Japan, South Korea, And Taiwan Hay And Forage Trade Outlook

  • Published : Dec 2022
  • Report Code : KSI061614217
  • Pages : 85

Forages are plants or plant parts consumed by wildlife, including cows, horses, sheep, goats, llamas, and other livestock. They are edible plant portions, other than separated grain, such as browse, herbage, and mast, that can serve as food for grazing animals or that can be harvested for food. Forages come in a variety of forms, including hay, pasturage, and so on. Hay is grass, such as clover or alfalfa that has been chopped and dried for use as feed. Mineral-rich forage crops are beneficial to chickens for the formation of bone, eggshells, fluid balance, and hormone synthesis. Additionally, they improve the seasonal distribution of fodder production year-round to support warm-season perennial grasses. Meanwhile, quality hay gives the animals all the nutrients they require while promoting salivation, rumination, and digestion. Furthermore, superior hay contains less feed-inhibiting lactic acid than poor hay silages, allowing for a larger feed intake.

One of the main drivers of the expansion of the hay and fodder market and trade in Taiwan, South Korea, and Japan is the growing population and demand for livestock food products.

A growing population increases food consumption, which includes the consumption of meat products. As a result, there is a greater need to raise livestock for their meat. The expansion of the hay market in these nations is mostly due to the expansion of the livestock sector. The cattle industry has been under intense pressure to supply the rising demand for high-quality animal protein. These regions are experiencing a sharp increase in the need for hay and forage, which is being driven by the dairy industry's shifting production methods. This is mostly because modern dairy farmers are raising more and more cows, and they prefer to use imported hay and commercial feeds. The abundance of vitamins, fiber, and proteins in forage crops helps the animals' metabolic processes. The nations in the region concentrated on introducing novel fodder types, and higher-yielding grasses, and promoting the production of commodities including sorghum, barley, rye, and maize in response to the rising consumption of dairy products. Japan and Taiwan are part of the most active participants in the trade sector for this market. Japan and South Korea are among the top forage importers in 2020. The US Foreign Agricultural Service estimates that Taiwan imported forage goods worth US$93 million in 2021. With 125,870 dairy cows and 34,342 beef cattle in total, Taiwan would need to import close to 470,000 metric tons of forage feed per year, as per the same report.

Japan and South Korea consider their trade relationship as steady whereas Taiwan has been growing slowly since joining the World Trade Organization.

Taiwan ranked as the sixth-largest agricultural export market for the United States in 2021, with shipments amounting to US$3.9 billion, according to the International Trade Association. Forage made up around US$304 million of them. South Korea's leading fodder provider in 2019 was the US, according to the US Foreign Agricultural Service. The dependence of the Korean cattle industry on high-quality imported fodder is the main cause of the demand in Korea. Despite having solid trade links for hay and fodder with Australia and Canada, South Korea's tariffs under the corresponding agreements are high in comparison to those in the US. Further, The US-Taiwan Effort on 21st Century Trade, a new trade initiative, was launched on June 1st, 2022, by Taiwan and the US.

COVID-19 Impact

Throughout the COVID-19 crisis, the US has found it more challenging to send hay and forage, particularly alfalfa hay, to markets in the Asia Pacific region, particularly China, Japan, and South Korea. Further, port officials are forced to transfer occasionally empty containers back and forth across the Pacific Ocean as a result of the current tough situation between Russia and Ukraine, which is becoming tenser as a result.

Key Market Segments

  • By Component
    • Imports
    • Exports
    • Consumption
  • By Type
    • Hay
    • Forage
  • By Livestock
    • Cattle
    • Horse
    • Others
  • By Country
    • Japan
    • South Korea
    • Taiwan

1. INTRODUCTION

1.1. Market Definition

1.2. Market Segmentation

 

2. RESEARCH METHODOLOGY

2.1. Research Data

2.2. Assumptions

 

3. EXECUTIVE SUMMARY

3.1. Research Highlights

 

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

 

5. JAPAN, SOUTH KOREA, AND TAIWAN HAY AND FORAGE TRADE OUTLOOK, BY COMPONENT, US$ MILLION, MILLION TONS

5.1. Imports

5.2. Exports

5.3. Consumption

 

6. JAPAN, SOUTH KOREA, AND TAIWAN HAY AND FORAGE TRADE OUTLOOK, BY TYPE, US$ MILLION, MILLION TONS

6.1. Introduction

6.2. Hay

6.3. Forage

 

7. JAPAN, SOUTH KOREA, AND TAIWAN HAY AND FORAGE TRADE OUTLOOK, BY LIVESTOCK, US$ MILLION, MILLION TONS

7.1. Introduction

7.2. Cattle

7.3. Horse

7.4. Others

 

8. JAPAN, SOUTH KOREA, AND TAIWAN HAY AND FORAGE TRADE OUTLOOK, BY COUNTRY, US$ MILLION, MILLION TONS

8.1. Introduction

8.2. Japan

8.2.1. Overview

8.2.2. Trade Components

8.2.2.1. Top Importing Partners

8.2.2.2. Top Exporting Partners

8.2.3. By Type (US$ Million, Million Tons)

8.2.4. By Livestock (US$ Million, Million Tons)

8.3. South Korea

8.3.1. Overview

8.3.2. Trade Components

8.3.2.1. Top Importing Partners

8.3.2.2. Top Exporting Partners

8.3.3. By Type (US$ Million, Million Tons)

8.3.4. By Livestock (US$ Million, Million Tons)

8.4. Taiwan

8.4.1. Overview

8.4.2. Trade Components

8.4.2.1. Top Importing Partners

8.4.2.2. Top Exporting Partners

8.4.3. By Type (US$ Million, Million Tons)

8.4.4. By Livestock (US$ Million, Million Tons)

 

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Feed Producer’s Strategy Analysis

9.2. Recent Deals and Investments