Asia-Pacific: Pig Fat Market 2024

Pig Fat Market Size in Asia-Pacific

The Asia-Pacific pig fat market rose rapidly to $X in 2022, growing by 12% against the previous year. Over the period under review, consumption posted a significant increase. The level of consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Pig Fat Production in Asia-Pacific

In value terms, pig fat production totaled $X in 2022 estimated in export price. Overall, production, however, showed a notable expansion. The growth pace was the most rapid in 2013 when the production volume increased by 809% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Pig Fat Exports

Exports in Asia-Pacific

In 2022, shipments abroad of pig fat decreased by -4.3% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports recorded a perceptible decline. The pace of growth was the most pronounced in 2014 with an increase of 1,411% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, pig fat exports totaled $X in 2022. Over the period under review, exports, however, recorded a strong increase. The pace of growth appeared the most rapid in 2014 with an increase of 1,388% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Australia was the major exporting country with an export of about X tons, which accounted for 51% of total exports. It was distantly followed by Hong Kong SAR (X tons), Singapore (X tons), Vietnam (X tons) and Malaysia (X tons), together creating a 44% share of total exports. Lao People's Democratic Republic (X tons) held a little share of total exports.

Exports from Australia increased at an average annual rate of +13.6% from 2012 to 2022. At the same time, Lao People's Democratic Republic (+121.9%), Singapore (+69.3%), Vietnam (+22.0%) and Malaysia (+5.1%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +121.9% from 2012-2022. By contrast, Hong Kong SAR (-18.3%) illustrated a downward trend over the same period. While the share of Australia (+41 p.p.), Singapore (+14 p.p.), Vietnam (+8.6 p.p.), Lao People's Democratic Republic (+4 p.p.) and Malaysia (+3.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Hong Kong SAR (-61.2 p.p.) displayed negative dynamics.

In value terms, the largest pig fat supplying countries in Asia-Pacific were Australia ($X), Lao People's Democratic Republic ($X) and Singapore ($X), with a combined 70% share of total exports.

In terms of the main exporting countries, Lao People's Democratic Republic, with a CAGR of +121.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, growing by 5.6% against the previous year. Over the period under review, the export price posted a prominent increase. The growth pace was the most rapid in 2013 an increase of 136% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+12.8%), while the other leaders experienced more modest paces of growth.

Pig Fat Imports

Imports in Asia-Pacific

In 2022, pig fat imports in Asia-Pacific soared to X tons, increasing by 21% compared with the year before. In general, imports recorded significant growth. The pace of growth was the most pronounced in 2016 when imports increased by 149% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, pig fat imports rose notably to $X in 2022. Over the period under review, imports showed a significant increase. The pace of growth was the most pronounced in 2016 when imports increased by 147% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) represented the key importer of pig fat, mixing up 51% of total imports. It was distantly followed by the Philippines (X tons), Japan (X tons), South Korea (X tons) and Vietnam (X tons), together generating a 45% share of total imports.

Imports into China increased at an average annual rate of +39.3% from 2012 to 2022. At the same time, Vietnam (+50.4%), South Korea (+14.1%), Japan (+5.5%) and the Philippines (+3.3%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +50.4% from 2012-2022. China (+36 p.p.), the Philippines (+22 p.p.) and Vietnam (+4.1 p.p.) significantly strengthened its position in terms of the total imports, while South Korea and Japan saw its share reduced by -6.8% and -45.6% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported pig fat in Asia-Pacific, comprising 52% of total imports. The second position in the ranking was held by the Philippines ($X), with a 17% share of total imports. It was followed by Japan, with a 16% share.

In China, pig fat imports increased at an average annual rate of +42.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Philippines (+9.2% per year) and Japan (+6.5% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, which is down by -6.8% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 22% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while the Philippines ($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 (+5.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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