the US, corn is ground to produce ethanol, distillers dried grains with solubles (DDGS), and carbon dioxide. According to the USDA, nearly 40% of U.S. corn production is used to produce ethanol. The US is the world’s largest producer and exporter of corn and also dominates the global ethanol market, with Chicago serving as a key benchmark location for corn and ethanol pricing.  

    Brazil, another major player, uses corn increasingly for biofuel, particularly in its Center-West region, with support from RenovaBio.  

    For every metric ton of corn processed in dry milling in US, about 378 liters of ethanol, 17 kg of corn oil, and around 320 kg of DDGS are produced (USDA, 2024). DDGS are used in animal feed, adding value to the ethanol production chain. 

    This translates to approximately 29.8% of the corn mass going into ethanol, 1.7% into corn oil, and 32% into DDGS. The remaining 36.5% accounts for moisture loss, carbon dioxide released during fermentation, and other minor byproducts. 

    By comparison, milling one metric ton of corn in China typically yields about 650 kg of starch, 100 kg of corn oil, 200 kg of DDGS, and 50 kg of other byproducts, though exact ratios vary by mill efficiency. 

    These figures correspond to 65% starch, 10% corn oil, 20% DDGS, and 5% other byproducts. 

    The main products from corn processing are ethanol and DDGS. Ethanol is blended into gasoline for energy security and emissions reduction, mainly sold through refiners and fuel retailers. Pricing is market-based in the US, but government blending mandates influence demand.

    The infographic details the corn processing stages, starting with corn steeping, where corn is soaked. It progresses to grinding and screening, leading to germ separation. The germ is refined into corn oil and wet feed. Fiber is produced during grinding. Starch and gluten are separated, with wet gluten dried into a high-protein gluten meal. Ethanol production involves drying and fermentation, yielding ethanol and chemicals. Syrup refining produces corn syrup, dextrose, and high fructose corn syrup. The infographic highlights the interconnected processes and by-products, emphasizing the complexity and efficiency of corn processing.

    DDGS are distributed through bulk transport and exported to markets like China and Vietnam. 

    Corn is also critical in animal feed. Its high energy content makes it a staple for poultry, hog (pork), and cattle (beef). It provides carbohydrates necessary for growth and weight gain, especially in the early stages of development.  

    Corn’s versatility extends beyond feed and fuel. Cornstarch thickens soups, HFCS sweetens sodas, and corn oil fries snacks.  

    Substitutes include sorghum, barley, and wheat, used depending on price and availability. Corn also appears in numerous everyday products cornstarch, sweeteners, cereals, and snacks demonstrating its vast implication in global food and energy systems. 

    An example of corn usage over time is the rapid increase in its utilization for ethanol in Brazil, as shown in chart above. In the MY 2012-13, production was nearly zero at 0.1 million mt, and it is expected that by the MY 2025-26, corn usage for ethanol will reach 20% of the total in the country.

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    DDGS

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    Key properties

    Distillers Dried Grains with Solubles (DDGS) is a high-protein co-product of corn-based ethanol production, primarily used in livestock and aquaculture feed. It is rich in protein (typically 26%), relatively high in nutrients, and has high energy value due to its fat and fiber content. This makes DDGS an attractive ingredient in animal feed, particularly for poultry, ruminants, and shrimp.

    Top exporters and importers

    The US is the world’s largest producer and exporter of DDGS. In 2024, total US DDGS exports reached 12.22 million mt, the second-highest on record. Other significant exporters include Brazil (800,000-1 million mt in 2024), which has recently entered the market, and India (287,593 mt in 2024), which has been increasing its share in global exports. The top DDGS global importers are Mexico, South Korea, Vietnam, Indonesia and Canada.

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    Authors: Samyak Pandey, Victor Pereira de Carvalho (Corn); Paola Caballeros (DDGS)
    Editors: Valarie Jackson, Meghan Gordon
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    A large pile of soybeans is displayed, highlighting their round shape and light brown color.

