Asia: Pig Fat Market 2024

Pig Fat Market Size in Asia

The Asian pig fat market fell sharply to $X in 2022, with a decrease of X% against the previous year. Over the period under review, consumption, however, enjoyed strong growth. Over the period under review, the market reached the peak level at $X in 2021, and then fell rapidly in the following year.

Pig Fat Production in Asia

In value terms, pig fat production rose remarkably to $X in 2022 estimated in export price. Overall, production saw a perceptible shrinkage. The pace of growth was the most pronounced in 2013 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Pig Fat Exports

Exports in Asia

In 2022, overseas shipments of pig fat decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, pig fat exports shrank to $X in 2022. Over the period under review, exports, however, posted a moderate increase. The pace of growth was the most pronounced in 2014 with an increase of X%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cyprus (X tons) and Georgia (X tons) dominates exports structure, together making up X% of total exports. Turkey (X tons) ranks next in terms of the total exports with a X% share, followed by Hong Kong SAR (X%) and Singapore (X%). Vietnam (X tons) and China (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Singapore (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Cyprus ($X), Georgia ($X) and Singapore ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for X% of total exports.

Among the main exporting countries, Singapore, with a CAGR of X%, 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

In 2022, the export price in Asia amounted to $X per ton, with an increase of X% against the previous year. Export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, pig fat export price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2014 when the export price increased by X%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the other leaders experienced mixed trends in the export price figures.

Pig Fat Imports

Imports in Asia

In 2022, the amount of pig fat imported in Asia declined remarkably to X tons, reducing by X% on the year before. Overall, imports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, pig fat imports dropped markedly to $X in 2022. Over the period under review, imports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, imports hit record highs at $X in 2021, and then contracted rapidly in the following year.

Imports by Country

In 2022, the Philippines (X tons) was the largest importer of pig fat, making up X% of total imports. Japan (X tons) ranks second in terms of the total imports with a X% share, followed by South Korea (X%), Vietnam (X%) and China (X%). The following importers - Azerbaijan (X tons) and Singapore (X tons) - each reached a X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Japan ($X) and South Korea ($X) were the countries with the highest levels of imports in 2022, together comprising X% of total imports. Vietnam, China, Azerbaijan and Singapore lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Vietnam, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, which is down by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by X%. Over the period under review, import prices reached the peak figure at $X per ton in 2021, and then shrank in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform