Tallow market in Cyprus

Earlier Report Observations

The tallow market in Cyprus displayed significant volatility in volume between 2018 and 2023. Starting at 4 572 t in 2018, market size grew to a peak of 4 722 t in 2019 before declining to 4 373 t in 2020. The following year saw a stabilization at 4 388 t, which was followed by a more substantial contraction to 4 026 t in 2022. The market partially recovered to 4 092 t in 2023, remaining below the levels seen at the start of the period.

Domestic production was the primary component of market volume, tracing a similar pattern. Output rose from 4 716 t in 2018 to 5 040 t in 2019, then fell over the next three years to a low of 4 311 t in 2022, before a marginal increase to 4 330 t in 2023. Net trade played a secondary role, with exports periodically reducing domestic availability, such as the 391 t exported in 2021, while imports remained negligible except for a small volume in 2022.

Production tallow in Cyprus

In kind, 2017-2020, t

Top producers of tallow, 2017-2020

World map of production of tallow, 2017-2020

In 2019, Cyprus produced 5 040 tonnes of tallow, marking the highest output during the period. However, production fell to 4 589 tonnes in 2020, representing a 9.0% decrease from the previous year. Over the four-year span from 2017 to 2020, overall production declined by 4.2%, which translates to an average annual reduction of 1.4%. The most significant year-on-year increase occurred in 2019, when production rose by 6.9%.

Annual dynamics of production in Cyprus in kind, 2017-2020, t

In value, 2017-2020, K $ US

Cyprus experienced a second consecutive year of decline in tallow production value. In 2020, the output was valued at 1 983 thousand US dollars, down 7.0% from 2019. The peak value was recorded in 2018 at 2 181 thousand US dollars, which also saw the largest increase of 0.7% that year. From 2017 to 2020, the total production value decreased by 8.4%, with a compound annual growth rate of -2.9%.

Annual dynamics of production in Cyprus in value, 2017-2020, K $ US

Exports tallow from Cyprus

Exports in kind, t

The export market for tallow from Cyprus showed significant volatility. Exports reached their lowest point in 2017 and peaked in 2019 at 321.7 tonnes, creating a 42-fold difference between these years. In 2020, exports dropped to 218.7 tonnes, a 32.0% decrease from the previous year. The most dramatic increase occurred in 2018, with exports surging by 1 859.4%.

Annual dynamics of product's exports from Cyprus in kind, 2017-2020, t

From 2017 to 2020, Greece was the exclusive buyer of tallow from Cyprus, accounting for 100.0% of total exports in volume terms.

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

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

Exports in value, K $ US

The value of tallow exports from Cyprus exhibited high volatility during this period. The lowest value was recorded in 2017, while the peak occurred in 2019 at 136.0 thousand US dollars, resulting in a 39-fold gap. In 2020, exports fell to 94.5 thousand US dollars, a sharp decline of 30.5% compared to 2019. The most substantial increase was in 2018, with a jump of 1 905.1%.

Annual dynamics of product's exports from Cyprus in value, 2017-2020, K $ US

Throughout 2017–2020, Greece served as the primary and nearly sole market for Cyprus's tallow exports in value terms, representing 100.0% of total export flows.

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

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

Imports tallow to Cyprus

Imports in kind, t

Cyprus saw a third consecutive year of decline in tallow import volumes. In 2020, imports totaled 2.9 tonnes, a substantial drop of 23.7% from the previous year. Over the 2017–2020 period, import volumes decreased by 67.2%, with a compound annual growth rate of -31.0%.

Annual dynamics of product's imports to Cyprus in kind, 2017-2020, t

Between 2017 and 2020, Cyprus's tallow imports in volume terms were primarily sourced from Greece and Romania, which together accounted for 100.0% of total import flows.

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

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

Imports in value, K $ US

Cyprus experienced a second straight year of decline in tallow import values. In 2020, imports were valued at 2.8 thousand US dollars, down 24.2% from 2019. The highest value was recorded in 2018 at 9.7 thousand US dollars, which also saw the largest increase of 19.7% that year. The most significant decline occurred in 2019, with a drop of 61.6%. Overall, from 2017 to 2020, import values decreased by 65.1%, equating to an annualized rate of -29.6%.

Annual dynamics of product's imports to Cyprus in value, 2017-2020, K $ US

From 2017 to 2020, Greece and Romania remained the dominant sources for tallow imports to Cyprus in value terms, jointly making up 100.0% of total import flows.

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

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