    S&P Global Energy Platts / Atlas of Food

    Soybean

    The world’s main oilseed is processed for meal and oil. China’s crushing plants rely on supplies from Brazil and the US.

    This is part of the updated Atlas of Food report examining the field-to-fork links between agriculture and protein markets.

    October 15, 2025

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    Key properties

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    Soybeans have a growing period of around four months and are more resilient to drought than corn and wheat. 

    Thanks to Brazil’s proximity to the equator, farmers in key regions can plant and harvest a corn crop and a soybean crop from the same field in a single year, a process known as double cropping.  

    In the fight for orders from China, these Brazilian farmers enjoy a cost advantage over counterparts the US Midwest, where the climate does not support double cropping. 

    Each year, these farmers must assign a field to either corn or soybeans, not both.  

    The land will usually yield a far bigger corn crop, but soybeans fetch a higher price by volume. 

    Farmers in this region therefore chose which of the two crops to plant based on the soybean-to-corn price ratio.  

    When the price of soybeans is 2.5 times the price of corn or more, farmers are expected to allocate a greater area of their farmland to soybeans in the next crop cycle, whereas when the ratio is 2.3 or less, farmers will make the opposite switch.

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    Trade flow

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    The most significant trade flow for soybeans is from Brazil to China, which represents over 40% of global trade in the oilseed. The soybean trade has grown sharply in recent marketing years. S&P Global Commodity Insights forecasts global exports for MY 2024-25 marketing year to reach a record high of 191 million mt, marking a 25% increase from MY 2017-18.

    The 28 million mt increase was driven primarily by Brazilian soybeans, which accounted for 88% of the increase. Brazilian exports in 2024-25 are expected to be 43% higher than in 2017-18. To meet the rising international demand, Brazil has significantly expanded its planted area, experiencing the highest production growth among the top exporters.

    In contrast, US soybean exports are expected to decline by 15% in 2024-25 compared to 2017-18, largely due to increased domestic crush driven by rising demand for soybean oil for renewable diesel, supported by policies like the Renewable Fuel Standard and the biodiesel blender’s tax credit. 

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    Processing soybean

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    About 86% of the global soybean harvest is processed by the crushing industry to extract soybean oil and soybean meal. The remaining 14% of soybeans grown worldwide are consumed directly as human food, animal feed, or seeds. 

    Historically, the value of soybeans has been primarily determined by its most significant byproduct: soybean meal. In 2000, soybean meal accounted for two-thirds of the value generated from crushing soybeans, while oil made up one-third. In recent years, however, oil has contributed about 45% of the value derived from soybean processing, nearing parity with meal. 

    Soybean oil

    On average, crushing soybeans yields 19% oil—significantly below the extraction rates of other oilseeds such as sunflower seed (42%) and rapeseed (41%). Soybean oil is in demand for both food and as a feedstock to produce biofuels.    

    China, the US, Brazil, India, and the European Union account for three-quarters of global soybean oil consumption, but they use it in different ways. While China and India use all soybean oil for food, the US, Brazil, and the EU split their consumption roughly equally between food and fuel. Overall, 78% of total soybean oil is used for food, while 22% serves as a feedstock for the biofuels industry.  

    Argentina is the largest exporter, while India is the largest importer.

    Soybean meal

    In addition to oil, soybean crushing produces about 78% soybean meal. Soybean meal is the leading protein source used in the animal feed industry. The largest meat-producing regions are China, the US, the EU, and Brazil. While China, the US, and Brazil have sufficient crushing capacity to produce enough soybean meal to meet their domestic feed demands, the EU does not. As a result, the EU has become the world’s largest importer of soybean meal. Its primary supplier is Argentina—a country with significant crushing capacity, but relatively low domestic demand for soybean meal, due to its smaller population and meat industry compared with other major soybean-crushing nations.  

    With a crude protein content of 44-48%, soybean meal is rich in amino acids and serves as an excellent complement to lower-protein feed components such as corn. Soybean meal is highly digestible for monogastric animals, such as pigs and chickens, which contributes to its widespread use across various livestock sectors. Globally, the poultry industry is the largest consumer of soybean meal, followed by the pork, cattle (both dairy and beef), and aquaculture industries. 

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    Authors: Desiré Sigaudo, Elizabeth Machuca
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    Various raw meats, including chicken, beef, and pork, are arranged on a wooden surface.

    S&P Global Energy Platts / Atlas of Food

    Meat production

    The US, Brazil and the EU lead exports for chicken, beef and pork, respectively.

    This is part of the updated Atlas of Food report examining the field-to-fork links between agriculture and protein markets.

    October 15, 2025

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    • Chicken
    • Pork
    • Beef
     

    Introduction

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    Animal feed is the end purpose for much of the world’s grain and meal, and growing prosperity has accelerated consumption of beef, pork and poultry. 

    Beef is typically more expensive than pork and chicken. In Australia, cattle must be fed 6 kg of feed and fodder to add 1 kg in weight. That multiple, known as the feed conversion ratio, is around two for pork in Spain and chicken in Brazil. 

    Of the three proteins, poultry often has the most consolidated supply chains with many of the largest processors also producing feed. For pork and beef, where animals' the age at harvest is significant, the cattle cycle plays out over several years, magnifying supply and demand imbalances. Finally, cows, pigs and chickens are all sensitive to disease, and China’s outbreak of African swine fever constrained demand for feed for several years. 

    The chart compares chicken, pork, beef and shrimp production, focusing on consumption rates, feed conversion ratios, age at harvest, commonly traded forms, typical feed consumption, and major exporting countries.
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    Chicken

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    A brown chicken perches on a metal bar in the foreground of a poultry farm, facing the camera. The background is filled with more chickens, suggesting a busy environment within a chicken coop.

    Chicken is the most traded protein globally and the second most produced. The US contributes over 20% of worldwide poultry production, yet it consumes more than 85% of its total output. Brazil ranks as the third-largest poultry producer, following China, and the leading exporter, responsible for 35% of total chicken exports in 2024.

    The poultry production cycle spans approximately 45 to 50 days from hatching to harvest. Feed constitutes the largest production expense, accounting for nearly 70% of total costs, depending on the region. Typically, chicken feed in Brazil consists of 56%-60% corn and 30%-35% soybean meal.

    Frozen cuts dominate chicken exports, with Brazil's most traded product being boneless chicken breasts, primarily imported by Saudi Arabia, Mexico, the UAE, and the EU. Boneless chicken legs are also significant, with Japan importing 50% of the total.

    Poultry serves as a crucial source of animal protein in many regions and remains the world’s most affordable protein option. In Brazil, per capita poultry consumption in 2024 was 45.1 kg/capita, while in the US, it exceeded 54 kg/capita annually, largely due to a significant reduction in beef supply, which has shifted domestic demand toward chicken. Asian countries, such as Japan and China, consumed 23.6 kg and 10.67 kg/capita, respectively. The EU also plays a notable role in consumption, with an average of 23.3 kg/capita in 2024.

    The infographic details chicken consumption and production metrics. Per capita chicken consumption is 45.1 kg annually. The feed conversion ratio is 1.7 kg of feed per kg of weight gain, indicating efficient feed use. Chickens are typically harvested at 1.5 months. Commonly traded forms include skin-on boneless legs, skinless boneless breast, feet and paws, and wings. Chicken feed primarily consists of 56.5% corn and 34.9% soybeans, with no wheat and 8.6% other ingredients. This highlights the efficiency and dietary preferences in chicken production.

    Price drivers

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    Trade flow

    Brazil’s exports to China are the most significant trade flow in the global poultry market, representing 4% of global exports, according to USDA data. China imported 562,200 mt in 2024, down 17.6% from 2023, accounting for 11% of Brazilian exports that year.

    China imports a range of chicken cuts from Brazil, with over 40% consisting of chicken wings and another 30% made up of chicken feet and paws, according to the Brazilian Association of Animal Protein.

