Eastern Asia: Tallow Market 2024

Tallow Market Size in Eastern Asia

For the third year in a row, the East Asian tallow market recorded decline in sales value, which decreased by -22.7% to $X in 2022. In general, consumption saw a abrupt decline. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Tallow Production in Eastern Asia

In value terms, tallow production expanded markedly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a slight curtailment. The pace of growth appeared the most rapid in 2017 when the production volume increased by 116%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Tallow Exports

Exports in Eastern Asia

In 2022, tallow exports in Eastern Asia totaled X tons, remaining stable against the previous year. Over the period under review, exports recorded a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 1,566%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in years to come.

In value terms, tallow exports skyrocketed to $X in 2022. Overall, exports showed a significant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 614% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

South Korea dominates exports structure, finishing at X tons, which was approx. 94% of total exports in 2022. It was distantly followed by China (X tons), comprising a 4.7% share of total exports.

Exports from South Korea increased at an average annual rate of +6.3% from 2012 to 2022. At the same time, China (+8.0%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +8.0% from 2012-2022. From 2012 to 2022, the share of South Korea increased by +94 percentage points.

In value terms, South Korea ($X) remains the largest tallow supplier in Eastern Asia, comprising 91% of total exports. The second position in the ranking was held by China ($X), with an 8.2% share of total exports.

From 2012 to 2022, the average annual growth rate of value in South Korea amounted to +13.9%.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, surging by 40% against the previous year. Over the period under review, the export price, however, showed a pronounced downturn. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 China ($X per ton), while South Korea stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+7.1%).

Tallow Imports

Imports in Eastern Asia

In 2022, purchases abroad of tallow decreased by -44.4% to X tons, falling for the third consecutive year after three years of growth. In general, imports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2017 with an increase of 23% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, tallow imports dropped markedly to $X in 2022. Overall, imports showed a abrupt decline. The pace of growth was the most pronounced in 2021 when imports increased by 46% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China was the major importing country with an import of about X tons, which resulted at 62% of total imports. Taiwan (Chinese) (X tons) took a 19% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (16%). Japan (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to tallow imports into China stood at -13.8%. South Korea (-10.1%), Taiwan (Chinese) (-11.3%) and Japan (-29.0%) illustrated a downward trend over the same period. South Korea (+5.8 p.p.), Taiwan (Chinese) (+5.2 p.p.) and China (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Japan saw its share reduced by -12.9% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported tallow in Eastern Asia, comprising 74% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 12% share of total imports. It was followed by South Korea, with a 12% share.

In China, tallow imports declined by an average annual rate of -7.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-11.1% per year) and South Korea (-8.9% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, growing by 42% against the previous year. In general, the import price saw a prominent increase. The pace of growth was the most pronounced in 2021 an increase of 49% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain 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 China ($X per ton), while Taiwan (Chinese) ($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 (+7.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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