Vietnam: Lard Market 2025

Lard Market Size in Vietnam

The Vietnamese lard market expanded slightly to $X in 2022, picking up by 1.9% against the previous year. Overall, consumption, however, enjoyed significant growth. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Lard Production in Vietnam

In value terms, lard production totaled $X in 2022 estimated in export price. Overall, production showed a resilient expansion. The pace of growth was the most pronounced in 2016 with an increase of 26% against the previous year. Lard production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Lard Exports

Exports from Vietnam

In 2021, approx. X tons of lard were exported from Vietnam; approximately mirroring the year before. In general, exports recorded a significant decline. The smallest decline of -13.6% was in 2013. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, lard exports amounted to $X in 2021. Overall, exports recorded a sharp curtailment. The growth pace was the most rapid in 2013 when exports increased by 3.6%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Thailand (X tons) was the main destination for lard exports from Vietnam, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Thailand was relatively modest.

From 2012 to 2021, the average annual rate of growth in terms of value to Thailand was relatively modest.

Export Prices by Country

The average lard export price stood at $X per ton in 2021, standing approx. at the previous year. Over the period under review, the export price recorded significant growth. The most prominent rate of growth was recorded in 2013 an increase of 20%. The export price peaked in 2021 and is expected to retain growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Thailand.

From 2012 to 2021, the rate of growth in terms of prices for Taiwan (Chinese) amounted to -4.1% per year.

Lard Imports

Imports into Vietnam

In 2022, lard imports into Vietnam reduced sharply to X tons, which is down by -37.5% against 2021 figures. Overall, imports recorded a abrupt setback. The growth pace was the most rapid in 2014 when imports increased by 680%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, lard imports dropped markedly to $X in 2022. Over the period under review, imports faced a abrupt contraction. The pace of growth appeared the most rapid in 2014 with an increase of 426%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Japan (X tons) constituted the largest lard supplier to Vietnam, accounting for a 59% share of total imports. Moreover, lard imports from Japan exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from Japan stood at +13.7%.

In value terms, Japan ($X) constituted the largest supplier of lard to Vietnam, comprising 58% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 21% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan amounted to +15.8%.

Import Prices by Country

In 2022, the average lard import price amounted to $X per ton, approximately mirroring the previous year. In general, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, lard import price decreased by -6.7% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 134% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Japan amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+35.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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