    This trade flow has undergone significant changes in recent years. From 2018 to 2021, Brazilian chicken imports to China grew at an average rate of 14.5%, driven by increased demand due to a pork supply shortage amid African Swine Fever. However, following the recovery from ASF, China's domestic chicken production increased, leading to reduced pressure on imports from Brazil.

    In 2023, China's chicken production was heavily impacted by Highly Pathogenic Avian Influenza, coinciding with a dramatic reduction in imports from the US and Thailand. This situation enhanced Brazil's importance as a supplier, resulting in a 26.4% increase in imports from Brazil. However, as China stabilized its production, Brazilian exports to China fell by 17.8% in 2024 compared to 2023.

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    Processing chicken

    Breeders are maintained by chicken processors. Once eggs hatch, chicks receive vaccinations before being sent to integrated growers for 30-45 days of feed supplied by the processor. Once reaching the desired processing weight, the chickens are returned to the processing facility for slaughtering and inspection. The meat is processed into various cuts or sold as whole chickens. The meat is packaged at the processor's facility and distributed to export or domestic markets.

    The infographic outlines the chicken processing workflow, starting with breeders and progressing to one-day-old chicks, poultry slaughter at producer facilities, sanitary inspection, cutting and packing, and finally distribution. It highlights that 70% of processed chicken is distributed domestically, while 30% is exported. The chicken feed composition is detailed as 60% corn, 30% soybean meal, and 10% other ingredients. This infographic provides a comprehensive overview of the chicken processing stages, feed composition, and distribution channels, emphasizing the structured flow from production to market.
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    Pork

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    : A group of piglets stands on a grassy field, each with an ear tag for identification.

    Pork is the world’s most produced, and second most traded meat. Asia accounts for more than half of global pork production, yet it remains the world's largest importer, consuming over 60% of global supply. Europe is the second-largest pork-producing region but, unlike Asia, it is a net exporter. In contrast, regions such as the Middle East consume very little pork due to religious restrictions.

    Producing pork at scale depends on several critical factors. Feed, which accounts for 60%-70% of production costs, must be both accessible and of high quality. Animal health is also essential—preventing diseases like African Swine Flu with strong veterinary care, vaccinations, and biosecurity safeguards productivity. While domestic demand drives industry growth, access to global markets enhances resilience. Diversified market access allows exporters to reduce waste and losses by commercializing all parts and cuts of the pork. In frozen form, the most heavily traded cut is the pork belly.

    Vertical integration, as practiced in countries such as Spain, enhances efficiency and traceability across the entire supply chain—from the typical six-month growing cycle of pigs to the commercialization of fresh and frozen meat and byproducts. 

    In Spain, pigs are typically sent to abattoir at the age of six months, with corn, feed wheat, barley, and soybean meal each providing around a quarter of the feed. In China, more soybean meal and corn are used in place of wheat and barley. 

    Pork is a key source of animal protein across many regions, particularly in East Asia, parts of Europe, and the Americas. In China and South Korea, per capita consumption stands at 40.2 kg and 41.4 kg, respectively. European countries, such as Spain and Poland, report some of the highest levels, at 56.2 kg and 53.6 kg per capita, according to the FAO. In the Americas, pork also plays an important dietary role, with the US consuming 29.6 kg per capita and Mexico 21.8 kg. 

    table of key properties for pork

    Price drivers

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    Trade flow

    The most significant trade flow for pork is from Spain to Japan. Japan has maintained a consistent import volume, averaging 1.4 million mt from 2017 to the present. In 2023, Japan imported 164,000 mt of pork from Spain, which accounts for 32% of Japan’s total pork imports, according to the Agriculture & Livestock Industries Corp.

    The pork trade flow from 2017 to the present has been dynamic.

    When China experienced an ASF outbreak in 2018, it resulted in significant pork supply shortages and price increases within the country, prompting higher import volumes. At its peak in 2020, China imported about 5.2 million mt of pork, accounting for 41% of the total pork exported in global trade. However, China's pork imports eventually subsided to about 1.3 million mt in 2024.

    On the exporter side, following the peak of the ASF crisis, most major exporters except Brazil experienced a decline in export volumes. Brazil maintained steady growth and surpassed Canada to become the third-largest exporter in 2024, following the EU and the US. In 2024, Brazil exported about 1.53 million mt and gained a larger share of the Southeast Asian market from its competitive pricing.

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    Processing pork

    The growth cycle of pigs from birth to market size takes about six months. During the first week of life, piglets are entirely dependent on their mother’s milk, with colostrum intake being crucial for building their immunity during the first three weeks. 

    As they are weaned at three to four weeks, piglets transition from their mother’s milk to solid feed, which requires careful management to ensure their health and minimize stress. After weaning, piglets enter the four- to 10-week growing phase, during which they grow rapidly, to reach 10-25 kg. During this stage, they are introduced to starter feeds that are high in protein and receive regular health checks to prevent disease. 

    Pigs in the finishing phase are provided a balanced diet to optimize their growth, reaching market weights of 100-120 kg. As they approach market readiness, pigs undergo quality grading before being transported to market facilities for further processing. 

    Seasonality also influences pig growth. Pigs tend to grow faster during the warmer months of spring and summer, as higher temperatures promote better feed intake and digestion. Conversely, pigs may experience slower growth during fall and winter. Lower temperatures can reduce feed intake, as pigs often expend more energy to maintain body temperature. Additionally, growth can be hindered further if housing conditions are not optimal or if health challenges arise from colder weather. 

    Seasonal fluctuations influence global pork demand due to cultural practices, festivals, and economic factors. In Asia, holidays such as Lunar New Year and Mid-Autumn Festival are associated with popular pork dishes, while in Europe, demand peaks during Christmas and other festive seasons. A country’s economy also plays a key role in pork consumption, as pork tends to be more expensive than chicken.  

    Disease, particularly ASF and FMD, remains the most disruptive factor in the pork supply chain. When a disease outbreak occurs, it disrupts production practices, leads to trade restrictions, increases production costs, raises mortality rates, and undermines market confidence, all of which negatively affects pork supply and demand. 

    The flowchart outlines the pork processing cycle, detailing the time taken for each stage from growth to distribution. The growth cycle spans 6 months, divided into nursing (1-3 weeks), weaning (3-4 weeks), growing (4-10 weeks), and finishing (10 weeks to 6 months). Post-growth, pigs undergo inspection before entering slaughterhouse operations. Distribution follows, with 48% of pork directed to the domestic market and 52% for export market. This chart provides a comprehensive overview of the timeline and distribution channels in pork processing.
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    Beef

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    A group of brown cows stands behind a metal railing in a barn, eating hay.

    The global beef trade is shaped by a network of production surpluses, consumption trends, and trade dependencies. Key producers include the US, which accounts for 20% of global beef production; Brazil, 19%; and China, 13%, according to USDA data for 2024. 

    Brazil’s increased export capacity gives it a dominant role in global trade, supplying beef to markets that cannot meet domestic demand even amid strong production, such as the US and China. USDA data showed that Brazilian beef exports accounted for 28% of global trade, followed by Australia, 14%, and India, 12%. 

    Among key consumers, the US, China, and the EU have strong domestic beef markets. However, some of the world’s largest importers, notably China, Japan, South Korea, the US (despite being a top producer), and countries in the Middle East, rely heavily on imports to meet the growing preferences of consumers, changing dietary habits, and the limitations of domestic production. This dependency underpins the necessity for a robust, responsive, and globally interconnected beef trade network. 

    In 2024, the average beef consumption in Australia is projected at 26.9 kg per capita. Domestic utilization accounts for 30% of total beef production, with the remainder directed to exports. Australian cattle are primarily grass-fed, then grain-finished in feedlots, where their stay ranges from 30 to 600 days, depending on their market destination. Cattle destined for the domestic market typically spend up to 100 days in feedlots, while those for export generally remain longer. The feed composition comprises 70%-80% grain, supplemented with cottonseed, silage, molasses, straw, vegetable oil, and mineral/vitamin premix. Among the most traded products is the 90CL lean beef trimmings, primarily exported to the US for hamburger production. 

    The infographic details key properties of beef, including a per capita consumption of 26.9 kg per year. The feed conversion ratio ranges from 5-7 kg of feed per 1 kg of weight gain. Cattle are typically harvested between 15-30 months. The most commonly traded forms are 90CL lean beef trimmings and frozen beef. Typical feed includes grass and a lot feeding mix of 70%-80% grain, cottonseed, silage, molasses, straw, vegetable oil, and a mineral/vitamin premix.

    Price drivers

    Several interlinked variables drive global beef prices. Among the primary price influencers are feed costs, global supply and demand balances, climate patterns, trade access, currency fluctuations, and geopolitical stability.  

    Feed—especially corn and soybean meal—represents one of the most significant cost components in beef production. Therefore, rising feed prices often translate into higher beef prices. In Brazil, about 70% of beef cattle production comes from animals finished on grass, but climate risks, pasture conditions and phytosanitary diseases tend to be greater in Brazilian beef production. This factor brings greater competitiveness in beef prices compared with other suppliers, attracting many buyers due to greater affordability. 

    Tariffs, quotas, and sanitary trade barriers have increasingly come to the forefront as influential price levers. Countries aiming to protect domestic producers or control market exposure often impose tariff rate quotas, set minimum price thresholds, or enact technical barriers to trade. For instance, China has frequently adjusted its import licensing, while the EU maintains strict sanitary and quality standards under its Common Agricultural Policy. The US limits imports of Brazililan beef to 65,000 mt/year. 

    In recent years, protectionist policies and non-tariff barriers have tightened global supply routes, making certain markets more volatile. These restrictions not only distort price parity among suppliers but also prompt sudden shifts in trade flow. For example, when Indonesia reduced quotas for Indian buffalo meat in favor of diversified suppliers, it opened short-term windows for Brazil and Australia to expand their reach. Similarly, the US-China trade dispute disrupted bilateral beef flows, causing ripple effects across the global supply chain. 

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    Trade flow

    The most substantial trade flow in the global beef market is from Brazil to China. According to Brazil’s Foreign Trade Agency, Brazil exported 1.32 million mt of beef to China in 2024, making it the largest bilateral trade route for beef globally. Given that Brazil’s fresh, chilled, and frozen beef exports in 2024 were 2.54 million mt, exports to China represented about 52% of exports. While exact global trade volumes vary, this flow constitutes a significant portion of the international beef trade.

    Over the past decade, Brazil has consistently held the position of the world’s largest beef exporter, but its export volume has seen significant growth, rising 27% in 2024 compared with 2023. China has emerged as the dominant importer, with its beef imports from Brazil increasing correspondingly, due to two key factors:

    • China’s growing demand: Rising incomes and urbanization in China have led to increased beef consumption. 
    • Brazil’s production capacity: Brazil’s vast cattle herd and competitive production costs have enabled it to meet growing international demand. 

    Processing beef

    A calf remains with its mother until its eighth month, when it reaches about 195 kg. The weaning process begins in the ninth month. By the 18th month, the calf turns into a steer at about 300 kg. When the steer reaches 375 kg, it is considered ready to be finished by grass or grain feed. In Brazil, the finishing period is usually made up of 85% grass-fed and 15% grain-fed. 

    When cattle are ready to be harvested, they are considered finished steers, with an idela weight of 540 kg or more. The ideal processing period is about seven to 10 days after it is bought by a beef packer, but it depends on the plant’s harvest schedule. 

    Once the animal is harvested and dressed, the carcass should spend one day in the cold storage/chamber for inspection and sanitary maturation. The period from beef packing and distribution to the final destination depends on the location of the beef plant. 

    The chart shows the process from the finishing period to the final consumer. 

    The infographic details the beef processing journey, starting with cattle weighing 375 kg, which are moved to pasture for 4-5 months until they reach 540 kg, ready for harvest. The processing includes sanitary inspection and packing for distribution. A sector chart shows 85% of cattle are grass-fed, while 15% are grain-fed. Distribution is split, with 70% of beef going to the domestic market and 30% exported. This infographic highlights the processing stages, feeding methods, and distribution channels, emphasizing the predominance of grass-fed cattle and the significant domestic market share.
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    Conclusion

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    Rising disposable incomes in East Asia have driven the surge in meat consumption over the last two decades. This has amplified demand for feed grains because the feed conversion ratio for pigs, cattle and chicken is greater than one. 

    Some developed economies, such as the UK, have seen meat consumption decline as higher costs pushed people to opt for lower-cost alternatives, but growing prosperity across larger populations in Asia has still lifted aggregate global demand. The UN estimates that global consumption of beef, poultry and pork averaged 44 kg per person in 2024. 

    The supply outlook is less clear, given diseases capable of eliminating herds and flocks from entire regions as Brazil’s poultry exporters experienced briefly in July 2024. 

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    Authors: Beatriz Baltieri, Graham Style (Chicken); Renan Araujo (Beef); Desiré Sigaudo, Nuo Geng Chen (Pork)
    Editors: Valarie Jackson, Meghan Gordon
    Design: Content Design

     

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    A vibrant culinary arrangement featuring cooked shrimp, halved cherry tomatoes, lime wedges, and fresh basil leaves, artfully placed on a dark surface.

    S&P Global Energy Platts / Atlas of Food

    Seafood

    Aquaculture is the fastest-growing source of animal protein in the world, supplying over half of all seafood consumed globally.

    This is part of the updated Atlas of Food report examining the field-to-fork links between agriculture and protein markets.

    October 15, 2025

    On this page

    • Key properties
    • Trade flow
    • Key price drivers
    • Processing shrimp
     

    Key properties

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    As wild fisheries plateau, farming has become critical to meeting demand for affordable, high-quality protein.

    Shrimp has played a leading role in this growth and is the largest species in aquaculture. It offers a high-value, export-driven product with short production cycles and efficient feed conversion. Farmed primarily in Asia and Latin America, shrimp provides a versatile protein source for both domestic and international markets. Farmed shrimp eat formulated feed typically derived from fish meal, soybean meal, fish oil and vegetable oils. Rich in protein and lipids, the diet is optimized to deliver rapid growth and consistent quality. Compared with other major farmed species such as salmon, tilapia, and catfish, shrimp combines high feed efficiency with adaptable processing formats, giving it a competitive edge in meeting diverse global market preferences.

    Comparison of key production traits and feed profiles:

    The infographic compares four aquaculture products: Shrimp, Salmon, Tilapia, and Catfish. It details global production volumes, main exporting countries, aquaculture practices, harvest ages, traded forms, feed compositions, and feed conversion ratios. Shrimp leads in production with 7.7 million metric tons, primarily exported by Ecuador. Salmon, mainly from Norway, has the highest protein feed composition at 40%. Tilapia and Catfish, both freshwater species, are predominantly exported by China and Vietnam, respectively. The infographic highlights the diverse aquaculture practices and nutritional needs across these seafood types, emphasizing the varied economic and environmental impacts of their production. 

    Global production

    Shrimp is the most farmed seafood meat globally and the highest-value aquaculture species, contributing over $44 billion to global aquaculture output. China dominates shrimp farming, producing 31% of global farmed shrimp output. Yet despite this scale, China also stands as the world’s largest importer, accounting for around 33% of global shrimp imports by volume. While China leads in production and import volumes, Ecuador and India are dominant exporters, together accounting for nearly half of global shrimp shipments. Alongside China, the US and EU are also among the top importers, reinforcing shrimp’s importance across both emerging and high-income markets.

    Shrimp production is highly sensitive to water quality, feed inputs, and disease management, with most farming concentrated in brackish water ponds across Asia and Latin America. Typical production cycles range from 60 to 150 days, depending on target sizes and market destinations. Feed accounts for up to 60%-70% of total farming costs, with protein-rich formulations made from fishmeal, soybean meal, wheat, and vegetable oils. Optimized feed uses and biosecurity practices are key to minimizing mortality and maintaining consistent yields.

