Research Report on China Corn Industry 2016-2020
|発行||China Research and Intelligence||商品コード||289624|
|出版日||ページ情報||英文 60 Pages
|中国のトウモロコシ産業の分析 Research Report on China Corn Industry 2016-2020|
|出版日: 2016年02月29日||ページ情報: 英文 60 Pages||
According to official statistics, China's corn yield in 2015 was 224.58 million tons, increasing about 4.14% YOY. Corn has become China's most important variety of food crop. As regard to corn consumption, only about one third is eaten directly while the rest is used as fodder or industrial material. Macro-economic situation exerts greater influence on corn than on such rations as wheat and rice. In recent years, the demand for corn in China stays at a high level as farming and industrial demand increases.
Most of corn products are primary products whose additional value is low. Another problem in corn processing industry is the excess capacity of primary products especially starch and edible alcohol as well as low operating rate. Besides, as the competition among small enterprises is fierce, the whole industry awaits further integration.
China's corn import increased from 1,000 tons in 2003 to 5.208 million tons in 2012 i.e. increased by over 5,000 times in a decade, which was rarely seen even in the whole world. China remained the net exporter of corn before 2010. But since 2009, as corn yield dropped and domestic demand for corn increased as a result of the drought, China fastened its corn import and has become the net importer of corn since 2010. In 2012, 5.2074 million tons of corn was imported into China with a year-on-year growth of 197.08%, among which 5.1133 came from the US, increasing 20.3% year on year. During the period of 2013-2015, corn import declined continuously due to the publication of Interim Measures for the Administration of Import Tariff Quotas of Agricultural Products by the Ministry of Commerce of the People's Republic of China and the National Development and Reform Commission which states that during the period of 2014-2015, the import quotas of corn shall be 7.2 million tons per year, among which only 40% is allocated to non state-owned enterprises and the maximum tariff of import outside quota quantities can be 65%.
Corn price in domestic market is far higher than that in international market. In 2015, 4.73 million tons of corn were imported into China, increasing 82% year on year.
With economic development and improvements in living standards, the demand for meat, egg and milk in China will keep increasing, so does the demand for grains used as fodder. However, due to the deepening urbanization and low gains of planting industry, more and more rural labor force turn to city for jobs instead of engaging in agriculture. Therefore China is expected to remain the largest grain importer in the future.
In the long term, the demand for corn enjoys good prospects of continuous growth. However, as the room for growth of corn yield is limited, the demand gap will expand further. Therefore, it is inevitable for China to increase its corn import. The annual import of corn and its substitutes is expected to surpass 10 million tons in the next few years. Hence the great investment opportunity in Chinese market for grain growers and trade companies.
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