India: Animal Fats Market 2024

Animal Fats Market Size in India

The Indian animal fats market expanded slightly to $X in 2023, surging by X% against the previous year. In general, consumption continues to indicate a buoyant expansion. Animal fats consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Animal Fats Production in India

In value terms, animal fats production rose slightly to $X in 2023 estimated in export price. Overall, production enjoyed a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Animal fats production peaked at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

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Animal Fats Exports

Exports from India

For the third consecutive year, India recorded decline in shipments abroad of animal fats and oils, which decreased by X% to X kg in 2023. Overall, exports showed a abrupt descent. The pace of growth was the most pronounced in 2020 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2023, the exports remained at a lower figure.

In value terms, animal fats exports reduced notably to $X in 2023. Over the period under review, exports showed a dramatic shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, the exports attained the peak of $X. From 2018 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Iran (X kg) was the main destination for animal fats exports from India, accounting for a X% share of total exports. Moreover, animal fats exports to Iran exceeded the volume sent to the second major destination, Saudi Arabia (X kg), more than tenfold. The United Arab Emirates (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Iran totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (X% per year) and the United Arab Emirates (X% per year).

In value terms, Iran ($X), Saudi Arabia ($X) and Kuwait ($X) appeared to be the largest markets for animal fats exported from India worldwide, with a combined X% share of total exports. Egypt, the United Arab Emirates, Bhutan and Nepal lagged somewhat behind, together comprising a further X%.

Bhutan, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2023, the average animal fats export price amounted to $X per ton, growing by X% against the previous year. In general, the export price, however, saw a abrupt shrinkage. The growth pace was the most rapid in 2017 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Nepal ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Nigeria (X%), while the prices for the other major destinations experienced mixed trend patterns.

Animal Fats Imports

Imports into India

In 2023, overseas purchases of animal fats and oils decreased by X% to X tons, falling for the second year in a row after five years of growth. Over the period under review, imports, however, showed a perceptible expansion. The growth pace was the most rapid in 2019 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, animal fats imports reduced markedly to $X in 2023. In general, imports saw a abrupt downturn. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Saudi Arabia (X tons) was the main animal fats supplier to India, accounting for a X% share of total imports. It was followed by Italy (X kg), with a X% share of total imports. Chile (X kg) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from Saudi Arabia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Chile (X% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of animal fats and oils to India, comprising X% of total imports. The second position in the ranking was held by Chile ($X), with an X% share of total imports. It was followed by Italy, with an X% share.

From 2012 to 2023, the average annual growth rate of value from Saudi Arabia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (X% per year) and Italy (X% per year).

Import Prices by Country

In 2023, the average animal fats import price amounted to $X per ton, which is down by X% against the previous year. In general, the import price showed a abrupt curtailment. The growth pace was the most rapid in 2019 when the average import price increased by X%. The import price peaked at $X per ton in 2020; however, from 2021 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform