Belgium: Lard Market 2024

Lard Market Size in Belgium

In 2022, the Belgian lard market increased by 4.6% to $X, rising for the third year in a row after two years of decline. In general, consumption, however, continues to indicate a mild curtailment. Lard consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Lard Production in Belgium

In value terms, lard production reached $X in 2022 estimated in export price. In general, production, however, showed a pronounced contraction. The most prominent rate of growth was recorded in 2017 with an increase of 33% against the previous year. Lard production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Lard Exports

Exports from Belgium

In 2022, lard exports from Belgium rose sharply to X tons, increasing by 6.4% against the previous year's figure. In general, exports, however, recorded a pronounced downturn. The pace of growth appeared the most rapid in 2013 when exports increased by 93% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, lard exports surged to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 45%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for lard exports from Belgium, accounting for a 85% share of total exports. Moreover, lard exports to the Netherlands exceeded the volume sent to the second major destination, France (X tons), ninefold. Spain (X tons) ranked third in terms of total exports with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands totaled -2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-1.7% per year) and Spain (-20.1% per year).

In value terms, the Netherlands ($X) remains the key foreign market for lard exports from Belgium, comprising 82% of total exports. The second position in the ranking was taken by France ($X), with a 12% share of total exports. It was followed by Spain, with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands amounted to +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+1.3% per year) and Spain (-14.8% per year).

Export Prices by Country

The average lard export price stood at $X per ton in 2022, picking up by 13% against the previous year. Overall, the export price recorded a perceptible expansion. The pace of growth was the most pronounced in 2021 an increase of 50%. The export price peaked in 2022 and is likely to see steady growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Germany ($X per ton) and France ($X per ton), while the average price for exports to the Netherlands ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Lard Imports

Imports into Belgium

In 2022, supplies from abroad of lard increased by 18% to X tons, rising for the second year in a row after seven years of decline. Overall, imports, however, saw a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 94% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, lard imports skyrocketed to $X in 2022. Over the period under review, imports, however, showed a perceptible decline. The growth pace was the most rapid in 2021 when imports increased by 161%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest lard supplier to Belgium, accounting for a 62% share of total imports. Moreover, lard imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was held by Denmark (X tons), with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+34.8% per year) and Denmark (-4.0% per year).

In value terms, the Netherlands ($X), Germany ($X) and Denmark ($X) appeared to be the largest lard suppliers to Belgium, together accounting for 95% of total imports.

In terms of the main suppliers, Germany, with a CAGR of +39.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average lard import price stood at $X per ton in 2022, with an increase of 6.3% against the previous year. Over the period under review, the import price saw temperate growth. The most prominent rate of growth was recorded in 2021 an increase of 35%. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

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 Denmark ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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