Pig Fat Market

The global pig fat market is projected to see growth in both volume and value terms over the next eight years, with an anticipated CAGR of +3.4% and +6.5% respectively. Spain leads in both consumption and production, while Germany and Italy also play significant roles. Imports and exports are analyzed, with notable trends and growth rates identified. The market is expected to see steady growth in the coming years, driven by increasing demand worldwide.

Market Forecast

Driven by increasing demand for pig fat worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market volume to 1.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.5% for the period from 2022 to 2030, which is projected to bring the market value to $2.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Pig Fat

In 2022, after three years of growth, there was significant decline in consumption of pig fat, when its volume decreased by -8.4% to 1.2M tons. The total consumption volume increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 1.3M tons in 2021, and then contracted in the following year.

The global pig fat market revenue reduced to $1.2B in 2022, declining by -2.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a relatively flat trend pattern. Global consumption peaked at $1.3B in 2021, and then dropped modestly in the following year.

Consumption By Country

Spain (327K tons) constituted the country with the largest volume of pig fat consumption, accounting for 27% of total volume. Moreover, pig fat consumption in Spain exceeded the figures recorded by the second-largest consumer, Italy (118K tons), threefold. Germany (87K tons) ranked third in terms of total consumption with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Spain amounted to +8.4%. In the other countries, the average annual rates were as follows: Italy (+6.4% per year) and Germany (+30.9% per year).

In value terms, the largest pig fat markets worldwide were Spain ($198M), Italy ($120M) and France ($95M), together comprising 33% of the global market. The Philippines, Japan, the United States, Belgium, Ukraine, the Czech Republic, Hungary, Germany, Denmark and Poland lagged somewhat behind, together accounting for a further 38%.

In terms of the main consuming countries, the United States, with a CAGR of +94.2%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of pig fat per capita consumption in 2022 were Spain (6.9 kg per person), Denmark (3.8 kg per person) and Belgium (3.6 kg per person).

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +90.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Pig Fat

After two years of growth, production of pig fat decreased by -8.9% to 1.2M tons in 2022. The total output volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2020 when the production volume increased by 21% against the previous year. Global production peaked at 1.4M tons in 2021, and then shrank in the following year.

In value terms, pig fat production surged to $1.1B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Production By Country

The country with the largest volume of pig fat production was Spain (436K tons), comprising approx. 35% of total volume. Moreover, pig fat production in Spain exceeded the figures recorded by the second-largest producer, Germany (209K tons), twofold. The third position in this ranking was taken by Italy (137K tons), with an 11% share.

In Spain, pig fat production increased at an average annual rate of +7.3% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Germany (+1.1% per year) and Italy (+0.4% per year).

Imports

World Imports of Pig Fat

In 2022, the amount of pig fat imported worldwide contracted dramatically to 580K tons, falling by -18.8% on the year before. In general, imports recorded a perceptible contraction. The growth pace was the most rapid in 2016 when imports increased by 37%. As a result, imports attained the peak of 735K tons. From 2017 to 2022, the growth of global imports remained at a somewhat lower figure.

In value terms, pig fat imports contracted to $788M in 2022. Overall, imports continue to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2016 when imports increased by 54%. Over the period under review, global imports hit record highs at $938M in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, the Philippines (66K tons), the Netherlands (47K tons), Japan (38K tons), Belgium (31K tons), Ukraine (31K tons), the Czech Republic (22K tons), France (20K tons), Italy (20K tons), Romania (20K tons), South Korea (18K tons), Vietnam (18K tons) and Germany (18K tons) was the major importer of pig fat in the world, mixing up 60% of total import. Poland (16K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +62.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the Philippines ($79M), Japan ($75M) and Ukraine ($36M) appeared to be the countries with the highest levels of imports in 2022, with a combined 24% share of global imports. Belgium, the Netherlands, South Korea, Romania, France, the Czech Republic, Vietnam, Germany, Poland and Italy lagged somewhat behind, together accounting for a further 35%.

Vietnam, with a CAGR of +61.9%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average pig fat import price stood at $1,359 per ton in 2022, rising by 7.7% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average import price increased by 22% against the previous year. Global import price peaked in 2022 and is likely to see steady growth in years to come.

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 Japan ($1,964 per ton), while the Netherlands ($739 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 (+5.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Pig Fat

In 2022, after three years of growth, there was significant decline in shipments abroad of pig fat, when their volume decreased by -18.9% to 625K tons. In general, exports continue to indicate a noticeable decline. The pace of growth was the most pronounced in 2016 when exports increased by 9.9% against the previous year. Over the period under review, the global exports attained the maximum at 779K tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, pig fat exports fell to $801M in 2022. Overall, exports recorded a pronounced setback. The growth pace was the most rapid in 2019 when exports increased by 44%. The global exports peaked at $1B in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, Germany (140K tons) and Spain (115K tons) were the major exporters of pig fatacross the globe, together mixing up 41% of total exports. Canada (57K tons) took a 9.1% share (based on physical terms) of total exports, which put it in second place, followed by Poland (7.8%), the Netherlands (7.7%), Italy (6.2%) and Chile (4.9%). The following exporters - France (24K tons), the United States (21K tons), Belgium (20K tons), Denmark (15K tons) and Austria (12K tons) - together made up 15% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Chile (with a CAGR of +5.3%), while the other global leaders experienced more modest paces of growth.

In value terms, Spain ($162M), Germany ($143M) and Canada ($90M) were the countries with the highest levels of exports in 2022, with a combined 49% share of global exports. The Netherlands, Poland, Italy, Chile, France, Belgium, the United States, Denmark and Austria lagged somewhat behind, together accounting for a further 41%.

Chile, with a CAGR of +5.5%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average pig fat export price amounted to $1,281 per ton, increasing by 11% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 37%. Over the period under review, the average export prices hit record highs at $1,320 per ton in 2012; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Canada ($1,591 per ton), while Germany ($1,024 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform