Estonia: Pig Fat Market 2024

Pig Fat Market Size in Estonia

In 2022, the Estonian pig fat market decreased by -93.1% to $X, falling for the fourth year in a row after three years of growth. Overall, consumption showed a dramatic setback. Pig fat consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Pig Fat Production in Estonia

In value terms, pig fat production surged to $X in 2022 estimated in export price. Over the period under review, production continues to indicate buoyant growth. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Pig Fat Exports

Exports from Estonia

In 2022, the amount of pig fat exported from Estonia surged to X tons, growing by 32% compared with 2021 figures. In general, exports showed a resilient increase. The most prominent rate of growth was recorded in 2017 when exports increased by 133%. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, pig fat exports skyrocketed to $X in 2022. Overall, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 126%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Poland (X tons), Latvia (X tons) and Romania (X tons) were the main destinations of pig fat exports from Estonia, together accounting for 73% of total exports. Lithuania, Germany, the Czech Republic and Belgium lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +96.6%), while the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Latvia ($X) and Romania ($X) constituted the largest markets for pig fat exported from Estonia worldwide, together accounting for 72% of total exports. Germany, Lithuania, Belgium and the Czech Republic lagged somewhat behind, together accounting for a further 22%.

Among the main countries of destination, Belgium, with a CAGR of +154.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average pig fat export price stood at $X per ton in 2022, picking up by 43% against the previous year. In general, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, pig fat export price increased by +162.5% against 2015 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Germany ($X per ton), while the average price for exports to the Czech Republic ($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 Belgium (+29.3%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Fat Imports

Imports into Estonia

In 2022, overseas purchases of pig fat increased by 20% to X tons, rising for the second consecutive year after three years of decline. Overall, total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +74.2% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 71%. As a result, imports reached the peak of X tons; afterwards, it flattened through to 2022.

In value terms, pig fat imports skyrocketed to $X in 2022. Over the period under review, imports showed a temperate increase. The most prominent rate of growth was recorded in 2017 with an increase of 82%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Finland (X tons), Germany (X tons) and Spain (X tons) were the main suppliers of pig fat imports to Estonia, together comprising 82% of total imports.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +33.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest pig fat suppliers to Estonia were Finland ($X), Spain ($X) and Germany ($X), with a combined 83% share of total imports.

Among the main suppliers, Finland, with a CAGR of +31.8%, saw 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 pig fat import price stood at $X per ton in 2022, with an increase of 44% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Spain ($X per ton), while the price for Latvia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+1.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform