Asia: Ghee Market 2023

Ghee Market Size in Asia

The Asian ghee market reduced to $X in 2021, falling by -6% against the previous year. The market value increased at an average annual rate of +4.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then fell in the following year.

Ghee Production in Asia

In value terms, ghee production declined to $X in 2021 estimated in export price. The total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +9.1% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 18% against the previous year. As a result, production attained the peak level of $X, and then shrank in the following year.

India (X tons) constituted the country with the largest volume of ghee production, accounting for 86% of total volume. Moreover, ghee production in India exceeded the figures recorded by the second-largest producer, Pakistan (X tons), sevenfold.

From 2012 to 2021, the average annual growth rate of volume in India stood at +2.8%.

Ghee Exports

Exports in Asia

In 2021, shipments abroad of ghee increased by 12% to X tons for the first time since 2018, thus ending a two-year declining trend. Total exports indicated a notable increase from 2012 to 2021: its volume increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 41%. As a result, the exports attained the peak of X tons; afterwards, it flattened through to 2021.

In value terms, ghee exports expanded markedly to $X in 2021. Over the period under review, exports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2018 when exports increased by 38%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

India was the major exporting country with an export of about X tons, which finished at 60% of total exports. It was distantly followed by Malaysia (X tons), generating a 14% share of total exports. The following exporters - Saudi Arabia (X tons), Israel (X tons), the United Arab Emirates (X tons), Indonesia (X tons), Syrian Arab Republic (X tons), Kazakhstan (X tons), Singapore (X tons) and China (X tons) - together made up 20% of total exports.

From 2012 to 2021, average annual rates of growth with regard to ghee exports from India stood at +10.1%. At the same time, China (+44.4%), Kazakhstan (+42.9%), Syrian Arab Republic (+38.4%), Saudi Arabia (+18.5%), Israel (+5.0%) and Malaysia (+3.0%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia, with a CAGR of +44.4% from 2012-2021. By contrast, the United Arab Emirates (-1.2%), Indonesia (-3.6%) and Singapore (-22.0%) illustrated a downward trend over the same period. While the share of India (+28 p.p.), Saudi Arabia (+2.3 p.p.), Kazakhstan (+2 p.p.), Syrian Arab Republic (+2 p.p.) and China (+1.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Indonesia (-1.7 p.p.) and Singapore (-22.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest ghee supplier in Asia, comprising 66% of total exports. The second position in the ranking was held by Malaysia ($X), with a 12% share of total exports. It was followed by Saudi Arabia, with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value in India amounted to +12.6%. In the other countries, the average annual rates were as follows: Malaysia (+5.5% per year) and Saudi Arabia (+28.5% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, declining by -4.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.8%. The most prominent rate of growth was recorded in 2017 an increase of 14%. Over the period under review, the export prices reached the peak figure at $X per ton in 2020, and then reduced in the following year.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+8.5%), while the other leaders experienced more modest paces of growth.

Ghee Imports

Imports in Asia

In 2021, supplies from abroad of ghee was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 12% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, ghee imports expanded markedly to $X in 2021. Total imports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -14.0% against 2018 indices. The most prominent rate of growth was recorded in 2017 with an increase of 55%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), the Philippines (X tons) and Vietnam (X tons) represented roughly 51% of total imports in 2021. Thailand (X tons) held the next position in the ranking, followed by Malaysia (X tons), the United Arab Emirates (X tons), Saudi Arabia (X tons) and Indonesia (X tons). All these countries together held near 30% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Philippines (with a CAGR of +4.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the Philippines ($X) and Vietnam ($X) were the countries with the highest levels of imports in 2021, together accounting for 50% of total imports.

The Philippines, with a CAGR of +11.1%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, picking up by 5.3% against the previous year. Import price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, ghee import price decreased by -12.6% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the import price increased by 55% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in the United Arab Emirates ($X per ton) and the Philippines ($X per ton), while Saudi Arabia ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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