Asia
In the first quarter of 2025, tallow prices in Asia remained elevated, driven largely by strong demand from the biofuel sector, particularly in countries like China and South Korea. These regions continued to rely heavily on imported tallow for biodiesel production, and with global supply constrained, prices stayed high.
While there was also demand from the food sector, it was the biofuel industry that remained the key driver, pushing up the cost of tallow in the Asian market.
Europe
Similar to Asia, tallow prices in Europe stayed elevated in Q1’25. The European market had increasingly shifted towards using tallow for biofuel production, particularly in countries with aggressive renewable energy policies. As demand for biofuels grew, so too did the competition for tallow, keeping prices above historical averages. Although there was some level of local tallow production, Europe remained reliant on imports, adding further upward pressure on prices during the quarter.
North America
In North America, the first quarter of 2025 saw tallow prices remaining high, primarily due to the ongoing demand for biofuels in both the U.S. and Canada. The use of tallow in biofuel production had been increasing, with industries in both countries working to meet renewable energy goals. Given the global competition for tallow, especially from biofuel sectors in the U.S., prices stayed strong. Domestic production struggled to keep up with demand, which further elevated the cost of tallow in the North American market.
Analyst Insight
According to Procurement Resource, the future outlook for Tallow prices remains bullish, with strong demand from the biofuel industry likely to continue driving prices higher, while limited supply may keep the market tight through 2025.
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Asia
In 2024, tallow prices in Asia remained elevated, driven by strong demand from biofuel industries, particularly in countries like China and South Korea. Although these countries' demand made up a smaller portion of Australia’s exports, their contribution to the overall price trend was still notable.
The biofuel sector in Asia continued to grow, with tallow being a key ingredient for the production of biodiesel. As a result, importers in the region were paying higher prices throughout the year, as global tallow supply remained tight. While the food sector's demand for tallow was relatively stable, the biofuels boom kept prices above historical averages, resulting in a higher cost of tallow for Asian manufacturers.
Europe
Europe saw a similar upward trend in tallow prices in 2024, with the biofuel market also driving demand. The growing interest in sustainable energy sources pushed the demand for animal by-products like tallow, which is used in the production of biofuels. European countries, particularly those with advanced renewable energy policies, became major players in the market. Prices in Europe reflected the global scarcity and strong international competition for tallow. As demand surged, especially in biofuel production, the price of tallow rose significantly compared to previous years, impacting the cost structure for industries reliant on this product.
North America
In North America, tallow prices also surged in 2024, largely due to the increasing demand from the biofuels sector. The U.S. and Canada were key importers of Australian tallow, with biofuel production in both countries expanding rapidly. The U.S., in particular, showed a growing interest in converting tallow into various biofuels such as diesel and jet fuel, contributing to a steady rise in prices. This growth in demand led to a competitive market for tallow, which pushed prices to levels significantly above historical norms. The high price environment was especially evident in the latter half of the year, as domestic supply struggled to meet the soaring demand.
Tallow is the procured form of beef or mutton fat. It is made up of triglycerides. Tallow can be stored for longer periods, without the need of a refrigerator, keeping the fact in mind that it is stored in an airtight container so that its oxidation can be prevented. Tallow is characterised as tasteless and odourless.
Soap, Food and Beverages, Emollient in Cosmetics, Animal Feed, Biodiesel, Aviation Fuel, Printing, Lubrication, Medicine
Cargill Inc, Wilmar International Ltd, Bunge Limited
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In order to produce Tallow Fat, the process of rendering takes place. The tallow fat is rendered from mutton or beef. The mutton or beef are chopped into small pieces and the tallow fat is then rendered-off in a container at around 100°C temperature. It takes around hour and a half for the whole process to complete.
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