Northern America: Rendered Pig Fat Market 2023

Rendered Pig Fat Market Size in Northern America

In 2021, the North American rendered pig fat market was finally on the rise to reach $X after three years of decline. Over the period under review, consumption, however, recorded a abrupt downturn. The growth pace was the most rapid in 2017 when the market value increased by 9.2% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Rendered Pig Fat Production in Northern America

In value terms, rendered pig fat production reduced to $X in 2021 estimated in export price. In general, production continues to indicate a slight setback. The pace of growth was the most pronounced in 2017 when the production volume increased by 9.6%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Rendered Pig Fat Exports

Exports in Northern America

In 2021, shipments abroad of lard and other pig fat (rendered) increased by 0.6% to X tons, rising for the sixth year in a row after three years of decline. Over the period under review, exports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 44% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, rendered pig fat exports skyrocketed to $X in 2021. In general, exports enjoyed resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States dominates exports structure, finishing at X tons, which was near 92% of total exports in 2021. It was distantly followed by Canada (X tons), generating a 7.7% share of total exports.

The United States was also the fastest-growing in terms of the lard and other pig fat (rendered) exports, with a CAGR of +14.6% from 2012 to 2021. At the same time, Canada (+6.6%) displayed positive paces of growth. While the share of the United States (+6.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Canada (-6.1 p.p.) displayed negative dynamics.

In value terms, the United States ($X) remains the largest rendered pig fat supplier in Northern America, comprising 92% of total exports. The second position in the ranking was held by Canada ($X), with a 7.5% share of total exports.

In the United States, rendered pig fat exports increased at an average annual rate of +17.0% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Northern America amounted to $X per ton, growing by 66% against the previous year. Export price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+2.1%).

Rendered Pig Fat Imports

Imports in Northern America

In 2021, after two years of decline, there was significant growth in overseas purchases of lard and other pig fat (rendered), when their volume increased by 32% to X tons. Total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 63% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, rendered pig fat imports soared to $X in 2021. Total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States prevails in imports structure, reaching X tons, which was approx. 98% of total imports in 2021. Canada (X tons) followed a long way behind the leaders.

The United States was also the fastest-growing in terms of the lard and other pig fat (rendered) imports, with a CAGR of +6.2% from 2012 to 2021. At the same time, Canada (+1.2%) displayed positive paces of growth. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported lard and other pig fat (rendered) in Northern America, comprising 97% of total imports. The second position in the ranking was taken by Canada ($X), with a 2.8% share of total imports.

From 2012 to 2021, the average annual growth rate of value in the United States stood at +6.6%.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2021, rising by 53% against the previous year. Overall, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, the country with the highest price was Canada ($X per ton), while the United States stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.4%).

Source: IndexBox Market Intelligence Platform

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