Lard Market Overview in Barbados
Market Overview
The Barbadian lard market dropped to $
in 2019, reducing by -% 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). Over the period under review, consumption continues to indicate a mild curtailment. The pace of growth was the most pronounced in 2018 when the market value increased by % y-o-y. Over the period under review, the market reached the maximum level at $ in 2012; however, from 2013 to 2019, consumption failed to regain the momentum.
In value terms, lard production fell sharply to $ in 2019 estimated in export prices. Over the period under review, production saw a precipitous descent. The growth pace was the most rapid in 2018 with an increase of % y-o-y. As a result, production attained the peak level of $, and then dropped dramatically in the following year.
in 2019, reducing by -% 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). Over the period under review, consumption continues to indicate a mild curtailment. The pace of growth was the most pronounced in 2018 when the market value increased by % y-o-y. Over the period under review, the market reached the maximum level at $ in 2012; however, from 2013 to 2019, consumption failed to regain the momentum.In value terms, lard production fell sharply to $
in 2019 estimated in export prices. Over the period under review, production saw a precipitous descent. The growth pace was the most rapid in 2018 with an increase of % y-o-y. As a result, production attained the peak level of $, and then dropped dramatically in the following year.Consumption
In 2019, consumption of lard increased by % to tonnes, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the consumption volume increased by % y-o-y. Over the period under review, consumption reached the peak volume at tonnes in 2015; however, from 2016 to 2019, consumption stood at a somewhat lower figure.
The revenue of the lard market in Barbados shrank to $ in 2019, declining by -% 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). Overall, consumption recorded a mild curtailment. The pace of growth was the most pronounced in 2018 with an increase of % year-to-year. Over the period under review, the market hit record highs at $ in 2012; however, from 2013 to 2019, consumption failed to regain the momentum.
% to tonnes, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the consumption volume increased by % y-o-y. Over the period under review, consumption reached the peak volume at tonnes in 2015; however, from 2016 to 2019, consumption stood at a somewhat lower figure.The revenue of the lard market in Barbados shrank to $
in 2019, declining by -% 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). Overall, consumption recorded a mild curtailment. The pace of growth was the most pronounced in 2018 with an increase of % year-to-year. Over the period under review, the market hit record highs at $ in 2012; however, from 2013 to 2019, consumption failed to regain the momentum.Market Forecast
The lard market is expected to start a downward consumption trend over the next decade. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -% for the eleven-year period from 2019 to , which is projected to depress the market volume to tonnes by the end of .
% for the eleven-year period from 2019 to , which is projected to depress the market volume to tonnes by the end of .Market Structure
Over the period under review, imports of lard in Barbados were negligibly small compared to the production volumes. Therefore, the share of imports in the total market was practically nonexistent, both in volume and in value terms. This situation has remained constant over the period under review, which means that domestic producers entirely meet the domestic demand for lard.
Trade Balance
Barbados remains a net importer of lard; in physical and value terms, imports consistently exceeded exports from 2012 to 2019. In 2019, there was a significant trade deficit of tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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