South-Eastern Asia: Animal Fats Market 2024

Animal Fats Market Size in South-Eastern Asia

In 2021, after two years of growth, there was significant decline in the Southeast Asian animal fats market, when its value decreased by -21.5% to $X. In general, consumption, however, showed a resilient increase. As a result, consumption reached the peak level of $X, and then contracted sharply in the following year.

Animal Fats Production in South-Eastern Asia

In value terms, animal fats production shrank remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a strong increase. The pace of growth was the most pronounced in 2020 with an increase of 79%. As a result, production reached the peak level of $X, and then declined sharply in the following year.

Animal Fats Exports

Exports in South-Eastern Asia

In 2021, exports of animal fats and oils in South-Eastern Asia surged to X tons, rising by 110% against 2020. Over the period under review, exports, however, saw a mild curtailment. The growth pace was the most rapid in 2019 with an increase of 145% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, animal fats exports soared to $X in 2021. In general, exports, however, continue to indicate a deep slump. The pace of growth appeared the most rapid in 2014 with an increase of 73% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) and Indonesia (X tons) dominates exports structure, together comprising 90% of total exports. It was distantly followed by Singapore (X tons), mixing up an 8.6% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Vietnam (with a CAGR of +26.1%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Indonesia ($X) remains the largest animal fats supplier in South-Eastern Asia, comprising 59% of total exports. The second position in the ranking was held by Singapore ($X), with a 29% share of total exports.

In Indonesia, animal fats exports expanded at an average annual rate of +7.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-17.9% per year) and Vietnam (+24.2% per year).

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per ton, which is down by -22.3% against the previous year. Over the period under review, the export price continues to indicate a abrupt slump. The growth pace was the most rapid in 2020 when the export price increased by 201% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+3.3%), while the other leaders experienced mixed trends in the export price figures.

Animal Fats Imports

Imports in South-Eastern Asia

In 2021, supplies from abroad of animal fats and oils was finally on the rise to reach X tons after three years of decline. In general, imports, however, saw a abrupt curtailment. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, animal fats imports surged to $X in 2021. Over the period under review, imports, however, recorded a abrupt curtailment. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

The Philippines was the major importing country with an import of about X tons, which accounted for 48% of total imports. It was distantly followed by Singapore (X tons), Lao People's Democratic Republic (X tons) and Brunei Darussalam (X tons), together mixing up a 37% share of total imports. The following importers - Thailand (X tons), Indonesia (X tons) and Cambodia (X tons) - each reached a 12% share of total imports.

Imports into the Philippines decreased at an average annual rate of -7.4% from 2012 to 2021. At the same time, Lao People's Democratic Republic (+74.2%), Cambodia (+34.8%) and Singapore (+24.0%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +74.2% from 2012-2021. Indonesia experienced a relatively flat trend pattern. By contrast, Brunei Darussalam (-13.4%) and Thailand (-26.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Singapore, Lao People's Democratic Republic, Cambodia, Indonesia and the Philippines increased by +19, +12, +3.7, +2.3 and +2.2 percentage points, respectively.

In value terms, the Philippines ($X) constitutes the largest market for imported animal fats and oils in South-Eastern Asia, comprising 49% of total imports. The second position in the ranking was held by Thailand ($X), with a 21% share of total imports. It was followed by Singapore, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the Philippines amounted to -7.4%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (-13.4% per year) and Singapore (+13.3% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2021, waning by -11% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 20%. The level of import peaked at $X per ton in 2020, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+17.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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