U.S.: Rendered Pig Fat Market 2024

Rendered Pig Fat Market Size in the U.S.

In 2021, after three years of decline, there was significant growth in the U.S. rendered pig fat market, when its value increased by 141% to $X. In general, consumption, however, continues to indicate a sharp descent. Rendered pig fat consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Rendered Pig Fat Production in the U.S.

In value terms, rendered pig fat production declined slightly to $X in 2021. Overall, production showed a mild slump. The most prominent rate of growth was recorded in 2017 when the production volume increased by 10%. Rendered pig fat production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Rendered Pig Fat Exports

Exports from the U.S.

In 2021, overseas shipments of lard and other pig fat (rendered) decreased by -1.4% to X tons for the first time since 2015, thus ending a five-year rising trend. In general, exports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 55% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020, and then declined slightly in the following year.

In value terms, rendered pig fat exports soared to $X in 2021. Overall, exports, however, recorded buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore (X tons) was the main destination for rendered pig fat exports from the United States, with a 65% share of total exports. Moreover, rendered pig fat exports to Singapore exceeded the volume sent to the second major destination, Mexico (X tons), threefold. The third position in this ranking was held by the UK (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to Singapore amounted to +201.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+5.9% per year) and the UK (+29.0% per year).

In value terms, Singapore ($X) remains the key foreign market for lard and other pig fat (rendered) exports from the United States, comprising 62% of total exports. The second position in the ranking was held by Mexico ($X), with a 23% share of total exports. It was followed by the UK, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to Singapore totaled +180.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+10.7% per year) and the UK (+31.6% per year).

Export Prices by Country

The average rendered pig fat export price stood at $X per ton in 2021, jumping by 68% against the previous year. In general, export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2021, the highest price was recorded for prices to Mexico ($X per ton) and Germany ($X per ton), while the average price for exports to the Netherlands ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Rendered Pig Fat Imports

Imports into the U.S.

After two years of decline, purchases abroad of lard and other pig fat (rendered) increased by 32% to X tons in 2021. In general, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of 66% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, rendered pig fat imports surged to $X in 2021. Overall, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Canada (X tons) was the main supplier of rendered pig fat to the United States, accounting for a 96% share of total imports. Moreover, rendered pig fat imports from Canada exceeded the figures recorded by the second-largest supplier, Mexico (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Canada amounted to +5.7%.

In value terms, Canada ($X) constituted the largest supplier of lard and other pig fat (rendered) to the United States, comprising 95% of total imports. The second position in the ranking was held by Mexico ($X), with a 5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Canada amounted to +6.0%.

Import Prices by Country

In 2021, the average rendered pig fat import price amounted to $X per ton, increasing by 55% against the previous year. Overall, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, the country with the highest price was Mexico ($X per ton), while the price for Canada amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+0.2%).

Source: IndexBox Platform

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