Australia: Pig Fat Market 2024

Pig Fat Market Size in Australia

In 2022, the Australian pig fat market decreased by -12.8% to $X, falling for the second consecutive year after five years of growth. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Pig Fat Exports

Exports from Australia

After two years of growth, shipments abroad of pig fat decreased by -20% to X tons in 2022. In general, exports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of 5,163% against the previous year. The exports peaked at X tons in 2021, and then declined remarkably in the following year.

In value terms, pig fat exports fell to $X in 2022. Over the period under review, exports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2021 with an increase of 785% against the previous year. As a result, the exports attained the peak of $X, and then dropped in the following year.

Exports by Country

The Philippines (X tons) was the main destination for pig fat exports from Australia, with a 61% share of total exports. Moreover, pig fat exports to the Philippines exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. The third position in this ranking was taken by Malaysia (X tons), with a 9% share.

From 2012 to 2022, the average annual growth rate of volume to the Philippines totaled +47.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+1.4% per year) and Malaysia (+66.0% per year).

In value terms, the Philippines ($X) remains the key foreign market for pig fat exports from Australia, comprising 58% of total exports. The second position in the ranking was held by Vietnam ($X), with a 23% share of total exports. It was followed by Malaysia, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to the Philippines totaled +48.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+21.5% per year) and Malaysia (+24.0% per year).

Export Prices by Country

The average pig fat export price stood at $X per ton in 2022, rising by 9% against the previous year. Over the period under review, the export price posted a modest expansion. The most prominent rate of growth was recorded in 2018 when the average export price increased by 157% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Samoa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to New Zealand (+54.6%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Fat Imports

Imports into Australia

In 2022, the amount of pig fat imported into Australia shrank significantly to X tons, dropping by -18.5% compared with the previous year. Overall, imports continue to indicate a mild decline. The most prominent rate of growth was recorded in 2016 with an increase of 118%. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, pig fat imports declined to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 96%. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest pig fat supplier to Australia, accounting for a 76% share of total imports. Moreover, pig fat imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Canada (X tons), fivefold. The third position in this ranking was held by Denmark (X tons), with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands totaled +17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (-16.3% per year) and Denmark (-1.5% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of pig fat to Australia, comprising 75% of total imports. The second position in the ranking was held by Canada ($X), with a 17% share of total imports. It was followed by Denmark, with a 5.9% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands totaled +33.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (-11.8% per year) and Denmark (-3.9% per year).

Import Prices by Country

In 2022, the average pig fat import price amounted to $X per ton, rising by 6.7% against the previous year. In general, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, pig fat import price decreased by -1.3% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the average import price increased by 34% against the previous year. The import price peaked at $X per ton in 2020; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Finland ($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 Netherlands (+14.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :