MERCOSUR: Lard Market 2024

Lard Market Size in MERCOSUR

The MERCOSUR lard market totaled $X in 2022, approximately equating the previous year. The market value increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Lard Production in MERCOSUR

In value terms, lard production amounted to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 16% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Lard Exports

Exports in MERCOSUR

In 2022, exports of lard in MERCOSUR reduced notably to X tons, which is down by -16.5% against the previous year's figure. Overall, exports showed a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 28% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, lard exports shrank to $X in 2022. In general, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2018 with an increase of 18%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Brazil dominates exports structure, finishing at X tons, which was approx. 96% of total exports in 2022. Argentina (X tons) took a minor share of total exports.

Brazil was also the fastest-growing in terms of the lard exports, with a CAGR of -8.4% from 2012 to 2022. Argentina (-11.7%) illustrated a downward trend over the same period. Brazil (+4.2 p.p.) significantly strengthened its position in terms of the total exports, while Argentina saw its share reduced by -1.6% from 2012 to 2022, respectively.

In value terms, Brazil ($X) remains the largest lard supplier in MERCOSUR, comprising 96% of total exports. The second position in the ranking was held by Argentina ($X), with a 4.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil stood at -7.0%.

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2022, picking up by 12% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2021 when the export price increased by 25% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+1.5%).

Lard Imports

Imports in MERCOSUR

In 2022, supplies from abroad of lard decreased by -30.8% to X tons, falling for the fourth consecutive year after three years of growth. Over the period under review, imports showed a dramatic decline. The pace of growth appeared the most rapid in 2016 when imports increased by 309%. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, lard imports reduced notably to $X in 2022. Overall, imports recorded a dramatic curtailment. The growth pace was the most rapid in 2016 with an increase of 287% against the previous year. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Colombia prevails in imports structure, resulting at X tons, which was approx. 96% of total imports in 2022. The following importers - Argentina (X kg) and Uruguay (X kg) - each resulted at a 3.8% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to lard imports into Colombia stood at +14.3%. At the same time, Uruguay (+29.3%) displayed positive paces of growth. Moreover, Uruguay emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +29.3% from 2012-2022. By contrast, Argentina (-21.6%) illustrated a downward trend over the same period. Colombia (+95 p.p.), Uruguay (+1.7 p.p.) and Argentina (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Colombia ($X) constitutes the largest market for imported lard in MERCOSUR, comprising 91% of total imports. The second position in the ranking was held by Uruguay ($X), with a 4.2% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Colombia stood at +9.6%. The remaining importing countries recorded the following average annual rates of imports growth: Uruguay (+23.6% per year) and Argentina (-15.3% per year).

Import Prices by Country

In 2022, the import price in MERCOSUR amounted to $X per ton, flattening at the previous year. Overall, the import price showed a slight decline. The pace of growth appeared the most rapid in 2017 an increase of 23%. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Uruguay ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+8.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform