Asia: Pig Fat Market 2024

Pig Fat Market Size in Asia

The Asian pig fat market rose rapidly to $X in 2022, growing by 13% against the previous year. In general, consumption recorded a prominent expansion. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in years to come.

Pig Fat Production in Asia

In value terms, pig fat production rose rapidly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by 81% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Pig Fat Exports

Exports in Asia

In 2022, overseas shipments of pig fat decreased by -24.5% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when exports increased by 125%. As a result, the exports attained 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 fell to $X in 2022. Over the period under review, exports, however, recorded tangible growth. The pace of growth appeared the most rapid in 2014 with an increase of 248%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cyprus (X tons) and Georgia (X tons) dominates exports structure, together constituting 72% of total exports. Turkey (X tons) took a 6.4% share (based on physical terms) of total exports, which put it in second place, followed by Hong Kong SAR (6.1%) and Singapore (6.1%). Vietnam (X tons) and Malaysia (X tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Singapore (with a CAGR of +69.3%), while the other leaders experienced more modest paces of growth.

In value terms, Cyprus ($X), Georgia ($X) and Singapore ($X) constituted the countries with the highest levels of exports in 2022, with a combined 67% share of total exports.

Singapore, with a CAGR of +66.9%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries 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 amounted to $X per ton, growing by 15% against the previous year. Export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, pig fat export price increased by +73.8% against 2016 indices. The pace of growth appeared the most rapid in 2014 an increase of 55% against the previous year. Over the period under review, the export prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Turkey ($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 mixed trends in the export price figures.

Pig Fat Imports

Imports in Asia

In 2022, the amount of pig fat imported in Asia skyrocketed to X tons, jumping by 21% against the previous year's figure. Over the period under review, imports posted prominent growth. The pace of growth appeared the most rapid in 2016 when imports increased by 121%. 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 markedly to $X in 2022. Overall, imports posted buoyant growth. The most prominent rate of growth was recorded in 2016 when imports increased by 124%. The level of import peaked in 2022 and is likely to continue growth in years to come.

Imports by Country

China represented the key importing country with an import of about X tons, which reached 48% of total imports. It was distantly followed by the Philippines (X tons), Japan (X tons), South Korea (X tons) and Vietnam (X tons), together creating a 43% 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, with a CAGR of +50.4% from 2012-2022. China (+39 p.p.), the Philippines (+21 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 -2.8% and -27% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported pig fat in Asia, comprising 50% of total imports. The second position in the ranking was taken by the Philippines ($X), with a 17% share of total imports. It was followed by Japan, with a 16% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +42.3%. 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

The import price in Asia stood at $X per ton in 2022, dropping by -6.3% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 22% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2021, and then dropped in the following year.

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 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

Frequently Asked Questions (FAQ) :