卓创资讯：2025年中国饲料总产量再创新高，年增长8.6%

Core Insights - The total industrial feed production in China is projected to reach 34,225.3 million tons by 2025, with an annual growth rate of 8.6% [1] - The increase in domestic livestock and poultry production capacity is expected to drive a more than 8% year-on-year increase in compound feed demand, providing strong support for corn prices [1] - Due to reduced profits and potential losses in livestock farming, it is anticipated that the production capacity of pigs and the inventory of laying hens may decline in 2026, leading to total feed demand in 2026 being lower than in 2025 but higher than in 2024, maintaining a relatively high level [1] - The usage of corn in feed is expected to slightly decrease year-on-year, which may weaken its supporting role for corn prices [1]