Asia-Pacific: Tallow Market 2024

Tallow Market Size in Asia-Pacific

The Asia-Pacific tallow market fell rapidly to $X in 2022, with a decrease of -21.2% against the previous year. Over the period under review, consumption, however, continues to indicate a perceptible increase. The level of consumption peaked at $X in 2021, and then shrank remarkably in the following year.

Tallow Production in Asia-Pacific

In value terms, tallow production dropped to $X in 2022 estimated in export price. In general, production saw a pronounced curtailment. The pace of growth was the most pronounced in 2019 with an increase of 42% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Tallow Exports

Exports in Asia-Pacific

In 2022, approx. X tons of tallow were exported in Asia-Pacific; picking up by 23% against the previous year. The total export volume increased at an average annual rate of +4.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, tallow exports soared to $X in 2022. In general, exports enjoyed a buoyant increase. The growth pace was the most rapid in 2021 with an increase of 74%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

Australia was the key exporting country with an export of about X tons, which recorded 59% of total exports. It was distantly followed by New Zealand (X tons), India (X tons) and Malaysia (X tons), together achieving a 39% share of total exports. South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to tallow exports from Australia stood at +2.6%. At the same time, India (+186.9%), Malaysia (+49.6%), South Korea (+6.3%) and New Zealand (+3.6%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +186.9% from 2012-2022. While the share of India (+9.7 p.p.), Malaysia (+5.2 p.p.) and South Korea (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of New Zealand (-2.7 p.p.) and Australia (-13.2 p.p.) displayed negative dynamics.

In value terms, Australia ($X) remains the largest tallow supplier in Asia-Pacific, comprising 62% of total exports. The second position in the ranking was taken by New Zealand ($X), with a 24% share of total exports. It was followed by India, with an 8.4% share.

In Australia, tallow exports expanded at an average annual rate of +8.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: New Zealand (+8.1% per year) and India (+182.2% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, surging by 24% against the previous year. Over the period under review, the export price saw noticeable growth. The most prominent rate of growth was recorded in 2021 when the export price increased by 70%. Over the period under review, the export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+7.8%), while the other leaders experienced more modest paces of growth.

Tallow Imports

Imports in Asia-Pacific

In 2022, after two years of growth, there was significant decline in purchases abroad of tallow, when their volume decreased by -13.3% to X tons. Overall, imports, however, posted a strong increase. The pace of growth appeared the most rapid in 2017 when imports increased by 185%. The volume of import peaked at X tons in 2021, and then fell in the following year.

In value terms, tallow imports skyrocketed to $X in 2022. Over the period under review, imports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 316%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

Singapore prevails in imports structure, amounting to X tons, which was near 71% of total imports in 2022. Malaysia (X tons) ranks second in terms of the total imports with a 7.8% share, followed by China (7.1%) and the Philippines (5%). The following importers - Nepal (X tons), Taiwan (Chinese) (X tons) and South Korea (X tons) - together made up 7% of total imports.

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%), Nepal (+19.7%) and the Philippines (+10.5%) displayed positive paces of growth. By contrast, South Korea (-10.1%), Taiwan (Chinese) (-11.3%) and China (-13.8%) illustrated a downward trend over the same period. Singapore (+71 p.p.), Malaysia (+7.5 p.p.), Nepal (+2.1 p.p.) and the Philippines (+2 p.p.) significantly strengthened its position in terms of the total imports, while South Korea, Taiwan (Chinese) and China saw its share reduced by -6.9%, -9.8% and -43.9% from 2012 to 2022, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported tallow in Asia-Pacific, comprising 74% of total imports. The second position in the ranking was held by China ($X), with a 9.3% share of total imports. It was followed by the Philippines, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore totaled +129.2%. The remaining importing countries recorded the following average annual rates of imports growth: China (-7.5% per year) and the Philippines (+17.0% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, surging 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 +4.2% 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 +109.1% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 46% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is likely to see steady growth in years to come.

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 China ($X per ton), while Nepal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :