Middle East: Pig Fat Market 2024

Pig Fat Market Size in the Middle East

In 2022, the Middle Eastern pig fat market decreased by -32.5% to $X for the first time since 2017, thus ending a four-year rising trend. Overall, consumption, however, saw a prominent increase. As a result, consumption reached the peak level of $X, and then shrank remarkably in the following year.

Pig Fat Production in the Middle East

In value terms, pig fat production surged to $X in 2022 estimated in export price. The total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +51.1% against 2020 indices. The growth pace was the most rapid in 2016 when the production volume increased by 48%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Pig Fat Exports

Exports in the Middle East

In 2022, after two years of decline, there was significant growth in shipments abroad of pig fat, when their volume increased by 2,725,600% to X tons. In general, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, pig fat exports surged to $X in 2022. Overall, exports posted significant growth. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Turkey (X tons) represented the main exporter of pig fat in the Middle East, committing 99% of total export.

Turkey was also the fastest-growing in terms of the pig fat exports, with a CAGR of +43.6% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) also remains the largest pig fat supplier in the Middle East.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey amounted to +28.5%.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, falling by -74.4% against the previous year. In general, the export price faced a abrupt contraction. The pace of growth was the most pronounced in 2020 when the export price increased by 153% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Turkey.

From 2012 to 2022, the rate of growth in terms of prices for Turkey amounted to -10.5% per year.

Pig Fat Imports

Imports in the Middle East

In 2022, pig fat imports in the Middle East contracted markedly to X tons, dropping by -36.3% on the previous year's figure. Overall, imports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 506%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, pig fat imports reduced rapidly to $X in 2022. Over the period under review, imports, however, recorded a measured increase. The pace of growth appeared the most rapid in 2021 with an increase of 392% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Oman (X tons) was the main importer of pig fat, making up 64% of total imports. It was distantly followed by the United Arab Emirates (X tons), comprising a 28% share of total imports. The following importers - Lebanon (X tons) and Israel (X tons) - each amounted to a 7.6% share of total imports.

Oman was also the fastest-growing in terms of the pig fat imports, with a CAGR of +95.3% from 2012 to 2022. At the same time, Israel (+25.0%) and the United Arab Emirates (+7.9%) displayed positive paces of growth. By contrast, Lebanon (-7.7%) illustrated a downward trend over the same period. While the share of Oman (+64 p.p.) and Israel (+3.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United Arab Emirates (-5.6 p.p.) and Lebanon (-19.1 p.p.) displayed negative dynamics.

In value terms, the largest pig fat importing markets in the Middle East were Oman ($X), the United Arab Emirates ($X) and Israel ($X), together accounting for 95% of total imports.

Oman, with a CAGR of +52.7%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, rising by 13% against the previous year. Over the period under review, the import price, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2016 when the import price increased by 55% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Israel ($X per ton) and the United Arab Emirates ($X per ton), while Oman ($X per ton) and Lebanon ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lebanon (+2.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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