Asia: Butter And Ghee Market 2023

Butter And Ghee Market Size in Asia

The Asian butter and ghee market reduced to $X in 2021, declining by -5.4% against the previous year. The market value increased at an average annual rate of +3.9% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X, and then shrank in the following year.

Butter And Ghee Production in Asia

In value terms, butter and ghee production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when the production volume increased by 20%. As a result, production reached the peak level of $X, and then fell in the following year.

Butter And Ghee Exports

Exports in Asia

In 2021, exports of butter and ghee in Asia soared to X tons, jumping by 24% against the previous year's figure. In general, exports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 67%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, butter and ghee exports soared to $X in 2021. Over the period under review, exports recorded a resilient expansion. The growth pace was the most rapid in 2017 with an increase of 75%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

India was the major exporting country with an export of around X tons, which resulted at 34% of total exports. Saudi Arabia (X tons) ranks second in terms of the total exports with an 18% share, followed by Malaysia (8.2%), Kyrgyzstan (6.4%), Kazakhstan (6.1%) and Turkey (5.4%). The following exporters - China (X tons), Singapore (X tons), Iran (X tons), the United Arab Emirates (X tons) and Hong Kong SAR (X tons) - together made up 13% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Kazakhstan (with a CAGR of +63.2%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X) remains the largest butter and ghee supplier in Asia, comprising 39% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with an 18% share of total exports. It was followed by Malaysia, with a 7.1% share.

In India, butter and ghee exports expanded at an average annual rate of +15.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+20.6% per year) and Malaysia (+3.3% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, shrinking by -2.1% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.3%. The most prominent rate of growth was recorded in 2020 when the export price increased by 44% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was India ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+10.3%), while the other leaders experienced more modest paces of growth.

Butter And Ghee Imports

Imports in Asia

In 2021, butter and ghee imports in Asia totaled X tons, increasing by 1.7% on the previous year. The total import volume increased at an average annual rate of +2.2% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 16% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, butter and ghee imports rose markedly to $X in 2021. Total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 31% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the largest importer of butter and ghee, achieving 25% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with a 9.6% share, followed by Iran (5.6%) and the Philippines (5.5%). Vietnam (X tons), Taiwan (Chinese) (X tons), the United Arab Emirates (X tons), Malaysia (X tons), Indonesia (X tons), South Korea (X tons), Singapore (X tons), Azerbaijan (X tons) and Bahrain (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the butter and ghee imports, with a CAGR of +11.7% from 2012 to 2021. At the same time, South Korea (+11.5%), Bahrain (+8.9%), the Philippines (+4.8%), Azerbaijan (+3.8%), Vietnam (+3.8%), Indonesia (+3.7%), Malaysia (+3.5%), Taiwan (Chinese) (+2.7%) and the United Arab Emirates (+1.6%) displayed positive paces of growth. By contrast, Saudi Arabia (-1.2%), Singapore (-3.2%) and Iran (-7.5%) illustrated a downward trend over the same period. While the share of China (+14 p.p.) and South Korea (+2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Singapore (-2.3 p.p.), Saudi Arabia (-3.4 p.p.) and Iran (-8.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported butter and ghee in Asia, comprising 25% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 9.1% share of total imports. It was followed by the Philippines, with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China totaled +14.6%. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+1.6% per year) and the Philippines (+10.7% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, increasing by 7.3% against the previous year. Over the last nine years, it increased at an average annual rate of +2.9%. The pace of growth was the most pronounced in 2017 when the import price increased by 38% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Indonesia ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Azerbaijan (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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