Report Update Nov 1, 2024

Republic of Korea - Lard and Other Pig Fat (Rendered) - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Rendered Pig Fat Market 2024

Rendered Pig Fat Market Size in Republic of Korea

In 2021, the South Korean rendered pig fat market was finally on the rise to reach $X for the first time since 2015, thus ending a five-year declining trend. Overall, consumption showed a significant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Rendered Pig Fat Production in Republic of Korea

In value terms, rendered pig fat production fell sharply to $X in 2021 estimated in export price. In general, production, however, recorded significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 123% against the previous year. Rendered pig fat production peaked at $X in 2020, and then plummeted in the following year.

Rendered Pig Fat Exports

Exports from Republic of Korea

After six years of growth, overseas shipments of lard and other pig fat (rendered) decreased by -37.7% to X tons in 2021. Over the period under review, exports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2018 when exports increased by 109%. Over the period under review, the exports hit record highs at X tons in 2020, and then fell notably in the following year.

In value terms, rendered pig fat exports fell significantly to $X in 2021. Overall, exports, however, recorded significant growth. The pace of growth was the most pronounced in 2018 when exports increased by 110%. The exports peaked at $X in 2020, and then contracted rapidly in the following year.

Exports by Country

Japan (X tons) was the main destination for rendered pig fat exports from South Korea, with a approx. 99.9% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled +17.8%.

In value terms, Japan ($X) also remains the key foreign market for lard and other pig fat (rendered) exports from South Korea.

From 2012 to 2021, the average annual growth rate of value to Japan amounted to +23.4%.

Export Prices by Country

The average rendered pig fat export price stood at $X per ton in 2021, stabilizing at the previous year. Over the last nine years, it increased at an average annual rate of +4.7%. The pace of growth was the most pronounced in 2014 when the average export price increased by 30% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, 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 Japan.

From 2012 to 2021, the rate of growth in terms of prices for Japan amounted to +4.7% per year.

Rendered Pig Fat Imports

Imports into Republic of Korea

For the eighth consecutive year, South Korea recorded growth in purchases abroad of lard and other pig fat (rendered), which increased by 34% to X tons in 2021. Over the period under review, imports showed resilient growth. The pace of growth was the most pronounced in 2015 with an increase of 48%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, rendered pig fat imports surged to $X in 2021. Overall, imports showed a resilient expansion. The growth pace was the most rapid in 2015 when imports increased by 51% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, the United States (X tons) constituted the largest rendered pig fat supplier to South Korea, with a 88% share of total imports. Moreover, rendered pig fat imports from the United States exceeded the figures recorded by the second-largest supplier, Japan (X tons), eightfold.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +18.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+61.0% per year) and Spain (-48.7% per year).

In value terms, the United States ($X) constituted the largest supplier of lard and other pig fat (rendered) to South Korea, comprising 74% of total imports. The second position in the ranking was held by Japan ($X), with a 26% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to +29.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+52.9% per year) and Spain (-41.6% per year).

Import Prices by Country

The average rendered pig fat import price stood at $X per ton in 2021, leveling off at the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.0%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 15%. The import price peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Spain ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+13.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for lard and other pig fat (rendered) in the world?

Spain constituted the country with the largest volume of rendered pig fat consumption, comprising approx. 34% of total volume. Moreover, rendered pig fat consumption in Spain exceeded the figures recorded by the second-largest consumer, Germany, threefold. The Netherlands ranked third in terms of total consumption with a 10% share.

What are the largest producers of lard and other pig fat (rendered) in the world?

The countries with the highest volumes of rendered pig fat production in 2020 were the United States, Spain and Germany, together accounting for 60% of global production. The Netherlands, France, Poland, Italy, Belgium, Denmark, Canada and Sweden lagged somewhat behind, together comprising a further 35%.

What are the leading suppliers of lard and other pig fat (rendered) to Republic of Korea?

In value terms, Spain $48), the United States $30) and Japan $6) appeared to be the largest rendered pig fat suppliers to South Korea.

What is the average export price for lard and other pig fat (rendered) in Republic of Korea?

The average rendered pig fat export price stood at $932 per ton in 2014, growing by 85% against the previous year.

What is the average import price for lard and other pig fat (rendered) in Republic of Korea?

The average rendered pig fat import price stood at $357 per ton in 2020, dropping by -80.7% against the previous year.

This report provides an in-depth analysis of the rendered pig fat market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 10115060 - Lard and other pig fat, rendered

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023