Hungary: Lard Market 2024

Lard Market Size in Hungary

In 2022, the Hungarian lard market increased by 1.2% to $X, rising for the third consecutive year after two years of decline. Over the period under review, consumption continues to indicate a noticeable decrease. Lard consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Lard Production in Hungary

In value terms, lard production totaled $X in 2022 estimated in export price. Overall, production recorded a pronounced decline. The most prominent rate of growth was recorded in 2017 when the production volume increased by 20% against the previous year. Lard production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Lard Exports

Exports from Hungary

In 2022, overseas shipments of lard increased by 10% to X tons, rising for the second consecutive year after two years of decline. Overall, exports saw a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 229% against the previous year. The exports peaked at X tons in 2018; afterwards, it flattened through to 2022.

In value terms, lard exports soared to $X in 2022. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 276%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports by Country

Italy (X tons), Slovakia (X tons) and Poland (X tons) were the main destinations of lard exports from Hungary, together accounting for 88% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +316.5%), while the other leaders experienced more modest paces of growth.

In value terms, Slovakia ($X), Italy ($X) and Poland ($X) appeared to be the largest markets for lard exported from Hungary worldwide, with a combined 79% share of total exports.

Poland, with a CAGR of +253.7%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 lard export price stood at $X per ton in 2022, surging by 26% against the previous year. In general, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 43% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Italy ($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 Romania (+7.8%), while the prices for the other major destinations experienced more modest paces of growth.

Lard Imports

Imports into Hungary

In 2022, purchases abroad of lard increased by 15% to X tons, rising for the second consecutive year after three years of decline. Overall, imports, however, continue to indicate a noticeable decrease. The growth pace was the most rapid in 2021 with an increase of 276%. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, lard imports surged to $X in 2022. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 274% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Slovakia (X tons) constituted the largest lard supplier to Hungary, accounting for a 49% share of total imports. Moreover, lard imports from Slovakia exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was taken by Poland (X tons), with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Slovakia stood at -8.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+7.7% per year) and Poland (-0.8% per year).

In value terms, Slovakia ($X) constituted the largest supplier of lard to Hungary, comprising 48% of total imports. The second position in the ranking was taken by Germany ($X), with a 17% share of total imports. It was followed by Poland, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Slovakia amounted to -3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.4% per year) and Poland (+0.4% per year).

Import Prices by Country

The average lard import price stood at $X per ton in 2022, with an increase of 35% against the previous year. Overall, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, lard import price increased by +65.5% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovakia (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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