Australia and Oceania: Animal Fats Market 2024

Animal Fats Market Size in Australia and Oceania

In 2021, after three years of growth, there was significant decline in the animal fats market in Australia and Oceania, when its value decreased by -27.4% to $X. In general, consumption, however, recorded a prominent expansion. As a result, consumption reached the peak level of $X, and then contracted notably in the following year.

Animal Fats Production in Australia and Oceania

In value terms, animal fats production declined dramatically to $X in 2021 estimated in export price. In general, production, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2020 when the production volume increased by 85%. As a result, production attained the peak level of $X, and then declined notably in the following year.

Animal Fats Exports

Exports in Australia and Oceania

In 2021, animal fats exports in Australia and Oceania soared to X tons, rising by 838% compared with 2020 figures. Over the period under review, exports posted a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, animal fats exports skyrocketed to $X in 2021. In general, exports recorded strong growth. The most prominent rate of growth was recorded in 2015 when exports increased by 863% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Australia represented the key exporter of animal fats and oils in Australia and Oceania, with the volume of exports accounting for X tons, which was near 84% of total exports in 2021. It was distantly followed by New Zealand (X tons), generating a 15% share of total exports.

Australia was also the fastest-growing in terms of the animal fats and oils exports, with a CAGR of +116.5% from 2012 to 2021. New Zealand (-5.8%) illustrated a downward trend over the same period. Australia (+84 p.p.) significantly strengthened its position in terms of the total exports, while New Zealand saw its share reduced by -77.6% from 2012 to 2021, respectively.

In value terms, the largest animal fats supplying countries in Australia and Oceania were Australia ($X) and New Zealand ($X).

Australia, with a CAGR of +50.1%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

The export price in Australia and Oceania stood at $X per ton in 2021, reducing by -44.9% against the previous year. Over the period under review, the export price recorded a perceptible reduction. The pace of growth was the most pronounced in 2019 an increase of 345% against the previous year. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while Australia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+7.2%).

Animal Fats Imports

Imports in Australia and Oceania

In 2021, overseas purchases of animal fats and oils increased by 66% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports showed resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 317% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, animal fats imports skyrocketed to $X in 2021. Over the period under review, imports recorded a buoyant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 81% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

New Zealand represented the major importer of animal fats and oils in Australia and Oceania, with the volume of imports resulting at X tons, which was near 65% of total imports in 2021. It was distantly followed by Australia (X tons), constituting a 30% share of total imports. Cook Islands (X tons) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to animal fats imports into New Zealand stood at +10.0%. At the same time, Cook Islands (+54.2%) and Australia (+21.0%) displayed positive paces of growth. Moreover, Cook Islands emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +54.2% from 2012-2021. Australia (+17 p.p.) and Cook Islands (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, New Zealand ($X), Australia ($X) and Cook Islands ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 99% share of total imports.

Cook Islands, with a CAGR of +44.5%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Australia and Oceania amounted to $X per ton, shrinking by -20.9% against the previous year. Over the period under review, the import price continues to indicate a noticeable decrease. The growth pace was the most rapid in 2017 when the import price increased by 55% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+2.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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