EU: Animal Fats Market 2024

Animal Fats Market Size in the EU

In 2021, after five years of growth, there was significant decline in the EU animal fats market, when its value decreased by -26.9% to $X. In general, consumption, however, posted a resilient increase. As a result, consumption attained the peak level of $X, and then reduced markedly in the following year.

Animal Fats Production in the EU

In value terms, animal fats production fell significantly to $X in 2021 estimated in export price. In general, production, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2020 with an increase of 72%. As a result, production reached the peak level of $X, and then dropped rapidly in the following year.

Animal Fats Exports

Exports in the EU

In 2021, overseas shipments of animal fats and oils were finally on the rise to reach X tons for the first time since 2016, thus ending a four-year declining trend. In general, exports saw a strong increase. The pace of growth appeared the most rapid in 2016 when exports increased by 40% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, animal fats exports surged to $X in 2021. Over the period under review, exports enjoyed a prominent expansion. The pace of growth was the most pronounced in 2020 when exports increased by 56% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the near future.

Exports by Country

Belgium represented the key exporting country with an export of around X tons, which accounted for 50% of total exports. Germany (X tons) held an 11% share (based on physical terms) of total exports, which put it in second place, followed by Croatia (11%) and Hungary (6.3%). The following exporters - Romania (X tons), the Netherlands (X tons), Greece (X tons), Spain (X tons), Austria (X tons), Italy (X tons), Cyprus (X tons), France (X tons) and Denmark (X tons) - together made up 22% of total exports.

From 2012 to 2021, average annual rates of growth with regard to animal fats exports from Belgium stood at +5.5%. At the same time, Hungary (+88.4%), Austria (+86.2%), Greece (+73.0%), Romania (+56.5%), Denmark (+56.3%), Cyprus (+46.9%), Croatia (+31.1%), France (+13.4%), the Netherlands (+9.6%) and Germany (+7.6%) displayed positive paces of growth. Moreover, Hungary emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +88.4% from 2012-2021. By contrast, Italy (-3.6%) and Spain (-7.4%) illustrated a downward trend over the same period. Croatia (+8.8 p.p.), Hungary (+6.2 p.p.), Romania (+3.4 p.p.), Greece (+3.1 p.p.), Austria (+2.3 p.p.) and Cyprus (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while Italy, Spain and Belgium saw its share reduced by -3.5%, -7.2% and -10.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest animal fats supplying countries in the European Union were Belgium ($X), Denmark ($X) and Germany ($X), with a combined 61% share of total exports. The Netherlands, France, Spain, Croatia, Hungary, Greece, Romania, Italy, Austria and Cyprus lagged somewhat behind, together comprising a further 37%.

Among the main exporting countries, Greece, with a CAGR of +85.0%, recorded 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

In 2021, the export price in the European Union amounted to $X per ton, which is down by -2.6% against the previous year. Export price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, animal fats export price increased by +69.1% against 2019 indices. The growth pace was the most rapid in 2020 when the export price increased by 74%. As a result, the export price attained the peak level of $X per ton, and then declined modestly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Denmark ($X per ton), while Cyprus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+12.9%), while the other leaders experienced more modest paces of growth.

Animal Fats Imports

Imports in the EU

In 2021, overseas purchases of animal fats and oils increased by 11% to X tons, rising for the third year in a row after two years of decline. In general, imports continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2019 with an increase of 107%. The volume of import peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, animal fats imports soared to $X in 2021. Over the period under review, imports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2020 with an increase of 53% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Sweden (X tons) represented the main importer of animal fats and oils, committing 52% of total imports. It was distantly followed by Denmark (X tons), Hungary (X tons) and Spain (X tons), together creating a 31% share of total imports. Latvia (X tons), Germany (X tons), Romania (X tons) and Italy (X tons) took a minor share of total imports.

Imports into Sweden increased at an average annual rate of +69.5% from 2012 to 2021. At the same time, Denmark (+73.5%), Romania (+31.1%), Spain (+27.0%), Latvia (+23.2%), Italy (+15.2%), Hungary (+14.7%) and Germany (+8.7%) displayed positive paces of growth. Moreover, Denmark emerged as the fastest-growing importer imported in the European Union, with a CAGR of +73.5% from 2012-2021. While the share of Sweden (+50 p.p.), Denmark (+11 p.p.) and Spain (+4.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Hungary (-2.9 p.p.) and Germany (-3.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) constitutes the largest market for imported animal fats and oils in the European Union, comprising 35% of total imports. The second position in the ranking was taken by Denmark ($X), with a 16% share of total imports. It was followed by Spain, with a 9.5% share.

From 2012 to 2021, the average annual growth rate of value in Sweden totaled +35.2%. The remaining importing countries recorded the following average annual rates of imports growth: Denmark (+37.0% per year) and Spain (+31.2% per year).

Import Prices by Country

In 2021, the import price in the European Union amounted to $X per ton, growing by 9.5% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2014 an increase of 24% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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