Latin America and the Caribbean: Pig Fat Market 2024

Pig Fat Market Size in Latin America and the Caribbean

In 2022, the Latin American pig fat market increased by 6.1% to $X, rising for the second consecutive year after six years of decline. In general, consumption showed a noticeable setback. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Pig Fat Production in Latin America and the Caribbean

In value terms, pig fat production fell modestly to $X in 2022 estimated in export price. In general, production, however, recorded measured growth. The pace of growth appeared the most rapid in 2015 when the production volume increased by 339% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Pig Fat Exports

Exports in Latin America and the Caribbean

In 2022, exports of pig fat in Latin America and the Caribbean reduced notably to X tons, which is down by -17.3% against the year before. Total exports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when exports increased by 31%. The volume of export peaked at X tons in 2021, and then shrank sharply in the following year.

In value terms, pig fat exports reduced dramatically to $X in 2022. Total exports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when exports increased by 27%. Over the period under review, the exports reached the maximum at $X in 2021, and then dropped remarkably in the following year.

Exports by Country

Chile prevails in exports structure, accounting for X tons, which was approx. 95% of total exports in 2022. Paraguay (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to pig fat exports from Chile stood at +5.3%. At the same time, Paraguay (+7.4%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +7.4% from 2012-2022. Chile (+17 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest pig fat supplier in Latin America and the Caribbean, comprising 93% of total exports. The second position in the ranking was taken by Paraguay ($X), with a 1.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Chile stood at +5.5%.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, declining by -20.3% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the export price increased by 26% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Paraguay ($X per ton), while Chile amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Paraguay (+5.4%).

Pig Fat Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of pig fat decreased by -16.1% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports recorded a noticeable decline. The most prominent rate of growth was recorded in 2016 with an increase of 223%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, pig fat imports reduced to $X in 2022. In general, imports recorded a slight curtailment. The most prominent rate of growth was recorded in 2016 when imports increased by 209%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Uruguay (X tons), Brazil (X tons), Colombia (X tons), Mexico (X tons), the Dominican Republic (X tons), Chile (X tons), Panama (X tons), Ecuador (X tons), Honduras (X tons), Costa Rica (X tons), Guatemala (X tons) and El Salvador (X tons) represented roughly 93% of total imports in 2022.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Panama (with a CAGR of +88.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest pig fat importing markets in Latin America and the Caribbean were Brazil ($X), Uruguay ($X) and Chile ($X), together comprising 41% of total imports.

In terms of the main importing countries, Brazil, with a CAGR of +85.1%, recorded 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by 10% against the previous year. Import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, pig fat import price increased by +53.6% against 2016 indices. The most prominent rate of growth was recorded in 2019 an increase of 17%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Guatemala ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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