U.S.: Pig Fat Market 2024

Pig Fat Market Size in the U.S.

The U.S. pig fat market skyrocketed to $X in 2022, picking up by 500% against the previous year. In general, consumption saw a significant expansion. Pig fat consumption peaked in 2022 and is expected to retain growth in years to come.

Pig Fat Production in the U.S.

In value terms, pig fat production rose modestly to $X in 2022. Over the period under review, production recorded a buoyant expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by 79% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Pig Fat Exports

Exports from the U.S.

Pig fat exports from the United States dropped dramatically to X tons in 2022, which is down by -59.6% on the previous year. Over the period under review, exports recorded a mild decline. The pace of growth appeared the most rapid in 2014 when exports increased by 91% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, pig fat exports declined rapidly to $X in 2022. Overall, exports, however, enjoyed notable growth. The pace of growth appeared the most rapid in 2014 when exports increased by 85% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Mexico (X tons) was the main destination for pig fat exports from the United States, with a 63% share of total exports. Moreover, pig fat exports to Mexico exceeded the volume sent to the second major destination, the Dominican Republic (X tons), fourfold. Japan (X tons) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume to Mexico was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+92.7% per year) and Japan (-5.6% per year).

In value terms, Mexico ($X) remains the key foreign market for pig fat exports from the United States, comprising 74% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 10% share of total exports. It was followed by Japan, with a 3.7% share.

From 2012 to 2022, the average annual growth rate of value to Mexico stood at +3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+95.4% per year) and Japan (-5.4% per year).

Export Prices by Country

In 2022, the average pig fat export price amounted to $X per ton, with an increase of 55% against the previous year. In general, export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, pig fat export price increased by +56.8% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Chile ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+4.1%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Fat Imports

Imports into the U.S.

In 2022, overseas purchases of pig fat decreased by -7.7% to X tons for the first time since 2015, thus ending a six-year rising trend. In general, imports, however, continue to indicate buoyant growth. The pace of growth was the most pronounced in 2021 when imports increased by 120% against the previous year. As a result, imports reached the peak of X tons, and then contracted in the following year.

In value terms, pig fat imports reduced to $X in 2022. Overall, imports, however, showed a buoyant increase. The pace of growth appeared the most rapid in 2021 when imports increased by 94%. As a result, imports reached the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, Canada (X tons) was the main pig fat supplier to the United States, with a 92% share of total imports. Moreover, pig fat imports from Canada exceeded the figures recorded by the second-largest supplier, Spain (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Canada amounted to +16.4%.

In value terms, Canada ($X) constituted the largest supplier of pig fat to the United States, comprising 95% of total imports. The second position in the ranking was held by Spain ($X), with a 4.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada stood at +18.0%.

Import Prices by Country

The average pig fat import price stood at $X per ton in 2022, declining by -6.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2019 an increase of 20%. Over the period under review, average import prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Spain stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+2.7%).

Source: IndexBox Platform

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