Scandinavia: Animal Fats Market 2024

Animal Fats Market Size in Scandinavia

In 2021, the Scandinavia animal fats market decreased by -3.1% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption, however, showed a significant expansion. The level of consumption peaked at $X in 2020, and then contracted modestly in the following year.

Animal Fats Production in Scandinavia

In value terms, animal fats production reduced notably to $X in 2021 estimated in export price. Overall, production saw a abrupt downturn. The pace of growth appeared the most rapid in 2016 with an increase of 182% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Animal Fats Exports

Exports in Scandinavia

Animal fats exports reduced dramatically to X tons in 2021, declining by -33% compared with 2020 figures. Over the period under review, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 874% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, animal fats exports dropped dramatically to $X in 2021. In general, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 930% against the previous year. As a result, the exports reached the peak of $X, and then shrank markedly in the following year.

Exports by Country

Denmark prevails in exports structure, amounting to X tons, which was approx. 81% of total exports in 2021. Iceland (X tons) held an 8% share (based on physical terms) of total exports, which put it in second place, followed by Sweden (5%) and Norway (4.6%).

Denmark was also the fastest-growing in terms of the animal fats and oils exports, with a CAGR of +56.3% from 2012 to 2021. At the same time, Iceland (+39.4%) and Norway (+14.9%) displayed positive paces of growth. By contrast, Sweden (-9.3%) illustrated a downward trend over the same period. While the share of Denmark (+72 p.p.) and Iceland (+5.4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Norway (-4 p.p.) and Sweden (-73.8 p.p.) displayed negative dynamics.

In value terms, Denmark ($X) remains the largest animal fats supplier in Scandinavia, comprising 89% of total exports. The second position in the ranking was taken by Sweden ($X), with a 4.6% share of total exports. It was followed by Iceland, with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Denmark amounted to +62.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Sweden (-13.2% per year) and Iceland (+39.3% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2021, picking up by 16% against the previous year. In general, the export price, however, showed a noticeable contraction. The most prominent rate of growth was recorded in 2015 when the export price increased by 22%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Denmark ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+3.7%), while the other leaders experienced a decline in the export price figures.

Animal Fats Imports

Imports in Scandinavia

In 2021, supplies from abroad of animal fats and oils increased by 3.4% to X tons, rising for the third consecutive year after three years of decline. Over the period under review, imports posted significant growth. The pace of growth was the most pronounced in 2019 when imports increased by 2,529%. The volume of import peaked in 2021 and is likely to see steady growth in the near future.

In value terms, animal fats imports surged to $X in 2021. Overall, imports recorded significant growth. The most prominent rate of growth was recorded in 2019 with an increase of 408%. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

Sweden represented the largest importer of animal fats and oils in Scandinavia, with the volume of imports accounting for X tons, which was near 81% of total imports in 2021. It was distantly followed by Denmark (X tons), creating an 18% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to animal fats imports into Sweden stood at +69.5%. At the same time, Denmark (+73.5%) displayed positive paces of growth. Moreover, Denmark emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +73.5% from 2012-2021. Sweden (+9.3 p.p.) and Denmark (+5.2 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) constitutes the largest market for imported animal fats and oils in Scandinavia, comprising 65% of total imports. The second position in the ranking was held by Denmark ($X), with a 30% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Sweden totaled +35.2%.

Import Prices by Country

In 2021, the import price in Scandinavia amounted to $X per ton, jumping by 24% against the previous year. Overall, the import price, however, saw a deep downturn. The pace of growth was the most pronounced in 2016 an increase of 341% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Denmark ($X per ton), while Sweden totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (-20.2%).

Source: IndexBox Platform