China: Wool Grease Market 2023

Wool Grease Market Size in China

The Chinese wool grease market declined significantly to $X in 2021, dropping by -37.7% against the previous year. Overall, consumption, however, saw a temperate increase. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Wool Grease Production in China

In value terms, wool grease production reduced modestly to $X in 2021 estimated in export price. In general, production saw a pronounced reduction. The pace of growth appeared the most rapid in 2016 when the production volume increased by 44% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Wool Grease Exports

Exports from China

In 2021, wool grease exports from China rose remarkably to X tons, increasing by 10% against the year before. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 31% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, wool grease exports soared to $X in 2021. Over the period under review, exports, however, showed a pronounced downturn. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons), the UK (X tons) and Germany (X tons) were the main destinations of wool grease exports from China, together accounting for 70% of total exports. These countries were followed by Belgium, India, the United States, Brazil, Uruguay and Singapore, which together accounted for a further 21%.

From 2012 to 2021, the biggest increases were in India (with a CAGR of +18.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wool grease exported from China were the UK ($X), Japan ($X) and Germany ($X), together accounting for 67% of total exports. These countries were followed by Belgium, the United States, India, Brazil, Uruguay and Singapore, which together accounted for a further 20%.

India, with a CAGR of +14.4%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wool grease export price stood at $X per ton in 2021, increasing by 48% against the previous year. In general, the export price, however, showed a perceptible curtailment. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Singapore ($X per ton), while the average price for exports to Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+6.9%), while the prices for the other major destinations experienced mixed trend patterns.

Wool Grease Imports

Imports into China

In 2021, after two years of decline, there was significant growth in supplies from abroad of wool grease and fatty substances, when their volume increased by 101% to X tons. Overall, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2016 with an increase of 848% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, wool grease imports expanded significantly to $X in 2021. Over the period under review, imports, however, saw a deep contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 869%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Uruguay (X tons) constituted the largest supplier of wool grease to China, with a 64% share of total imports. Moreover, wool grease imports from Uruguay exceeded the figures recorded by the second-largest supplier, Singapore (X tons), twofold.

From 2012 to 2021, the average annual growth rate of volume from Uruguay totaled +180.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-3.1% per year) and Australia (+26.7% per year).

In value terms, Uruguay ($X) constituted the largest supplier of wool grease to China, comprising 64% of total imports. The second position in the ranking was taken by Singapore ($X), with a 27% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Uruguay stood at +231.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-20.1% per year) and Australia (+5.1% per year).

Import Prices by Country

In 2021, the average wool grease import price amounted to $X per ton, waning by -45.7% against the previous year. In general, the import price faced a abrupt slump. The most prominent rate of growth was recorded in 2015 when the average import price increased by 41%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Australia ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uruguay (+18.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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