South-Eastern Asia: Tallow Market 2024

Tallow Market Size in South-Eastern Asia

In 2022, the Southeast Asian tallow market decreased by -18.4% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption, however, posted a strong expansion. The level of consumption peaked at $X in 2021, and then shrank rapidly in the following year.

Tallow Production in South-Eastern Asia

In value terms, tallow production fell sharply to $X in 2022 estimated in export price. Over the period under review, production saw a perceptible reduction. The growth pace was the most rapid in 2019 with an increase of 9,606% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Tallow Exports

Exports in South-Eastern Asia

In 2022, the amount of tallow exported in South-Eastern Asia rose rapidly to X tons, surging by 7.3% on 2021. Over the period under review, exports showed a resilient increase. The pace of growth appeared the most rapid in 2016 when exports increased by 285%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, tallow exports contracted to $X in 2022. Overall, exports enjoyed a significant increase. The growth pace was the most rapid in 2016 with an increase of 305% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then shrank in the following year.

Exports by Country

Malaysia prevails in exports structure, resulting at X tons, which was approx. 97% of total exports in 2022. Vietnam (X tons) took a little share of total exports.

Malaysia was also the fastest-growing in terms of the tallow exports, with a CAGR of +49.6% from 2012 to 2022. Vietnam (-13.3%) illustrated a downward trend over the same period. While the share of Malaysia (+86 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Vietnam (-47.7 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) remains the largest tallow supplier in South-Eastern Asia, comprising 96% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 2.4% share of total exports.

In Malaysia, tallow exports expanded at an average annual rate of +61.2% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, shrinking by -11.9% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tallow export price increased by +47.1% against 2019 indices. The pace of growth appeared the most rapid in 2013 an increase of 43% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 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 Vietnam ($X per ton), while Malaysia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+7.8%).

Tallow Imports

Imports in South-Eastern Asia

In 2022, after two years of growth, there was significant decline in purchases abroad of tallow, when their volume decreased by -6.5% to X tons. In general, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 1,841%. Over the period under review, imports reached the peak figure at X tons in 2021, and then shrank in the following year.

In value terms, tallow imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 2,585% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Singapore prevails in imports structure, reaching X tons, which was near 84% of total imports in 2022. Malaysia (X tons) ranks second in terms of the total imports with a 9.3% share, followed by the Philippines (5.9%).

Singapore was also the fastest-growing in terms of the tallow imports, with a CAGR of +144.1% from 2012 to 2022. At the same time, Malaysia (+45.7%) and the Philippines (+10.5%) displayed positive paces of growth. While the share of Singapore (+84 p.p.) and Malaysia (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the Philippines (-69.4 p.p.) displayed negative dynamics.

In value terms, Singapore ($X) constitutes the largest market for imported tallow in South-Eastern Asia, comprising 86% of total imports. The second position in the ranking was taken by the Philippines ($X), with a 7.4% share of total imports.

In Singapore, tallow imports increased at an average annual rate of +129.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Philippines (+17.0% per year) and Malaysia (+39.2% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, picking up by 34% against the previous year. Import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tallow import price increased by +70.4% against 2019 indices. The growth pace was the most rapid in 2017 when the import price increased by 38% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is likely to continue growth in the near future.

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 the Philippines ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+5.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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