Lard Market in the United States
Market Overview
The U.S. lard market declined markedly to $
in , dropping 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). In general, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $ in 2018; however, from 2019 to , consumption remained at a lower figure.
In value terms, lard production dropped to $ in . The total output value increased at an average annual rate of +% over the period from 2012 to ; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2014 when the production volume increased by %. Over the period under review, production reached the peak level at $ in 2018; however, from 2019 to , production remained at a lower figure.
in , dropping 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). In general, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $ in 2018; however, from 2019 to , consumption remained at a lower figure.In value terms, lard production dropped to $
in . The total output value increased at an average annual rate of +% over the period from 2012 to ; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2014 when the production volume increased by %. Over the period under review, production reached the peak level at $ in 2018; however, from 2019 to , production remained at a lower figure.Consumption
In , consumption of lard decreased by -% to tons for the first time since 2013, thus ending a seven-year rising trend. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Lard consumption peaked at tons in , and then contracted in the following year.
The value of the lard market in the United States shrank rapidly to $ in , which is down 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 continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $ in 2018; however, from 2019 to , consumption stood at a somewhat lower figure.
, consumption of lard decreased by -% to tons for the first time since 2013, thus ending a seven-year rising trend. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Lard consumption peaked at tons in , and then contracted in the following year.The value of the lard market in the United States shrank rapidly to $
in , which is down 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 continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $ in 2018; however, from 2019 to , consumption stood at a somewhat lower figure.Market Forecast
Driven by increasing demand for lard in the United States, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .
% for the period from to , which is projected to bring the market volume to tons by the end of .Market Structure
Over the period under review, imports of lard in the United States 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
The United States remains a net exporter of lard; in physical and value terms, exports consistently exceeded imports from 2012 to . In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
. In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
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