ASEAN: Rendered Pig Fat Market 2024

Rendered Pig Fat Market Size in ASEAN

In 2021, the ASEAN rendered pig fat market increased by 34% to $X, rising for the seventh year in a row after two years of decline. In general, consumption, however, recorded a significant increase. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Rendered Pig Fat Production in ASEAN

In value terms, rendered pig fat production declined to $X in 2021 estimated in export price. The total production indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +58.9% against 2014 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by 14% against the previous year. As a result, production reached the peak level of $X, and then contracted in the following year.

Rendered Pig Fat Exports

Exports in ASEAN

In 2021, the amount of lard and other pig fat (rendered) exported in ASEAN dropped remarkably to X tons, declining by -76.3% on 2020 figures. Over the period under review, exports recorded a sharp reduction. The growth pace was the most rapid in 2020 when exports increased by 136%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, rendered pig fat exports dropped remarkably to $X in 2021. Overall, exports saw a significant decrease. The growth pace was the most rapid in 2013 with an increase of 14% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam was the major exporter of lard and other pig fat (rendered) in ASEAN, with the volume of exports amounting to X tons, which was near 80% of total exports in 2021. It was distantly followed by Malaysia (X tons), mixing up a 17% share of total exports. Thailand (X kg) took a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to rendered pig fat exports from Vietnam stood at -35.8%. At the same time, Malaysia (+83.7%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +83.7% from 2012-2021. By contrast, Thailand (-50.0%) illustrated a downward trend over the same period. While the share of Malaysia (+17 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Vietnam (-2.6 p.p.) and Thailand (-15 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) remains the largest rendered pig fat supplier in ASEAN, comprising 90% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 7.8% share of total exports.

In Vietnam, rendered pig fat exports declined by an average annual rate of -33.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Malaysia (+66.0% per year) and Thailand (-39.2% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, with an increase of 221% against the previous year. In general, the export price enjoyed tangible growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Vietnam ($X per ton), while Malaysia ($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 (+21.8%), while the other leaders experienced mixed trends in the export price figures.

Rendered Pig Fat Imports

Imports in ASEAN

In 2021, supplies from abroad of lard and other pig fat (rendered) decreased by -7.6% to X tons for the first time since 2017, thus ending a three-year rising trend. In general, imports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 1,075%. Over the period under review, imports reached the maximum at X tons in 2020, and then dropped in the following year.

In value terms, rendered pig fat imports soared to $X in 2021. Over the period under review, imports, however, posted significant growth. The pace of growth appeared the most rapid in 2018 when imports increased by 965%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

The purchases of the one major importers of lard and other pig fat (rendered), namely Singapore, represented more than two-thirds of total import.

Singapore was also the fastest-growing in terms of the lard and other pig fat (rendered) imports, with a CAGR of +47.6% from 2012 to 2021. From 2012 to 2021, the share of Singapore increased by +1.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported lard and other pig fat (rendered) in ASEAN.

From 2012 to 2021, the average annual growth rate of value in Singapore stood at +76.8%.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, increasing by 67% against the previous year. Overall, the import price saw a resilient expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major supplying country, the average price level is determined by prices for Singapore.

From 2012 to 2021, the rate of growth in terms of prices for Singapore amounted to +19.8% per year.

Source: IndexBox Platform