Beef, sheep or goat fat market in Eastern Asia

Earlier Report Observations

The outbreak of African swine fever in 2018 caused a sharp rise in pork prices, increasing demand for beef and mutton as substitutes. This stimulated capital inflow into the cattle and sheep industries, driving rapid growth in domestic fat production. Output continued to expand in subsequent years, supported by government policies for agricultural modernization and the transformation of the mutton sector.

The rise in domestic production was accompanied by significant shifts in trade. Fat imports fell by more than two-thirds between 2020 and 2023, while exports grew tenfold over the same period. This change was partly driven by technological advances, such as the breeding of 44 new sheep varieties in 2022, which raised productivity and the competitiveness of local output.

By 2023-2024, despite continued production growth, the industry faced declining beef and mutton prices, leading to producer losses. Lower feed costs alleviated some pressure, while government support and the development of full value chains, including processing bases, promoted product diversification and market development.

Production beef, sheep or goat fat in Eastern Asia

In kind, 2017-2020, K t

Top producers of beef, sheep or goat fat, 2017-2020

World map of production of beef, sheep or goat fat, 2017-2020

Eastern Asia's production of beef, sheep, or goat fat has increased for the third consecutive year. In 2020, the region produced 787.1 thousand tons, marking a modest gain of 2.7% from 2019. Over the period from 2017 to 2020, production rose by 7.2%, which translates to an annualized growth rate of 2.3%.

Annual dynamics of production in Eastern Asia in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Following two years of growth, the value of beef, sheep, or goat fat production in Eastern Asia declined. In 2020, output was valued at 748.2 million US dollars, a decrease of 7.6% compared to the previous year. The peak value was recorded in 2019 at 809.7 million US dollars, with the largest annual increase of 4.3% also occurring that year.

Annual dynamics of production in Eastern Asia in value, 2017-2020, M $ US

Exports beef, sheep or goat fat from Eastern Asia

Exports in kind, K t

Eastern Asia's exports of beef, sheep, or goat fat have increased for the third consecutive year. In 2020, exports reached 4.9 thousand tons, representing a significant rise of 46.8% from the previous year. From 2017 to 2020, exports grew by 60.1%, with a compound annual growth rate of 17.0%.

Annual dynamics of product's exports from Eastern Asia in kind, 2017-2020, K t

Between 2017 and 2020, beef, sheep, or goat fat from Eastern Asia was exported to a wide range of markets. The top destinations included Israel (10.5% of exports in volume), Malaysia (8.3%), and the United Arab Emirates (8.0%), which together accounted for 26.8% of total exports. The remaining 73.2% was distributed among numerous smaller markets.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Eastern Asia in kind, 2017-2020

Exports in value, M $ US

The value of beef, sheep, or goat fat exports from Eastern Asia has increased for the third consecutive year. In 2020, exports totaled 4.6 million US dollars, up by 32.1% from the previous year. From 2017 to 2020, export value rose by 49.1%, corresponding to an annualized growth rate of 14.2%.

Annual dynamics of product's exports from Eastern Asia in value, 2017-2020, M $ US

From 2017 to 2020, the value of beef, sheep, or goat fat exports from Eastern Asia was not highly concentrated. The leading markets were Israel (16.3% of export value), the United Arab Emirates (12.7%), and Jordan (9.7%), which together represented 38.7% of total flows, with the rest spread across various smaller destinations.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Eastern Asia in value, 2017-2020

Imports beef, sheep or goat fat to Eastern Asia

Imports in kind, K t

After two years of growth, beef, sheep, or goat fat imports into Eastern Asia declined. In 2020, the region imported 120.5 thousand tons, a decrease of 21.5% from the previous year. Over the period from 2017 to 2020, imports fell by 18.8%, with a compound annual decline rate of 6.7%. The highest import volume was recorded in 2019 at 153.5 thousand tons, following the largest annual increase of 2.1% in 2018.

Annual dynamics of product's imports to Eastern Asia in kind, 2017-2020, K t

Between 2017 and 2020, Australia and New Zealand together supplied 82.3% of Eastern Asia's beef, sheep, or goat fat imports by volume. The remaining imports came from a diverse range of other countries, though these accounted for a smaller share.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Eastern Asia in kind, 2017-2020

Imports in value, M $ US

In 2020, the value of beef, sheep, or goat fat imports into Eastern Asia was 98.3 million US dollars, down by 10.8% year-over-year. From 2017 to 2020, import value decreased by 9.8%, with a compound annual decline rate of 3.4%. The peak value occurred in 2019 at 110.1 million US dollars, which also saw the largest annual increase of 4.0%.

Annual dynamics of product's imports to Eastern Asia in value, 2017-2020, M $ US

From 2017 to 2020, Australia and New Zealand dominated the value of beef, sheep, or goat fat imports into Eastern Asia, jointly accounting for 80.2% of total flows. The remaining imports were distributed among a variety of smaller markets.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Eastern Asia in value, 2017-2020