Asia: Rendered Pig Fat Market 2023

Rendered Pig Fat Market Size in Asia

In 2021, the Asian rendered pig fat market increased by 33% to $X, rising for the fourth year in a row after two years of decline. Over the period under review, consumption, however, enjoyed a significant increase. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Rendered Pig Fat Production in Asia

In value terms, rendered pig fat production declined markedly to $X in 2021 estimated in export price. Overall, production, however, recorded a perceptible slump. The most prominent rate of growth was recorded in 2020 when the production volume increased by 94% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Rendered Pig Fat Exports

Exports in Asia

For the fourth consecutive year, Asia recorded growth in overseas shipments of lard and other pig fat (rendered), which increased by 13% to X tons in 2021. Overall, exports, however, saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 75%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, rendered pig fat exports totaled $X in 2021. In general, exports recorded slight growth. The growth pace was the most rapid in 2020 with an increase of 167%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

Japan represented the largest exporting country with an export of around X tons, which finished at 46% of total exports. It was distantly followed by Hong Kong SAR (X tons), China (X tons) and South Korea (X tons), together making up a 50% share of total exports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +43.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest rendered pig fat supplying countries in Asia were Hong Kong SAR ($X), Japan ($X) and South Korea ($X), with a combined 94% share of total exports.

In terms of the main exporting countries, South Korea, with a CAGR of +23.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, which is down by -8.3% against the previous year. Export price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, rendered pig fat export price increased by +93.1% against 2016 indices. The pace of growth appeared the most rapid in 2020 an increase of 52% against the previous year. As a result, the export price reached the peak level of $X per ton, and then reduced in the following year.

Prices varied noticeably country of origin: the country with the highest price was Hong Kong SAR ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+13.9%), while the other leaders experienced mixed trends in the export price figures.

Rendered Pig Fat Imports

Imports in Asia

After three years of growth, purchases abroad of lard and other pig fat (rendered) decreased by -7.5% to X tons in 2021. Over the period under review, imports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 398% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020, and then fell in the following year.

In value terms, rendered pig fat imports surged to $X in 2021. In general, imports, however, recorded a significant increase. The pace of growth appeared the most rapid in 2018 when imports increased by 288% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Singapore (X tons) represented the major importer of lard and other pig fat (rendered) in Asia, mixing up 96% of total import.

Singapore was also the fastest-growing in terms of the lard and other pig fat (rendered) imports, with a CAGR of +47.6% from 2012 to 2021. From 2012 to 2021, the share of Singapore increased by +61 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported lard and other pig fat (rendered) in Asia.

In Singapore, rendered pig fat imports expanded at an average annual rate of +76.8% over the period from 2012-2021.

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, increasing by 64% against the previous year. Import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major supplying country, the average price level is determined by prices for Singapore.

From 2012 to 2021, the rate of growth in terms of prices for Singapore amounted to +19.8% per year.

Source: IndexBox Platform

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