May 17, 2025
IndexBox has just published a new report: Australia – Lard – Market Analysis, Forecast, Size, Trends and Insights.
The demand for lard in Australia is on the rise, leading to an anticipated CAGR of +0.6% in market volume and +0.7% in market value from 2024 to 2035. By the end of 2035, the market is projected to reach 35K tons in volume and $40M in value.
Market Forecast
Driven by increasing demand for lard in Australia, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.6% for the period from 2024 to 2035, which is projected to bring the market volume to 35K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +0.7% for the period from 2024 to 2035, which is projected to bring the market value to $40M (in nominal wholesale prices) by the end of 2035.
ConsumptionAustralia’s Consumption of Lard
In 2024, the amount of lard consumed in Australia declined slightly to 33K tons, almost unchanged from the previous year’s figure. The total consumption volume increased at an average annual rate of +1.7% from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the consumption volume increased by 6% against the previous year. Over the period under review, consumption hit record highs at 33K tons in 2021; however, from 2022 to 2024, consumption stood at a somewhat lower figure.
The value of the lard market in Australia declined slightly to $37M in 2024, which is down by -2.8% 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). The market value increased at an average annual rate of +2.3% over the period from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. Lard consumption peaked at $39M in 2023, and then fell slightly in the following year.
ProductionAustralia’s Production of Lard
In 2024, production of lard in Australia contracted slightly to 33K tons, remaining stable against the previous year’s figure. The total output volume increased at an average annual rate of +1.8% from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the production volume increased by 5.9%. Over the period under review, production reached the maximum volume at 33K tons in 2021; however, from 2022 to 2024, production remained at a lower figure.
In value terms, lard production contracted slightly to $37M in 2024 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when the production volume increased by 14%. Over the period under review, production reached the maximum level at $38M in 2023, and then reduced modestly in the following year.
ImportsAustralia’s Imports of Lard
In 2024, after three years of growth, there was significant decline in supplies from abroad of lard, when their volume decreased by -12% to 263 tons. Over the period under review, imports recorded a mild decrease. The most prominent rate of growth was recorded in 2017 with an increase of 18%. As a result, imports reached the peak of 336 tons. From 2018 to 2024, the growth of imports remained at a somewhat lower figure.
In value terms, lard imports declined dramatically to $809K in 2024. Overall, imports, however, recorded measured growth. The pace of growth appeared the most rapid in 2017 with an increase of 62%. Imports peaked at $1.1M in 2023, and then declined rapidly in the following year.
Imports By Country
In 2024, Canada (255 tons) was the main supplier of lard to Australia, accounting for a 97% share of total imports. It was followed by France (8 tons), with a 3% share of total imports.
From 2013 to 2024, the average annual rate of growth in terms of volume from Canada amounted to -1.4%.
In value terms, Canada ($742K) constituted the largest supplier of lard to Australia, comprising 92% of total imports. The second position in the ranking was taken by France ($67K), with an 8.3% share of total imports.
From 2013 to 2024, the average annual growth rate of value from Canada amounted to +3.6%.
Import Prices By Country
In 2024, the average lard import price amounted to $3,074 per ton, falling by -14.9% against the previous year. Overall, the import price, however, continues to indicate a buoyant expansion. The pace of growth was the most pronounced in 2022 when the average import price increased by 45%. The import price peaked at $3,611 per ton in 2023, and then dropped in the following year.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($8,442 per ton), while the price for Canada amounted to $2,905 per ton.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Spain (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.
ExportsAustralia’s Exports of Lard
Lard exports from Australia totaled 324 kg in 2023, stabilizing at 2022 figures. Over the period under review, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when exports increased by 46% against the previous year. As a result, the exports attained the peak of 2.2 tons. From 2016 to 2023, the growth of the exports failed to regain momentum.
In value terms, lard exports stood at $8K in 2023. Overall, exports recorded a slight slump. The pace of growth was the most pronounced in 2018 with an increase of 1,956%. The exports peaked at $9.4K in 2014; however, from 2015 to 2023, the exports failed to regain momentum.
Exports By Country
Hong Kong SAR (324 kg) was the main destination for lard exports from Australia, with a approx. 100% share of total exports.
From 2014 to 2023, the average annual rate of growth in terms of volume to Hong Kong SAR was relatively modest.
From 2014 to 2023, the average annual growth rate of value to Hong Kong SAR was relatively modest.
Export Prices By Country
The average lard export price stood at $24,605 per ton in 2023, leveling off at the previous year. In general, the export price showed a resilient increase. The most prominent rate of growth was recorded in 2018 an increase of 1,792%. As a result, the export price reached the peak level of $51,221 per ton. From 2019 to 2023, the average export prices remained at a somewhat lower figure.
As there is only one major export destination, the average price level is determined by prices for Hong Kong SAR.
From 2014 to 2023, the rate of growth in terms of prices for Cambodia amounted to 0.0% per year.