Asia: Animal Fats Market 2024

Animal Fats Market Size in Asia

The Asian animal fats market dropped markedly to $X in 2021, falling by -18.4% against the previous year. In general, consumption, however, recorded a prominent increase. As a result, consumption attained the peak level of $X, and then declined remarkably in the following year.

Animal Fats Production in Asia

In value terms, animal fats production dropped remarkably to $X in 2021 estimated in export price. In general, production, however, showed prominent growth. The pace of growth appeared the most rapid in 2020 when the production volume increased by 52%. As a result, production attained the peak level of $X, and then fell markedly in the following year.

Animal Fats Exports

Exports in Asia

Animal fats exports surged to X tons in 2021, growing by 106% against 2020. Over the period under review, exports showed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, animal fats exports surged to $X in 2021. In general, exports continue to indicate a strong increase. The pace of growth was the most pronounced in 2017 when exports increased by 149%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

China represented the largest exporter of animal fats and oils in Asia, with the volume of exports accounting for X tons, which was approx. 68% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), creating an 18% share of total exports. The United Arab Emirates (X tons), South Korea (X tons), Vietnam (X tons), Cyprus (X tons) and Indonesia (X tons) took a minor share of total exports.

China was also the fastest-growing in terms of the animal fats and oils exports, with a CAGR of +335.0% from 2012 to 2021. At the same time, Cyprus (+46.9%), Vietnam (+26.1%), the United Arab Emirates (+26.0%), South Korea (+23.1%), Saudi Arabia (+18.6%) and Indonesia (+7.8%) displayed positive paces of growth. While the share of China (+68 p.p.) and Cyprus (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Indonesia (-4.2 p.p.) and Saudi Arabia (-8.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest animal fats supplier in Asia, comprising 57% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 14% share of total exports. It was followed by the United Arab Emirates, with a 6.3% share.

In China, animal fats exports increased at an average annual rate of +237.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (+2.0% per year) and the United Arab Emirates (+26.5% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, waning by -14.2% against the previous year. Overall, the export price continues to indicate a deep slump. The most prominent rate of growth was recorded in 2017 when the export price increased by 62%. Over the period under review, the export prices attained the maximum at $X per ton in 2018; however, from 2019 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 the United Arab Emirates ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cyprus (+6.9%), while the other leaders experienced more modest paces of growth.

Animal Fats Imports

Imports in Asia

For the third year in a row, Asia recorded growth in purchases abroad of animal fats and oils, which increased by 43% to X tons in 2021. Total imports indicated a measured expansion from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +76.6% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, animal fats imports surged to $X in 2021. Over the period under review, imports showed prominent growth. The growth pace was the most rapid in 2020 when imports increased by 46% against the previous year. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Imports by Country

In 2021, Saudi Arabia (X tons), Bangladesh (X tons) and Pakistan (X tons) was the key importer of animal fats and oils in Asia, constituting 59% of total import. South Korea (X tons) ranks next in terms of the total imports with a 6.5% share, followed by Japan (6%) and the Philippines (4.6%). The following importers - India (X tons), Kuwait (X tons), Turkey (X tons), Azerbaijan (X tons), Singapore (X tons) and Taiwan (Chinese) (X tons) - together made up 16% of total imports.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +87.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest animal fats importing markets in Asia were Saudi Arabia ($X), South Korea ($X) and Japan ($X), together accounting for 69% of total imports. These countries were followed by Turkey, Taiwan (Chinese), Bangladesh, the Philippines, Pakistan, India, Kuwait, Azerbaijan and Singapore, which together accounted for a further 25%.

Among the main importing countries, Turkey, with a CAGR of +75.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, shrinking by -13.1% against the previous year. Import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, animal fats import price increased by +51.7% against 2016 indices. The growth pace was the most rapid in 2017 when the import price increased by 32% against the previous year. The level of import peaked at $X per ton in 2020, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+14.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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