    Shrimp is predominantly exported in frozen forms such as HOSO (head-on, shell-on) and PDTO (peeled, deveined, tail-on), with growing demand for processed formats. Ecuador supplies HOSO mainly to Europe and China, while India focuses on PDTO to the US. Value-added shrimp, such as breaded and cooked, is increasingly exported by Vietnam and Thailand, serving retail and foodservice markets in high-income regions.

    Shrimp is a core component of global crustacean consumption, with wide variations in intake across regions. While global seafood consumption has risen steadily, now averaging over 20.5 kg per capita annually, crustaceans account for a smaller share yet remain highly valued. Shrimp leads this category, especially in countries with developed seafood markets. China averages 6.37 kg per capita, By contrast, many emerging economies consume less than 1 kg per capita, underscoring disparities in access and dietary preferences. As global incomes rise and supply chains deepen, shrimp’s role in the protein basket is expected to expand, particularly across urban and health-conscious demographics.

    Global seafood production and consumption

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    Trade flow

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    Ecuador to China was the most significant shrimp trade flow in 2024, with about 652,000 mt, or 56% of Ecuador’s total shrimp exports, sent to China. Another key route is from India to the US, where 303,000 mt, or 41% of India’s exports, were shipped. These two corridors dominate global shrimp trade volumes and remain central to each country’s market strategy.

    The data is based on 2024 customs statistics compiled by S&P Global Commodity Insights using national-level sources, including Ecuador’s Central Bank and India’s Ministry of Commerce, aggregated via the Global Trade Atlas platform. While trade patterns have remained largely stable, subtle shifts are emerging. USand building its presence in the US market, driven by China’s rising domestic shrimp production and cooling demand. India, on the other hand, is expanding toward China and the EU to reduce its reliance on the US, amid growing challenges related to tariffs and trade relationships. These changes reflect strategic moves by top exporters to reduce exposure to single markets and adapt to evolving geopolitical and demand dynamics.

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    Price drivers

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    Processing shrimp

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    Shrimp processing typically begins at farm harvest, where animals are collected based on size, usually around 30-40 count, though smaller counts like 90-100 are common for faster cycles. Once received at the plant, shrimp are washed, sorted, and graded before being processed according to their target market.

    Some supplies are packed whole (head-on, shell-on), while others are peeled, deveined, or beheaded to meet preferences across regions. The level of processing depends on buyer demand, whether for basic formats or more prepared products.

    HOSO formats are widely used in Europe and China because they are suited to traditional cooking styles and foodservice sectors where the whole shrimp presentation is valued, such as in paella or steamed seafood platters. In China, HOSO is also popular for banquet dining and festive occasions.

    In contrast, peeled tail-on shrimp are favored in the US, as they cater to the ready-to-cook and retail markets, where convenience and minimal preparation are priorities. This aligns with the US consumer preference for easy handling and portion-controlled packaging, especially for breaded or frozen meals.

    Value-added processing is more common in Vietnam, which have strong processing infrastructure for marinated, breaded, or coated products aimed at developed markets. Exporters such as India and Ecuador focus more on semi-processed formats like PDTO and HOSO, which fit their core markets’ demand patterns while maintaining efficiency and competitive pricing. The goal across all origins is to ensure the product reaches the buyer in the desired format while meeting quality, safety, and shelf-life requirement.

    The infographic presents a flowchart detailing the seafood processing journey. It starts at the farm or pond, followed by a two-step washing process: first with water, then with chlorine. Sorting and grading categorize seafood into HLSO (head-less shell-on), PDTO (Peeled and Deveined and Tail on), PD (Peeled and Deveined), or entire shrimps. After sorting, seafood undergoes soaking, packaging into boxes, freezing, glazing, and final packaging into cartons of 8 kg, 10 kg, or 16 kg. The process concludes with storage and export, highlighting the systematic approach to seafood processing.
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    Author: Karan Dadure
    Editor: Meghan Gordon
    Design: Content Design

     

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    Atlas of Food

    Dig deeper into each field-to-fork commodity to learn about its key price drivers, trade flows and processing.

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