China: Rendered Pig Fat Market 2023

Rendered Pig Fat Market Size in China

The Chinese rendered pig fat market declined sharply to $X in 2021, which is down by -98.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption faced a sharp curtailment. Rendered pig fat consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Rendered Pig Fat Exports

Exports from China

Rendered pig fat exports from China soared to X tons in 2021, picking up by 334% on 2020. Overall, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2018 when exports increased by 465% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, rendered pig fat exports surged to $X in 2021. Over the period under review, exports posted prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of 441%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The Philippines (X tons) was the main destination for rendered pig fat exports from China, with a 89% share of total exports. Moreover, rendered pig fat exports to the Philippines exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), eightfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Philippines totaled +437.7%.

In value terms, the Philippines ($X) and Hong Kong SAR ($X) constituted the largest markets for rendered pig fat exported from China worldwide.

Among the main countries of destination, the Philippines, with a CAGR of +31.4%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2021, the average rendered pig fat export price amounted to $X per ton, which is down by -45% against the previous year. Over the period under review, the export price faced a dramatic downturn. The growth pace was the most rapid in 2019 an increase of 44%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to the Philippines stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (-5.2%).

Rendered Pig Fat Imports

Imports into China

In 2021, the amount of lard and other pig fat (rendered) imported into China contracted markedly to X tons, with a decrease of -62.7% compared with the previous year's figure. Overall, imports saw a abrupt setback. The most prominent rate of growth was recorded in 2015 with an increase of 97% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, rendered pig fat imports declined sharply to $X in 2021. Over the period under review, imports recorded a deep reduction. The pace of growth appeared the most rapid in 2015 with an increase of 173%. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Canada (X tons) constituted the largest rendered pig fat supplier to China, with a 40% share of total imports. Moreover, rendered pig fat imports from Canada exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was held by Hong Kong SAR (X tons), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Canada stood at +20.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+4.4% per year) and Hong Kong SAR (-28.9% per year).

In value terms, Canada ($X) constituted the largest supplier of lard and other pig fat (rendered) to China, comprising 40% of total imports. The second position in the ranking was taken by the United States ($X), with a 17% share of total imports. It was followed by the Netherlands, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Canada stood at +11.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+6.0% per year) and the Netherlands (-1.9% per year).

Import Prices by Country

The average rendered pig fat import price stood at $X per ton in 2021, increasing by 29% against the previous year. In general, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +3.8% 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 import price decreased by -8.8% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 46%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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