Lard and poultry fats market in Latin America and the Caribbean

Earlier Report Observations

The market for lard and poultry fats in Latin America and the Caribbean remained stable between 2018 and 2019, with production hovering around 862-863 thousand tons and market volume at 876 thousand tons. A turning point came in 2020 when production rose to 881 thousand tons and market volume increased to 919 thousand tons. This growth was primarily fueled by a 29% surge in global trade volume of processed poultry fat between 2020 and 2024, driven by rising demand from the animal feed and biofuels sectors. The expansion was supported by a 24% increase in the number of processing plants supplying biofuel producers, enhancing production capacity.

Production and market volume continued to climb through 2021 and 2022, reaching 957 thousand tons and 983 thousand tons in 2021, then 1 009 thousand tons and 1 023 thousand tons in 2022. By 2023, production stabilized at 1 023 thousand tons while market volume edged up to 1 027 thousand tons. During this period, global factors such as livestock diseases, feed cost volatility, and geopolitical events influenced raw material availability and costs, shaping market conditions. The global animal fats oils market was valued at $58.64 billion in 2023, reflecting sustained worldwide demand.

Regional developments also contributed to the market's trajectory. Chile's Memorandum of Understanding with China in 2024 aimed at strengthening pork exports, and Mexico's 2.5% increase in pork production supported lard output. Additionally, consumer preferences shifting toward white meat like poultry affected fat availability, while technological integration and stricter environmental compliance in processing facilities advanced market maturity.

Production lard and poultry fats in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of lard and poultry fats, 2017-2020

World map of production of lard and poultry fats, 2017-2020

In Latin America and the Caribbean, 881.0 thousand tons of lard and poultry fats were produced in 2020, representing a slight increase of 2.2% compared to the previous year. Over the period from 2017 to 2020, production grew by 6.4%, with an average annual growth rate of 2.1%. The largest decline occurred in 2019, at 0.1%, while the most significant increase was recorded in 2018, at 4.1%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Following a two-year decline, lard and poultry fats production in Latin America and the Caribbean saw an upturn. In 2020, the output was valued at 1 060 million US dollars, marking a moderate improvement of 9.8% over the previous year. Between 2017 and 2020, production increased by 6.2%, equating to an annualized growth rate of 2.0%. The lowest value was recorded in 2019 at 966 million US dollars, and the largest decline occurred in 2018, at 2.1%.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Exports lard and poultry fats from Latin America and the Caribbean

Exports in kind, t

In 2020, Latin America and the Caribbean exported 3 702 tons of lard and poultry fats, reflecting an uptick of 29.1% compared to 2019. From 2017 to 2020, exports rose by 25.7%, with an annualized rate of 7.9%. The lowest export volume was in 2019 at 2 868 tons, while the highest was in 2018 at 3 902 tons. The largest decline occurred in 2019, at 26.5%, and the most significant increase was in 2018, at 32.5%.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, t

Between 2017 and 2020, South Africa and the United States were the largest destinations for exports of lard and poultry fats from Latin America and the Caribbean in kind, jointly accounting for 2.4% of total flows.

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

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, K $ US

In 2020, Latin America and the Caribbean exported 4 456 thousand US dollars worth of lard and poultry fats, up by 38.7% compared to 2019. Over the period from 2017 to 2020, exports increased by 25.5%, with a compound annual growth rate of 7.9%. The lowest value was recorded in 2019 at 3 213 thousand US dollars, and the largest decline occurred in 2019, at 27.3%.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, K $ US

From 2017 to 2020, South Africa was the leading destination in the structure of exports in value terms, accounting for 1.0% of total flows.

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

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports lard and poultry fats to Latin America and the Caribbean

Imports in kind, t

The market experienced noticeable fluctuations during the period. Imports reached their lowest point in 2019 and peaked in 2020, varying by 2.5 times between these years. In 2020, Latin America and the Caribbean imported a total of 41 752 tons of lard and poultry fats, up by 149.7% compared to 2019. The minimum value was recorded in 2019 at 16 723 tons, and the largest decline occurred in 2018, at 53.1%.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, t

Throughout 2017 to 2020, the United States (67.4% of imports in kind), Spain (8.7% of imports in kind), and Canada (3.0% of imports in kind) were the key sources for imports in kind, together comprising 79.2% of total flows.

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

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, K $ US

The market exhibited an unstable trend throughout the timeframe. Imports hit their lowest point in 2018 and reached their maximum in 2020, with a variation of 2.4 times between these years. In 2020, cross-border shipments of lard and poultry fats to Latin America and the Caribbean reached 41 307 thousand US dollars, showing an abrupt advance of 135.2% versus the previous year. The minimum value was recorded in 2018 at 17 278 thousand US dollars, and the largest decline occurred in 2018, at 50.4%.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, K $ US

From 2017 to 2020, the United States (64.0% of imports in value terms), Spain (11.2% of imports in value terms), and Canada (3.4% of imports in value terms) accounted for the largest share of imports in value terms, together comprising 78.6% of total flows.

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

World map of product's imports to Latin America and the Caribbean in value, 2017-2020