Saudi Arabia: Animal Fats Market 2024

Animal Fats Market Size in Saudi Arabia

After four years of growth, the Saudi animal fats market decreased by -27% to $X in 2021. Overall, consumption, however, posted a buoyant increase. Over the period under review, the market hit record highs at $X in 2020, and then contracted markedly in the following year.

Animal Fats Production in Saudi Arabia

In value terms, animal fats production declined sharply to $X in 2021 estimated in export price. Overall, production, however, saw resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of 93% against the previous year. Animal fats production peaked at $X in 2020, and then dropped markedly in the following year.

Animal Fats Exports

Exports from Saudi Arabia

In 2021, the amount of animal fats and oils exported from Saudi Arabia soared to X tons, rising by 134% on the year before. In general, exports saw a strong expansion. The growth pace was the most rapid in 2018 with an increase of 137%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, animal fats exports skyrocketed to $X in 2021. Over the period under review, exports showed a notable expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Vietnam (X tons), Pakistan (X tons) and Bangladesh (X tons) were the main destinations of animal fats exports from Saudi Arabia, together accounting for 94% of total exports. India lagged somewhat behind, accounting for a further 3.2%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +131.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for animal fats exported from Saudi Arabia were Vietnam ($X), Bangladesh ($X) and Pakistan ($X), with a combined 95% share of total exports. India lagged somewhat behind, accounting for a further 1.9%.

Among the main countries of destination, India, with a CAGR of +135.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average animal fats export price stood at $X per ton in 2021, rising by 33% against the previous year. Overall, the export price, however, recorded a abrupt slump. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+10.5%), while the prices for the other major destinations experienced more modest paces of growth.

Animal Fats Imports

Imports into Saudi Arabia

In 2021, purchases abroad of animal fats and oils increased by 25% to X tons, rising for the second year in a row after two years of decline. Overall, imports, however, showed a perceptible curtailment. The growth pace was the most rapid in 2016 with an increase of 51%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, animal fats imports reached $X in 2021. Over the period under review, imports, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2017 with an increase of 256%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

New Zealand (X tons), the United Arab Emirates (X tons) and the Netherlands (X tons) were the main suppliers of animal fats imports to Saudi Arabia, with a combined 94% share of total imports.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +29.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, New Zealand ($X) constituted the largest supplier of animal fats and oils to Saudi Arabia, comprising 79% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 16% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from New Zealand totaled -1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+31.0% per year) and the Netherlands (+12.6% per year).

Import Prices by Country

In 2021, the average animal fats import price amounted to $X per ton, dropping by -17.1% against the previous year. In general, import price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, animal fats import price decreased by -22.2% against 2018 indices. The pace of growth appeared the most rapid in 2017 when the average import price increased by 162%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+6.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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