Scandinavia: Pig Fat Market 2024

Pig Fat Market Size in Scandinavia

In 2022, the Scandinavia pig fat market decreased by -68.1% to $X, falling for the second consecutive year after five years of growth. Overall, consumption showed a abrupt decline. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Pig Fat Production in Scandinavia

In value terms, pig fat production rose rapidly to $X in 2022 estimated in export price. The total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.2% 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 +107.9% against 2015 indices. The growth pace was the most rapid in 2016 with an increase of 30%. Over the period under review, production reached the maximum level in 2022 and is likely to continue growth in the immediate term.

Pig Fat Exports

Exports in Scandinavia

In 2022, overseas shipments of pig fat increased by 11% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports posted strong growth. The pace of growth was the most pronounced in 2021 with an increase of 38% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, pig fat exports stood at $X in 2022. In general, exports showed pronounced growth. The most prominent rate of growth was recorded in 2021 with an increase of 43% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Sweden represented the largest exporting country with an export of around X tons, which accounted for 72% of total exports. Finland (X tons) held a 22% share (based on physical terms) of total exports, which put it in second place, followed by Norway (6.7%).

Exports from Sweden increased at an average annual rate of +7.5% from 2012 to 2022. At the same time, Norway (+10.6%) and Finland (+5.8%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +10.6% from 2012-2022. From 2012 to 2022, the share of Norway increased by +1.8 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) remains the largest pig fat supplier in Scandinavia, comprising 68% of total exports. The second position in the ranking was taken by Finland ($X), with a 23% share of total exports.

In Sweden, pig fat exports expanded at an average annual rate of +5.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Finland (+2.6% per year) and Norway (+1.5% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2022, with a decrease of -3.2% against the previous year. Overall, the export price saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2019 an increase of 42% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Norway ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (-1.7%), while the other leaders experienced a decline in the export price figures.

Pig Fat Imports

Imports in Scandinavia

In 2022, approx. X tons of pig fat were imported in Scandinavia; declining by -16.8% against 2021 figures. Over the period under review, imports continue to indicate a pronounced decline. The most prominent rate of growth was recorded in 2018 when imports increased by 26%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, pig fat imports fell rapidly to $X in 2022. In general, imports recorded a deep setback. The most prominent rate of growth was recorded in 2017 with an increase of 20% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Norway (X tons) was the key importer of pig fat, achieving 73% of total imports. It was distantly followed by Finland (X tons), mixing up a 25% share of total imports.

Imports into Norway decreased at an average annual rate of -6.3% from 2012 to 2022. At the same time, Finland (+65.0%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +65.0% from 2012-2022. From 2012 to 2022, the share of Finland increased by +25 percentage points.

In value terms, Norway ($X) constitutes the largest market for imported pig fat in Scandinavia, comprising 71% of total imports. The second position in the ranking was taken by Finland ($X), with a 27% share of total imports.

In Norway, pig fat imports contracted by an average annual rate of -7.9% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per ton, dropping by -9.9% against the previous year. Over the period under review, the import price recorded a mild decrease. The growth pace was the most rapid in 2013 an increase of 25%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Finland ($X per ton), while Norway stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (-1.7%).

Source: IndexBox Platform