SADC: Lard Market 2024

Lard Market Size in SADC

The SADC lard market totaled $X in 2022, with an increase of 3.1% against the previous year. Over the period under review, consumption, however, recorded a resilient expansion. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Lard Production in SADC

In value terms, lard production rose modestly to $X in 2022 estimated in export price. Overall, production saw buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 60%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Lard Exports

Exports in SADC

Lard exports dropped remarkably to X tons in 2022, with a decrease of -37.2% compared with the year before. Over the period under review, exports saw a slight shrinkage. The growth pace was the most rapid in 2015 when exports increased by 3,139% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, lard exports declined markedly to $X in 2022. In general, exports faced a abrupt slump. The pace of growth was the most pronounced in 2015 with an increase of 1,831%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Swaziland dominates exports structure, reaching X tons, which was near 92% of total exports in 2022. The following exporters - South Africa (X tons) and Namibia (X tons) - each amounted to an 8% share of total exports.

Swaziland was also the fastest-growing in terms of the lard exports, with a CAGR of +38.3% from 2012 to 2022. At the same time, Namibia (+11.4%) displayed positive paces of growth. By contrast, South Africa (-28.2%) illustrated a downward trend over the same period. Swaziland (+89 p.p.) and Namibia (+2.8 p.p.) significantly strengthened its position in terms of the total exports, while South Africa saw its share reduced by -91.7% from 2012 to 2022, respectively.

In value terms, Swaziland ($X) remains the largest lard supplier in SADC, comprising 88% of total exports. The second position in the ranking was held by South Africa ($X), with a 6.6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Swaziland stood at +32.1%. In the other countries, the average annual rates were as follows: South Africa (-33.6% per year) and Namibia (+4.1% per year).

Export Prices by Country

The export price in SADC stood at $X per ton in 2022, falling by -20.1% against the previous year. In general, the export price showed a abrupt slump. The most prominent rate of growth was recorded in 2017 an increase of 53% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Africa ($X per ton), while Swaziland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Swaziland (-4.5%), while the other leaders experienced a decline in the export price figures.

Lard Imports

Imports in SADC

In 2022, overseas purchases of lard decreased by -45.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 727% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then declined markedly in the following year.

In value terms, lard imports fell significantly to $X in 2022. In general, imports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2015 with an increase of 213% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then dropped notably in the following year.

Imports by Country

Namibia was the key importing country with an import of about X tons, which accounted for 60% of total imports. It was distantly followed by Zambia (X tons), comprising a 35% share of total imports. Angola (X tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Namibia (with a CAGR of +73.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Namibia ($X) constitutes the largest market for imported lard in SADC, comprising 69% of total imports. The second position in the ranking was held by Zambia ($X), with a 25% share of total imports.

In Namibia, lard imports increased at an average annual rate of +75.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Zambia (+22.6% per year) and Angola (+11.2% per year).

Import Prices by Country

The import price in SADC stood at $X per ton in 2022, jumping by 24% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the import price increased by 44% against the previous year. The level of import peaked 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 Angola ($X per ton), while Zambia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Namibia (+1.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform