Latin America and the Caribbean: Tallow Market 2024

Tallow Market Size in Latin America and the Caribbean

The Latin American tallow market reduced to $X in 2022, declining by -9.4% against the previous year. The market value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Tallow Production in Latin America and the Caribbean

In value terms, tallow production rose markedly to $X in 2022 estimated in export price. The total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 -8.0% against 2020 indices. The pace of growth was the most pronounced in 2020 with an increase of 47% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Tallow Exports

Exports in Latin America and the Caribbean

For the fourth year in a row, LatAmerica and the Caribbean recorded growth in shipments abroad of tallow, which increased by 39% to X tons in 2022. Over the period under review, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 44% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, tallow exports surged to $X in 2022. Overall, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 100%. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Exports by Country

In 2022, Argentina (X tons), Uruguay (X tons), Brazil (X tons) and Paraguay (X tons) represented the major exporter of tallow in Latin America and the Caribbean, comprising 98% of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Brazil (with a CAGR of +35.0%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Uruguay ($X) and Paraguay ($X) were the countries with the highest levels of exports in 2022, together accounting for 82% of total exports.

Brazil, with a CAGR of +40.7%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by 23% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 40% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Paraguay (+5.4%), while the other leaders experienced more modest paces of growth.

Tallow Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of tallow decreased by -52.8% to X tons, falling for the third year in a row after two years of growth. Overall, imports showed a deep contraction. The pace of growth appeared the most rapid in 2013 with an increase of 45% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, tallow imports reduced rapidly to $X in 2022. Over the period under review, imports recorded a abrupt setback. The most prominent rate of growth was recorded in 2013 with an increase of 29%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Brazil (X tons) was the key importer of tallow, constituting 53% of total imports. Uruguay (X tons) took the second position in the ranking, distantly followed by Mexico (X tons). All these countries together took approx. 24% share of total imports. Honduras (X tons), Venezuela (X tons), Chile (X tons), Argentina (X tons), Colombia (X tons) and Guatemala (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to tallow imports into Brazil stood at +18.9%. At the same time, Uruguay (+40.7%), Argentina (+3.9%) and Honduras (+1.9%) displayed positive paces of growth. Moreover, Uruguay emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +40.7% from 2012-2022. Chile experienced a relatively flat trend pattern. By contrast, Venezuela (-11.8%), Colombia (-12.5%), Guatemala (-18.3%) and Mexico (-25.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brazil, Uruguay, Honduras, Chile and Argentina increased by +49, +17, +2.8, +1.9 and +1.9 percentage points, respectively.

In value terms, Brazil ($X) constitutes the largest market for imported tallow in Latin America and the Caribbean, comprising 54% of total imports. The second position in the ranking was held by Uruguay ($X), with a 12% share of total imports. It was followed by Mexico, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in Brazil stood at +25.4%. In the other countries, the average annual rates were as follows: Uruguay (+33.2% per year) and Mexico (-20.8% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of 5.6% against the previous year. Import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tallow import price increased by +73.7% against 2018 indices. The pace of growth was the most pronounced in 2021 when the import price increased by 49% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is likely to continue 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 Mexico ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+6.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :