MERCOSUR: Wool Grease Market 2024

Wool Grease Market Size in MERCOSUR

In 2022, the MERCOSUR wool grease market increased by 55% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption continues to indicate a tangible expansion. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Wool Grease Production in MERCOSUR

In value terms, wool grease production surged to $X in 2022 estimated in export price. Over the period under review, production showed a mild increase. The pace of growth was the most pronounced in 2019 when the production volume increased by 378%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Wool Grease Exports

Exports in MERCOSUR

In 2022, overseas shipments of wool grease and fatty substances decreased by -40.6% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports showed a abrupt curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 15% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, wool grease exports shrank slightly to $X in 2022. Overall, exports recorded a perceptible downturn. The growth pace was the most rapid in 2021 with an increase of 50%. 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

Uruguay was the key exporter of wool grease and fatty substances in MERCOSUR, with the volume of exports reaching X tons, which was approx. 70% of total exports in 2022. Argentina (X tons) ranks second in terms of the total exports with an 18% share, followed by Brazil (11%).

Uruguay was also the fastest-growing in terms of the wool grease and fatty substances exports, with a CAGR of -4.0% from 2012 to 2022. Brazil (-4.7%) and Argentina (-7.8%) illustrated a downward trend over the same period. Uruguay (+9.6 p.p.) significantly strengthened its position in terms of the total exports, while Argentina saw its share reduced by -5.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Uruguay ($X) remains the largest wool grease supplier in MERCOSUR, comprising 69% of total exports. The second position in the ranking was taken by Brazil ($X), with a 17% share of total exports.

In Uruguay, wool grease exports shrank by an average annual rate of -2.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (-3.1% per year) and Argentina (-7.7% per year).

Export Prices by Country

In 2022, the export price in MERCOSUR amounted to $X per ton, jumping by 66% against the previous year. Over the period under review, the export price showed a slight increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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 Brazil (+1.7%), while the other leaders experienced more modest paces of growth.

Wool Grease Imports

Imports in MERCOSUR

In 2022, supplies from abroad of wool grease and fatty substances increased by 8.5% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, continue to indicate a mild downturn. The most prominent rate of growth was recorded in 2021 with an increase of 44% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, wool grease imports surged to $X in 2022. Overall, imports, however, recorded a slight slump. The pace of growth was the most pronounced in 2021 with an increase of 85% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Uruguay (X tons) and Brazil (X tons) dominates imports structure, together making up 84% of total imports. It was distantly followed by Colombia (X tons), making up a 9.2% share of total imports. Argentina (X tons) and Chile (X tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Colombia (with a CAGR of +4.2%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest wool grease importing markets in MERCOSUR were Brazil ($X), Uruguay ($X) and Colombia ($X), together comprising 88% of total imports.

In terms of the main importing countries, Colombia, with a CAGR of +1.4%, 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 MERCOSUR amounted to $X per ton, picking up by 7.6% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 28% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat 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 Argentina ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+4.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform