ASEAN: Tallow Market 2024

Tallow Market Size in ASEAN

After three years of growth, the ASEAN tallow market decreased by -18.4% to $X in 2022. Overall, consumption, however, continues to indicate prominent growth. Over the period under review, the market attained the peak level at $X in 2021, and then dropped sharply in the following year.

Tallow Production in ASEAN

In value terms, tallow production reduced markedly to $X in 2022 estimated in export price. Over the period under review, production saw a pronounced decrease. The pace of growth was the most pronounced in 2019 with an increase of 9,606% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Tallow Exports

Exports in ASEAN

In 2022, exports of tallow in ASEAN rose significantly to X tons, surging by 7.3% on the previous year. In general, exports enjoyed resilient growth. The most prominent rate of growth was recorded in 2016 when exports increased by 285%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, tallow exports fell to $X in 2022. Over the period under review, exports saw a significant expansion. The pace of growth was the most pronounced in 2016 when exports increased by 305%. The level of export peaked at $X in 2021, and then shrank in the following year.

Exports by Country

Malaysia dominates exports structure, amounting to X tons, which was approx. 97% of total exports in 2022. Vietnam (X tons) followed a long way behind the leaders.

Malaysia was also the fastest-growing in terms of the tallow exports, with a CAGR of +49.6% from 2012 to 2022. Vietnam (-13.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia increased by +86 percentage points.

In value terms, Malaysia ($X) remains the largest tallow supplier in ASEAN, comprising 96% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 2.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Malaysia totaled +61.2%.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, which is down by -11.9% against the previous year. Export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tallow export price increased by +47.1% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the export price increased by 43% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Malaysia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+7.8%).

Tallow Imports

Imports in ASEAN

In 2022, after two years of growth, there was significant decline in purchases abroad of tallow, when their volume decreased by -6.5% to X tons. Overall, imports, however, posted significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 1,841%. The volume of import peaked at X tons in 2021, and then shrank in the following year.

In value terms, tallow imports soared to $X in 2022. In general, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 2,585%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Singapore prevails in imports structure, amounting to X tons, which was near 84% of total imports in 2022. Malaysia (X tons) took a 9.3% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (5.9%).

Singapore was also the fastest-growing in terms of the tallow imports, with a CAGR of +144.1% from 2012 to 2022. At the same time, Malaysia (+45.7%) and the Philippines (+10.5%) displayed positive paces of growth. From 2012 to 2022, the share of Singapore and Malaysia increased by +84 and +1.7 percentage points, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported tallow in ASEAN, comprising 86% of total imports. The second position in the ranking was taken by the Philippines ($X), with a 7.4% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Singapore amounted to +129.2%. The remaining importing countries recorded the following average annual rates of imports growth: the Philippines (+17.0% per year) and Malaysia (+39.2% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, growing by 34% against the previous year. Import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tallow import price increased by +70.4% against 2019 indices. The pace of growth was the most pronounced in 2017 an increase of 38% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Philippines ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+5.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform