Japan: Lard Market 2024

Lard Market Size in Japan

The Japanese lard market expanded modestly to $X in 2022, picking up by 1.9% against the previous year. The market value increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Lard consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Lard Production in Japan

In value terms, lard production stood at $X in 2022 estimated in export price. In general, the total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.5% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 33% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Lard Exports

Exports from Japan

In 2022, the amount of lard exported from Japan dropped rapidly to X tons, falling by -86.7% against 2021 figures. Over the period under review, exports faced a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of 1,961% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, lard exports shrank rapidly to $X in 2022. Overall, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 1,153%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons), the Philippines (X tons) and Singapore (X tons) were the main destinations of lard exports from Japan, with a combined 89% share 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 the Philippines (with a CAGR of +48.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lard exported from Japan were Vietnam ($X), the Philippines ($X) and Singapore ($X), with a combined 90% share of total exports.

Among the main countries of destination, the Philippines, with a CAGR of +46.2%, saw the highest growth rate of 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 2022, the average lard export price amounted to $X per ton, rising by 105% against the previous year. Over the period under review, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Singapore ($X per ton) and Vietnam ($X per ton), while the average price for exports to the Philippines ($X per ton) and Hong Kong SAR ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+15.8%), while the prices for the other major destinations experienced more modest paces of growth.

Lard Imports

Imports into Japan

In 2022, purchases abroad of lard decreased by -58.3% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, imports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 166%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, lard imports dropped markedly to $X in 2022. Overall, imports continue to indicate a abrupt decrease. The growth pace was the most rapid in 2014 with an increase of 97% against the previous year. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the Netherlands (X tons) was the main lard supplier to Japan, with a 98% share of total imports. It was followed by the United States (X tons), with a 2.1% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands stood at -4.7%.

In value terms, the Netherlands ($X) constituted the largest supplier of lard to Japan, comprising 97% of total imports. The second position in the ranking was held by the United States ($X), with a 2.7% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the Netherlands amounted to -2.1%.

Import Prices by Country

In 2022, the average lard import price amounted to $X per ton, jumping by 68% against the previous year. Overall, the import price enjoyed a moderate expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for the Netherlands stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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