Eastern Asia: Lard Market 2024

Lard Market Size in Eastern Asia

The East Asian lard market reduced to $X in 2022, which is down by -7.4% against the previous year. Over the period under review, consumption showed a perceptible descent. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Lard Production in Eastern Asia

In value terms, lard production dropped notably to $X in 2022 estimated in export price. Overall, production showed a abrupt shrinkage. The growth pace was the most rapid in 2021 when the production volume increased by 71% against the previous year. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Lard Exports

Exports in Eastern Asia

In 2022, shipments abroad of lard decreased by -35.3% to X tons, falling for the second year in a row after three years of growth. Over the period under review, exports faced a deep slump. The most prominent rate of growth was recorded in 2020 with an increase of 88%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, lard exports declined markedly to $X in 2022. In general, exports faced a abrupt decrease. The pace of growth was the most pronounced in 2020 when exports increased by 189% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons) and South Korea (X tons) represented the key exporters of lard in 2022, reaching approx. 43% and 35% of total exports, respectively. Hong Kong SAR (X tons) ranks next in terms of the total exports with an 11% share, followed by Taiwan (Chinese) (5.7%). Japan (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by China (with a CAGR of +51.7%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest lard supplying countries in Eastern Asia were South Korea ($X), Hong Kong SAR ($X) and China ($X), with a combined 84% share of total exports.

South Korea, with a CAGR of +35.0%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, dropping by -53.2% against the previous year. Overall, the export price, however, continues to indicate a slight increase. The growth pace was the most rapid in 2014 an increase of 63% against the previous year. The level of export peaked at $X per ton in 2021, and then shrank sharply in the following year.

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 Hong Kong SAR ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+11.8%), while the other leaders experienced more modest paces of growth.

Lard Imports

Imports in Eastern Asia

Lard imports reduced markedly to X tons in 2022, with a decrease of -17.5% on the previous year. Overall, imports saw a deep setback. The most prominent rate of growth was recorded in 2019 when imports increased by 29% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, lard imports amounted to $X in 2022. In general, imports continue to indicate a noticeable curtailment. The pace of growth was the most pronounced in 2018 with an increase of 42% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons) prevails in imports structure, together mixing up 83% of total imports. Japan (X tons) held the next position in the ranking, followed by China (X tons) and Macao SAR (X tons). All these countries together held near 17% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Macao SAR (with a CAGR of -0.7%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the largest lard importing markets in Eastern Asia were Hong Kong SAR ($X), Taiwan (Chinese) ($X) and Japan ($X), with a combined 91% share of total imports. Macao SAR and China lagged somewhat behind, together comprising a further 8.9%.

Macao SAR, with a CAGR of +3.2%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, surging by 21% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while Taiwan (Chinese) ($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 (+8.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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