China: Ghee Market 2023

Ghee Market Size in China

The Chinese ghee market totaled $X in 2021, growing by 15% 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). Overall, consumption posted a resilient increase. Over the period under review, the market reached the peak level in 2021 and is likely to see steady growth in the near future.

Ghee Exports

Exports from China

In 2021, shipments abroad of ghee was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 2,247%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, ghee exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 1,760% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The Philippines (X tons), Guatemala (X tons) and Bangladesh (X tons) were the main destinations of ghee exports from China, together comprising 88% of total exports.

From 2012 to 2021, the biggest increases were in Bangladesh (with a CAGR of +927.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for ghee exported from China were the Philippines ($X), Guatemala ($X) and Bangladesh ($X), with a combined 86% share of total exports.

In terms of the main countries of destination, Bangladesh, with a CAGR of +767.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average ghee export price amounted to $X per ton, rising by 13% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 27%. The export price peaked in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was South Korea ($X per ton), while the average price for exports to Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+8.4%), while the prices for the other major destinations experienced more modest paces of growth.

Ghee Imports

Imports into China

In 2021, ghee imports into China stood at X tons, with an increase of 12% on the year before. Overall, total imports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +40.1% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 54%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, ghee imports skyrocketed to $X in 2021. In general, imports saw strong growth. The pace of growth was the most pronounced in 2017 with an increase of 112%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, New Zealand (X tons) constituted the largest ghee supplier to China, with a 90% share of total imports. Moreover, ghee imports from New Zealand exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. The third position in this ranking was held by the Netherlands (X tons), with a 2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from New Zealand stood at +2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+136.4% per year) and the Netherlands (+135.0% per year).

In value terms, New Zealand ($X) constituted the largest supplier of ghee to China, comprising 88% of total imports. The second position in the ranking was held by the United States ($X), with a 4.7% share of total imports. It was followed by Belgium, with a 2.3% share.

From 2012 to 2021, the average annual growth rate of value from New Zealand totaled +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+124.1% per year) and Belgium (+4.4% per year).

Import Prices by Country

In 2021, the average ghee import price amounted to $X per ton, increasing by 6.7% against the previous year. In general, import price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +3.3% 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 -20.3% against 2018 indices. The most prominent rate of growth was recorded in 2017 an increase of 51%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from Belgium ($X per ton) and the Netherlands ($X per ton), while the price for New Zealand ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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