Global Ghee Market 2023

Ghee Market Size

The global ghee market shrank to $X in 2021, reducing by -6.5% against the previous year. The market value increased at an average annual rate of +4.6% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market attained the peak level at $X in 2020, and then reduced in the following year.

Ghee Production

In value terms, ghee production declined to $X in 2021 estimated in export price. Overall, the total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.3% 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 +8.1% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 17% against the previous year. Global production peaked at $X in 2020, and then fell in the following year.

India (X tons) remains the largest ghee producing country worldwide, accounting for 76% of total volume. Moreover, ghee production in India exceeded the figures recorded by the second-largest producer, Pakistan (X tons), sevenfold. The third position in this ranking was taken by New Zealand (X tons), with a 6.9% share.

From 2012 to 2021, the average annual growth rate of volume in India amounted to +2.8%. The remaining producing countries recorded the following average annual rates of production growth: Pakistan (+4.2% per year) and New Zealand (+1.3% per year).

Ghee Exports

Exports

After two years of decline, shipments abroad of ghee increased by 20% to X tons in 2021. The total export volume increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, ghee exports skyrocketed to $X in 2021. In general, total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The global exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

New Zealand was the main exporting country with an export of around X tons, which accounted for 54% of total exports. The Netherlands (X tons) ranks second in terms of the total exports with a 14% share, followed by Belgium (5.1%) and Germany (4.9%). The following exporters - France (X tons), the UK (X tons), India (X tons), the United States (X tons) and Spain (X tons) - together made up 15% of total exports.

Exports from New Zealand increased at an average annual rate of +2.7% from 2012 to 2021. At the same time, the United States (+16.7%), India (+10.1%), Spain (+8.2%), Germany (+5.0%) and the Netherlands (+2.4%) displayed positive paces of growth. Moreover, the United States emerged as the fastest-growing exporter exported in the world, with a CAGR of +16.7% from 2012-2021. Belgium and the UK experienced a relatively flat trend pattern. By contrast, France (-1.2%) illustrated a downward trend over the same period. New Zealand (+4.4 p.p.) and the United States (+1.9 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, New Zealand ($X) remains the largest ghee supplier worldwide, comprising 52% of global exports. The second position in the ranking was taken by the Netherlands ($X), with a 15% share of global exports. It was followed by Belgium, with a 5.7% share.

From 2012 to 2021, the average annual growth rate of value in New Zealand totaled +8.3%. In the other countries, the average annual rates were as follows: the Netherlands (+5.0% per year) and Belgium (+0.9% per year).

Export Prices by Country

In 2021, the average ghee export price amounted to $X per ton, surging by 12% against the previous year. Over the period under review, export price indicated a pronounced expansion from 2012 to 2021: its price 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, ghee export price decreased by -13.2% against 2018 indices. The pace of growth was the most pronounced in 2017 an increase of 50%. The global export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+5.5%), while the other global leaders experienced more modest paces of growth.

Ghee Imports

Imports

Global ghee imports rose notably to X tons in 2021, growing by 6.8% compared with the previous year. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 14% against the previous year. Over the period under review, global imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, ghee imports skyrocketed to $X in 2021. Overall, total imports indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -20.0% against 2018 indices. The most prominent rate of growth was recorded in 2017 with an increase of 30% against the previous year. Over the period under review, global imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Belgium (X tons), Italy (X tons), China (X tons), France (X tons), the Philippines (X tons), Germany (X tons), Vietnam (X tons), Poland (X tons), the United States (X tons), the Netherlands (X tons), Thailand (X tons) and Malaysia (X tons) represented the largest importer of ghee in the world, mixing up 62% of total import. The UK (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Poland (with a CAGR of +15.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest ghee importing markets worldwide were Belgium ($X), Italy ($X) and China ($X), with a combined 28% share of global imports. These countries were followed by France, the Philippines, Germany, Vietnam, Poland, the Netherlands, Thailand, Malaysia, the UK and the United States, which together accounted for a further 37%.

Poland, with a CAGR of +13.6%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average ghee import price amounted to $X per ton, growing by 9.2% against the previous year. In general, import price indicated a notable expansion from 2012 to 2021: its price 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. Based on 2021 figures, ghee import price decreased by -16.0% against 2018 indices. The most prominent rate of growth was recorded in 2017 an increase of 48% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Italy ($X per ton), while the United States ($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 Philippines (+6.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :