ASEAN: Animal Fats Market 2024

Animal Fats Market Size in ASEAN

In 2021, the ASEAN animal fats market decreased by -21.5% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption, however, recorded a prominent expansion. As a result, consumption attained the peak level of $X, and then declined markedly in the following year.

Animal Fats Production in ASEAN

In value terms, animal fats production declined rapidly to $X in 2021 estimated in export price. In general, production, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of 79%. As a result, production attained the peak level of $X, and then dropped remarkably in the following year.

Animal Fats Exports

Exports in ASEAN

In 2021, the amount of animal fats and oils exported in ASEAN skyrocketed to X tons, rising by 110% on 2020 figures. Overall, exports, however, recorded a slight contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 145% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, animal fats exports skyrocketed to $X in 2021. In general, exports, however, continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2014 when exports increased by 73% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X tons) and Indonesia (X tons) prevails in exports structure, together comprising 90% of total exports. It was distantly followed by Singapore (X tons), creating an 8.6% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +26.1%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Indonesia ($X) remains the largest animal fats supplier in ASEAN, comprising 59% of total exports. The second position in the ranking was taken by Singapore ($X), with a 29% share of total exports.

In Indonesia, animal fats exports increased at an average annual rate of +7.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-17.9% per year) and Vietnam (+24.2% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, declining by -22.3% against the previous year. Over the period under review, the export price continues to indicate a deep contraction. The growth pace was the most rapid in 2020 when the export price increased by 201% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+3.3%), while the other leaders experienced mixed trends in the export price figures.

Animal Fats Imports

Imports in ASEAN

In 2021, supplies from abroad of animal fats and oils increased by 38% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, showed a abrupt downturn. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, animal fats imports skyrocketed to $X in 2021. Overall, imports, however, showed a deep setback. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the Philippines (X tons) represented the major importer of animal fats and oils, committing 48% of total imports. Singapore (X tons) held the second position in the ranking, distantly followed by Lao People's Democratic Republic (X tons) and Brunei Darussalam (X tons). All these countries together took approx. 37% share of total imports. The following importers - Thailand (X tons), Indonesia (X tons) and Cambodia (X tons) - each accounted for a 12% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to animal fats imports into the Philippines stood at -7.4%. At the same time, Lao People's Democratic Republic (+74.2%), Cambodia (+34.8%) and Singapore (+24.0%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +74.2% from 2012-2021. Indonesia experienced a relatively flat trend pattern. By contrast, Brunei Darussalam (-13.4%) and Thailand (-26.5%) illustrated a downward trend over the same period. While the share of Singapore (+19 p.p.), Lao People's Democratic Republic (+12 p.p.), Cambodia (+3.7 p.p.), Indonesia (+2.3 p.p.) and the Philippines (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Brunei Darussalam (-3.6 p.p.) and Thailand (-29.4 p.p.) displayed negative dynamics.

In value terms, the Philippines ($X) constitutes the largest market for imported animal fats and oils in ASEAN, comprising 49% of total imports. The second position in the ranking was taken by Thailand ($X), with a 21% share of total imports. It was followed by Singapore, with a 16% share.

In the Philippines, animal fats imports plunged by an average annual rate of -7.4% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (-13.4% per year) and Singapore (+13.3% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, waning by -11% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the import price increased by 20%. Over the period under review, import prices attained the maximum at $X per ton in 2020, and then declined in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Thailand ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+17.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform