United Kingdom: Animal Fats Market 2024

Animal Fats Market Size in the UK

The UK animal fats market fell markedly to $X in 2021, reducing by -17.5% against the previous year. Over the period under review, consumption, however, enjoyed a buoyant expansion. As a result, consumption attained the peak level of $X, and then shrank dramatically in the following year.

Animal Fats Production in the UK

In value terms, animal fats production reduced modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a resilient increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 79%. Over the period under review, production hit record highs at $X in 2020, and then contracted slightly in the following year.

Animal Fats Exports

Exports from the UK

Animal fats exports from the UK shrank rapidly to X tons in 2021, falling by -88% compared with the year before. Over the period under review, exports faced a dramatic decline. The growth pace was the most rapid in 2013 when exports increased by 150% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, animal fats exports shrank significantly to $X in 2021. Overall, exports recorded a deep reduction. The growth pace was the most rapid in 2013 when exports increased by 121%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Norway (X tons) was the main destination for animal fats exports from the UK, with a 55% share of total exports. Moreover, animal fats exports to Norway exceeded the volume sent to the second major destination, Spain (X tons), threefold. The United States (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2021, the average annual growth rate of volume to Norway totaled -32.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+67.5% per year) and the United States (-17.0% per year).

In value terms, Spain ($X) emerged as the key foreign market for animal fats and oils exports from the UK, comprising 42% of total exports. The second position in the ranking was held by Denmark ($X), with a 12% share of total exports. It was followed by Norway, with a 9.8% share.

From 2012 to 2021, the average annual growth rate of value to Spain stood at +72.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+77.4% per year) and Norway (-34.6% per year).

Export Prices by Country

In 2021, the average animal fats export price amounted to $X per ton, with an increase of 101% against the previous year. Over the period under review, the export price posted a strong increase. As a result, the export price reached 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 Germany ($X per ton), while the average price for exports to Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+22.4%), while the prices for the other major destinations experienced more modest paces of growth.

Animal Fats Imports

Imports into the UK

After four years of growth, supplies from abroad of animal fats and oils decreased by -55.9% to X tons in 2021. Overall, imports saw a abrupt curtailment. The pace of growth appeared the most rapid in 2019 when imports increased by 34%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, animal fats imports declined markedly to $X in 2021. In general, imports, however, continue to indicate a mild increase. The pace of growth was the most pronounced in 2019 with an increase of 36% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then reduced rapidly in the following year.

Imports by Country

The Netherlands (X tons), Belgium (X tons) and Ireland (X tons) were the main suppliers of animal fats imports to the UK, with a combined 73% share of total imports. These countries were followed by Germany, France, Norway, Colombia and Denmark, which together accounted for a further 25%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Colombia (with a CAGR of +109.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Norway ($X), the Netherlands ($X) and Belgium ($X) constituted the largest animal fats suppliers to the UK, with a combined 62% share of total imports. France, Colombia, Germany, Ireland and Denmark lagged somewhat behind, together accounting for a further 28%.

Colombia, with a CAGR of +100.8%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average animal fats import price stood at $X per ton in 2021, surging by 70% against the previous year. Over the period under review, the import price enjoyed a buoyant increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Norway ($X per ton), while the price for Ireland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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