India: Animal Fats Market 2024

Animal Fats Market Size in India

The Indian animal fats market contracted to $X in 2021, falling by -13.6% against the previous year. In general, the total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +18.7% against 2019 indices. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Animal Fats Production in India

In value terms, animal fats production reduced to $X in 2021 estimated in export price. Over the period under review, the total production indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +17.6% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 35%. As a result, production attained the peak level of $X, and then contracted in the following year.

Animal Fats Exports

Exports from India

In 2021, shipments abroad of animal fats and oils increased by 139% to X tons, rising for the third year in a row after two years of decline. In general, exports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 181% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, animal fats exports surged to $X in 2021. Over the period under review, exports, however, showed a deep downturn. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Iran (X tons) was the main destination for animal fats exports from India, with a 61% share of total exports. Moreover, animal fats exports to Iran exceeded the volume sent to the second major destination, Angola (X tons), fourfold. The third position in this ranking was held by the United Arab Emirates (X tons), with a 5.8% share.

From 2012 to 2021, the average annual growth rate of volume to Iran amounted to -5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (0.0% per year) and the United Arab Emirates (-19.7% per year).

In value terms, the largest markets for animal fats exported from India were Iran ($X), Saudi Arabia ($X) and Angola ($X), with a combined 76% share of total exports. These countries were followed by the United Arab Emirates, Egypt, Sudan and Nepal, which together accounted for a further 17%.

In terms of the main countries of destination, Egypt, with a CAGR of +7.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average animal fats export price stood at $X per ton in 2021, growing by 4.1% against the previous year. Overall, the export price, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2015 an increase of 30%. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Angola ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+4.4%), while the prices for the other major destinations experienced a decline.

Animal Fats Imports

Imports into India

After four years of growth, overseas purchases of animal fats and oils decreased by -21% to X tons in 2021. Overall, imports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 1,098%. Imports peaked at X tons in 2020, and then dropped notably in the following year.

In value terms, animal fats imports contracted significantly to $X in 2021. Over the period under review, imports, however, enjoyed significant growth. The pace of growth was the most pronounced in 2019 with an increase of 1,686% against the previous year. Imports peaked at $X in 2020, and then declined significantly in the following year.

Imports by Country

Chile (X tons), Saudi Arabia (X tons) and Italy (X tons) were the main suppliers of animal fats imports to India, with a combined 100% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Saudi Arabia (with a CAGR of +27.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X) constituted the largest supplier of animal fats and oils to India, comprising 89% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with an 8.8% share of total imports. It was followed by Italy, with a 1.4% share.

From 2012 to 2021, the average annual growth rate of value from Chile totaled +48.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+23.0% per year) and Italy (-0.1% per year).

Import Prices by Country

The average animal fats import price stood at $X per ton in 2021, waning by -44.8% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 49% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2020, and then contracted sharply in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+39.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :