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In 2024, grain exports exceeded the average level of the last five years by 50%, which is one of the leading results worldwide. Russia's contribution accounted for 17% of the total export volume. Egypt, Turkey, and Iran, the main grain importers, represented a 33% combined market share. These data were presented by analysts from VTB who conducted a market study, according to Izvestia's information.
The strategic plans of the Russian government envisage exceeding agricultural product exports by $50 billion by 2030. The main segments, besides grain, will be meat, dairy products, and the food industry, according to experts' forecasts.
Data from the Russian Ministry of Agriculture shows that meat exports increased by 27% in 2024, including a one-third increase in pork, one-quarter in poultry, and 22% in beef. Currently, Russia is self-sufficient in meat products. It is projected that meat exports will increase by 2.6 times, reaching $3.7 billion, and vegetable oil by 30% to $7.5 billion by 2030. Confectionery, dairy products, flour, and sugar may also be added to the wide range of export goods by 2030.
"We forecast that by 2030, the main consumers of agricultural complex (APK) products will be China, the Middle East, North Africa, and Southeast Asia. We believe that the Russian APK has great potential for growth both in these markets and in new directions," explained Dmitry Sredin, Head of VTB's Marketing Department for Market Industries Clients.
Analysts note that the main growth factors of the industry in the coming years will be the increase in efficiency and experience of local producers, the possibility of expanding production on existing crop and production areas, competitive production positions in cost, and increasing demand in international markets.
However, a strict monetary credit policy and a shortage of personnel will be obstacles to industry growth. Companies will be forced to revise development plans and allocate free funds to optimize and improve production. The Russian Ministry of Agriculture reports that the labor shortage in the industry last year exceeded 200,000 people.
