U.S.: Butter And Ghee Market 2023

Butter And Ghee Market Size in the U.S.

The U.S. butter and ghee market amounted to $X in 2021, with an increase of 2.5% against the previous year. The market value increased at an average annual rate of +3.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Butter And Ghee Production in the U.S.

In value terms, butter and ghee production rose notably to $X in 2021. The total output value increased at an average annual rate of +3.2% 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 2016 when the production volume increased by 16%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Butter And Ghee Exports

Exports from the U.S.

In 2021, overseas shipments of butter and ghee increased by 114% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports saw modest growth. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, butter and ghee exports soared to $X in 2021. Over the period under review, exports showed a tangible expansion. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Canada (X tons) was the main destination for butter and ghee exports from the United States, accounting for a 30% share of total exports. Moreover, butter and ghee exports to Canada exceeded the volume sent to the second major destination, Bahrain (X tons), threefold. The third position in this ranking was held by Saudi Arabia (X tons), with an 8.5% share.

From 2012 to 2021, the average annual growth rate of volume to Canada totaled +26.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (+24.3% per year) and Saudi Arabia (-12.6% per year).

In value terms, Canada ($X) remains the key foreign market for butter and ghee exports from the United States, comprising 33% of total exports. The second position in the ranking was held by Bahrain ($X), with a 10% share of total exports. It was followed by Saudi Arabia, with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Canada amounted to +27.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (+23.2% per year) and Saudi Arabia (-11.4% per year).

Export Prices by Country

In 2021, the average butter and ghee export price amounted to $X per ton, stabilizing at the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average export price increased by 9.5% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Canada ($X per ton), while the average price for exports to China ($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 Australia (+2.5%), while the prices for the other major destinations experienced more modest paces of growth.

Butter And Ghee Imports

Imports into the U.S.

In 2021, after three years of growth, there was significant decline in purchases abroad of butter and ghee, when their volume decreased by -7.9% to X tons. Over the period under review, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2019 with an increase of 70%. Imports peaked at X tons in 2020, and then declined in the following year.

In value terms, butter and ghee imports expanded markedly to $X in 2021. Overall, imports, however, continue to indicate prominent growth. The growth pace was the most rapid in 2015 when imports increased by 63%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Ireland (X tons) constituted the largest supplier of butter and ghee to the United States, accounting for a 58% share of total imports. Moreover, butter and ghee imports from Ireland exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), threefold. India (X tons) ranked third in terms of total imports with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Ireland stood at +36.6%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+0.4% per year) and India (+40.3% per year).

In value terms, Ireland ($X) constituted the largest supplier of butter and ghee to the United States, comprising 71% of total imports. The second position in the ranking was held by New Zealand ($X), with a 13% share of total imports. It was followed by France, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Ireland stood at +40.8%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+3.3% per year) and France (+19.3% per year).

Import Prices by Country

The average butter and ghee import price stood at $X per ton in 2021, growing by 15% against the previous year. Over the period under review, import price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 an increase of 28%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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