Russia Plans to Increase Grain Output by 25% by 2030
As part of the country’s development of its cereals market, the Russian Agriculture Ministry is estimating that the country’s grain production will increase by 25% to exceed 130 million tons per year by 2030, reports RT.
The increase in production is expected to be a result of expanded acreage and increased yields. Cultivated land is forecast to increase by 3 million hectares, from the current 46 million hectares to 49 million hectares, and average yields are expected to increase from the current 2.36 tons per hectare to 2.74 tons per hectare.
Over this time period, domestic grain consumption is expected to climb by 17.5% as a result of increased processing of grain into starches and syrups and the expansion of the country’s livestock sector.
On a global scope, Russia foresees its grain exports increasing by 61% to 48.3 million tons, shipping to countries including Turkey, Egypt, Iran, Azerbaijan, Saudi Arabia, Yemen, and Sudan.
To drive this expansion, the Russian government forecasts it will invest $38.2 billion over the next 15 years and estimates that private investors will contribute another $40.8 billion.