Colombia: Animal Fats Market 2024

Animal Fats Market Size in Colombia

The Colombian animal fats market contracted dramatically to $X in 2021, which is down by -18.5% against the previous year. Overall, the total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +27.9% against 2019 indices. As a result, consumption reached the peak level of $X, and then dropped sharply in the following year.

Animal Fats Production in Colombia

In value terms, animal fats production dropped dramatically to $X in 2021 estimated in export price. Over the period under review, the total production indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +26.0% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 52%. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Animal Fats Exports

Exports from Colombia

After four years of growth, overseas shipments of animal fats and oils decreased by -23.2% to X tons in 2021. In general, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 120% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020, and then contracted remarkably in the following year.

In value terms, animal fats exports rose slightly to $X in 2021. Over the period under review, exports, however, saw a buoyant increase. The pace of growth was the most pronounced in 2013 when exports increased by 127%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

Chile (X tons), the United States (X tons) and the Netherlands (X tons) were the main destinations of animal fats exports from Colombia, with a combined 58% share of total exports. Canada, the UK, Spain and New Zealand lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +120.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), the Netherlands ($X) and Canada ($X) were the largest markets for animal fats exported from Colombia worldwide, with a combined 61% share of total exports. These countries were followed by the UK, Spain, Chile and New Zealand, which together accounted for a further 12%.

The UK, with a CAGR of +113.9%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average animal fats export price stood at $X per ton in 2021, surging by 35% against the previous year. Over the period under review, the export price, however, showed a deep downturn. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+2.0%), while the prices for the other major destinations experienced a decline.

Animal Fats Imports

Imports into Colombia

In 2021, supplies from abroad of animal fats and oils decreased by -36.5% to X tons, falling for the fourth year in a row after two years of growth. In general, imports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2016 when imports increased by 878% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, animal fats imports rose to $X in 2021. Overall, imports continue to indicate a noticeable reduction. The pace of growth was the most pronounced in 2016 with an increase of 1,063%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Chile (X tons) constituted the largest supplier of animal fats to Colombia, accounting for a 55% share of total imports. Moreover, animal fats imports from Chile exceeded the figures recorded by the second-largest supplier, the Netherlands (X kg), ninefold. The third position in this ranking was held by the United States (X kg), with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Chile stood at +40.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-25.8% per year) and the United States (-10.2% per year).

In value terms, Chile ($X) constituted the largest supplier of animal fats and oils to Colombia, comprising 15% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 5.3% share of total imports. It was followed by the United States, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value from Chile totaled +28.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-25.5% per year) and the United States (+1.0% per year).

Import Prices by Country

The average animal fats import price stood at $X per ton in 2021, picking up by 61% against the previous year. Over the period under review, the import price showed a remarkable increase. The most prominent rate of growth was recorded in 2018 when the average import price increased by 162% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Peru ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (+53.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :