MENA: Lard Market 2024

Lard Market Size in MENA

The MENA's lard market rose rapidly to $X in 2022, increasing by 6.9% against the previous year. In general, consumption, however, showed a perceptible decrease. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Lard Production in MENA

In value terms, lard production expanded rapidly to $X in 2022 estimated in export price. Overall, production, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2020 when the production volume increased by 25%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Lard Exports

Exports in MENA

In 2022, shipments abroad of lard decreased by -99.7% to X kg for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports faced a dramatic contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 37,396% against the previous year. As a result, the exports attained the peak of X tons, and then shrank notably in the following year.

In value terms, lard exports shrank notably to $X in 2022. In general, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2021 with an increase of 13,419% against the previous year. As a result, the exports reached the peak of $X, and then shrank markedly in the following year.

Exports by Country

Turkey was the key exporting country with an export of around X kg, which amounted to 87% of total exports. It was distantly followed by Bahrain (X kg), constituting a 13% share of total exports.

Turkey was also the fastest-growing in terms of the lard exports, with a CAGR of +7.8% from 2014 to 2022. Bahrain experienced a relatively flat trend pattern. From 2014 to 2022, the share of Turkey and Bahrain increased by +86 and +12 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest lard supplier in MENA, comprising 86% of total exports. The second position in the ranking was held by Bahrain ($X), with a 14% share of total exports.

From 2014 to 2022, the average annual rate of growth in terms of value in Turkey amounted to +16.8%.

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, with an increase of 322% against the previous year. Overall, the export price continues to indicate a prominent increase. The pace of growth was the most pronounced in 2021 when the export price increased by 322% against the previous year. As a result, the export price attained the peak level of $X per ton, leveling off in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while Turkey stood at $X per ton.

From 2014 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+8.3%).

Lard Imports

Imports in MENA

In 2022, the amount of lard imported in MENA shrank to X tons, waning by -8.2% on the previous year's figure. Over the period under review, imports, however, showed a moderate increase. The most prominent rate of growth was recorded in 2018 when imports increased by 70% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then shrank in the following year.

In value terms, lard imports contracted remarkably to $X in 2022. In general, imports continue to indicate a perceptible decline. The most prominent rate of growth was recorded in 2021 when imports increased by 49% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Israel was the main importer of lard in MENA, with the volume of imports amounting to X tons, which was near 65% of total imports in 2022. Morocco (X tons) held the second position in the ranking, distantly followed by Saudi Arabia (X tons). All these countries together held approx. 30% share of total imports. Tunisia (X tons) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to lard imports into Israel stood at +2.0%. At the same time, Saudi Arabia (+138.6%) and Morocco (+3.1%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in MENA, with a CAGR of +138.6% from 2012-2022. By contrast, Tunisia (-2.0%) illustrated a downward trend over the same period. Saudi Arabia (+7 p.p.) and Morocco (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while Tunisia saw its share reduced by -1.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Israel ($X), Morocco ($X) and Saudi Arabia ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 88% share of total imports.

Saudi Arabia, with a CAGR of +139.5%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, with a decrease of -7.5% against the previous year. Overall, the import price saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 when the import price increased by 25% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Saudi Arabia ($X per ton), while Israel ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+0.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform