Price for Butter and Other Fats and Oils Derived from Milk in Ireland - 2023
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in Ireland (FOB) - 2023
- Price for Butter and Other Fats and Oils Derived from Milk in Ireland (CIF) - 2023
- Exports of Butter and Other Fats and Oils Derived from Milk in Ireland
- Imports of Butter and Other Fats and Oils Derived from Milk in Ireland
Price for Butter and Other Fats and Oils Derived from Milk in Ireland (FOB) - 2023
In November 2023, the average export price for butter and other fats and oils derived from milk amounted to $5,814 per ton, leveling off at the previous month. Overall, the export price, however, continues to indicate a mild curtailment. The most prominent rate of growth was recorded in August 2023 when the average export price increased by 10% against the previous month. Over the period under review, the average export prices hit record highs at $7,507 per ton in January 2023; however, from February 2023 to November 2023, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major overseas markets. In November 2023, the country with the highest price was France ($10,147 per ton), while the average price for exports to Thailand ($2,141 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to France (+3.1%), while the prices for the other major destinations experienced a decline.
Price for Butter and Other Fats and Oils Derived from Milk in Ireland (CIF) - 2023
In November 2023, the average import price for butter and other fats and oils derived from milk amounted to $5,777 per ton, with an increase of 9.9% against the previous month. Overall, the import price, however, recorded a noticeable decrease. The pace of growth appeared the most rapid in April 2023 an increase of 46% against the previous month. As a result, import price attained the peak level of $7,807 per ton. From May 2023 to November 2023, the average import prices remained at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was the UK ($7,882 per ton), while the price for Poland ($2,292 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by the UK (+0.9%), while the prices for the other major suppliers experienced a decline.
Exports of Butter and Other Fats and Oils Derived from Milk in Ireland
In 2022, overseas shipments of butter and other fats and oils derived from milk decreased by -15.9% to 240K tons, falling for the second year in a row after two years of growth. Over the period under review, exports saw a pronounced decrease. The most prominent rate of growth was recorded in 2020 when exports increased by 11%. As a result, the exports attained the peak of 301K tons. From 2021 to 2022, the growth of the exports of remained at a somewhat lower figure.
In value terms, exports of butter and other fats and oils derived from milk skyrocketed to $1.6B in 2022. The total export value increased at an average annual rate of +8.1% from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
| Export of Butter and Other Fats and Oils Derived from Milk in Ireland (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Netherlands | 328 | 295 | 421 | 414 | 8.1% |
| United Kingdom | 257 | 188 | 168 | 308 | 6.2% |
| United States | 218 | 217 | 237 | 293 | 10.4% |
| Germany | 144 | 167 | 206 | 182 | 8.1% |
| France | 86.0 | 71.5 | 107 | 178 | 27.4% |
| Belgium | 118 | 78.6 | 36.6 | 110 | -2.3% |
| Poland | 4.4 | 5.9 | 14.4 | 19.6 | 64.5% |
| Others | 125 | 133 | 119 | 114 | -3.0% |
| Total | 1,280 | 1,156 | 1,309 | 1,618 | 8.1% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from Ireland in 2022:
- Netherlands (67.9K tons)
- United Kingdom (47.7K tons)
- United States (31.5K tons)
- Germany (29.1K tons)
- France (27.3K tons)
- Belgium (14.6K tons)
- Poland (3.9K tons)
Imports of Butter and Other Fats and Oils Derived from Milk in Ireland
In 2022, after three years of growth, there was significant decline in overseas purchases of butter and other fats and oils derived from milk, when their volume decreased by -24.4% to 17K tons. Over the period under review, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 290% against the previous year.
In value terms, imports of butter and other fats and oils derived from milk reduced to $79M in 2022. In general, imports, however, posted a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 270%.
| Import of Butter and Other Fats and Oils Derived from Milk in Ireland (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | 18.1 | 19.8 | 18.8 | 37.7 | 27.7% |
| Netherlands | 0.1 | 55.6 | 66.7 | 37.5 | 621.1% |
| Belgium | 1.2 | 0.8 | 0.6 | 1.6 | 10.1% |
| Others | 1.7 | 1.9 | 1.7 | 2.2 | 9.0% |
| Total | 21.1 | 78.1 | 87.9 | 79.0 | 55.3% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to Ireland in 2022:
- Netherlands (9.8K tons)
- United Kingdom (5.8K tons)
- Belgium (0.6K tons)
672
This report provides an in-depth analysis of the butter and ghee market in Ireland.
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This report provides an in-depth analysis of the market for butter and dairy spreads in Ireland.
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This report provides an in-depth analysis of the global butter and ghee market.
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This report provides an in-depth analysis of the global ghee market.
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This report provides an in-depth analysis of the global butter market.
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The market of butter and ghee fluctuated wildly, finally rising from X billion USD in 2007 to X billion USD in 2015. Over the last year, the market dropped by X% in value terms.
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This year global butter production is anticipated to keep up with ha last year, amounting to 5.6M tons. The EU is forecast to decrease butter exports due to a slight drop in production amid an increase in demand. Butter exports from New Zealand are not forecast to grow due to increased competition with UHT cream for food service being increasingly in demand.
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