New Zealand: Butter Market 2024

Butter Market Size in New Zealand

After two years of growth, the New Zealand butter market decreased by X% to $X in 2022. Overall, consumption, however, continues to indicate a remarkable increase. Butter consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Butter Production in New Zealand

In value terms, butter production declined modestly to $X in 2022 estimated in export price. Overall, the total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by X% against the previous year. Butter production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Butter Exports

Exports from New Zealand

In 2022, the amount of butter exported from New Zealand reached X tons, picking up by X% compared with the previous year. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, butter exports soared to $X in 2022. Over the period under review, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

China (X tons) was the main destination for butter exports from New Zealand, with a X% share of total exports. Moreover, butter exports to China exceeded the volume sent to the second major destination, Australia (X tons), threefold. Saudi Arabia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Saudi Arabia (X% per year).

In value terms, China ($X) remains the key foreign market for butter exports from New Zealand, comprising X% of total exports. The second position in the ranking was taken by Australia ($X), with a X% share of total exports. It was followed by Saudi Arabia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

In 2022, the average butter export price amounted to $X per ton, growing by X% against the previous year. In general, export price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by X%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Indonesia ($X per ton) and the United States ($X per ton), while the average price for exports to Canada ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Butter Imports

Imports into New Zealand

In 2022, supplies from abroad of butter increased by X% to X tons, rising for the fourth year in a row after two years of decline. Over the period under review, imports enjoyed a notable expansion. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, butter imports skyrocketed to $X in 2022. Overall, imports continue to indicate a resilient increase. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of butter to New Zealand, accounting for a X% share of total imports. Moreover, butter imports from India exceeded the figures recorded by the second-largest supplier, Ireland (X tons), twofold. The third position in this ranking was taken by Denmark (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (X% per year) and Denmark (X% per year).

In value terms, India ($X), Ireland ($X) and Denmark ($X) were the largest butter suppliers to New Zealand, together accounting for X% of total imports.

India, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average butter import price stood at $X per ton in 2022, jumping by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. Over the period under review, average import prices hit record highs at $X per ton in 2017; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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