Asia: Tallow Market 2024

Tallow Market Size in Asia

In 2022, the Asian tallow market decreased by -19.4% to $X for the first time since 2018, thus ending a three-year rising trend. In general, consumption, however, recorded a noticeable increase. The level of consumption peaked at $X in 2021, and then dropped rapidly in the following year.

Tallow Production in Asia

In value terms, tallow production contracted to $X in 2022 estimated in export price. In general, production recorded a noticeable reduction. The pace of growth was the most pronounced in 2019 when the production volume increased by 108% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Tallow Exports

Exports in Asia

In 2022, approx. X tons of tallow were exported in Asia; picking up by 39% on 2021. In general, exports showed a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 216% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, tallow exports surged to $X in 2022. Overall, exports enjoyed a significant increase. The growth pace was the most rapid in 2013 when exports increased by 265%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports by Country

India represented the largest exporting country with an export of about X tons, which amounted to 51% of total exports. It was distantly followed by Malaysia (X tons) and South Korea (X tons), together making up a 40% share of total exports. Israel (X tons) and Turkey (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Israel (with a CAGR of +198.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X) remains the largest tallow supplier in Asia, comprising 55% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 21% share of total exports. It was followed by South Korea, with a 14% share.

In India, tallow exports expanded at an average annual rate of +182.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+61.2% per year) and South Korea (+13.9% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, rising by 18% against the previous year. Export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +3.7% 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 +92.0% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 37%. Over the period under review, the export prices attained the peak figure 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 Israel ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+31.2%), while the other leaders experienced more modest paces of growth.

Tallow Imports

Imports in Asia

In 2022, supplies from abroad of tallow decreased by -13.9% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, enjoyed a notable expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 156%. Over the period under review, imports attained the maximum at X tons in 2021, and then contracted in the following year.

In value terms, tallow imports stood at $X in 2022. Overall, imports, however, showed prominent growth. The most prominent rate of growth was recorded in 2017 when imports increased by 261%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Singapore prevails in imports structure, finishing at X tons, which was approx. 70% of total imports in 2022. It was distantly followed by Malaysia (X tons), China (X tons) and the Philippines (X tons), together comprising a 20% share of total imports. Nepal (X tons), Taiwan (Chinese) (X tons) and South Korea (X tons) took a little share 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. From 2012 to 2022, the share of Singapore, Malaysia, the Philippines and Nepal increased by +70, +7.5, +2.5 and +2.2 percentage points, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported tallow in Asia, comprising 73% of total imports. The second position in the ranking was taken by China ($X), with a 9.2% share of total imports. It was followed by the Philippines, with a 6.3% share.

In Singapore, tallow imports expanded at an average annual rate of +129.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (-7.5% per year) and the Philippines (+17.0% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, picking up by 33% against the previous year. Import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.9% 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 +107.0% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the import price increased by 41%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: 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

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