ASEAN: Butter Market 2024

Butter Market Size in ASEAN

In 2022, the ASEAN butter market increased by 24% to $X, rising for the second year in a row after two years of decline. The total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +39.5% against 2020 indices. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in years to come.

Butter Production in ASEAN

In value terms, butter production shrank modestly to $X in 2022 estimated in export price. The total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +4.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 48%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Butter Exports

Exports in ASEAN

In 2022, the amount of butter exported in ASEAN rose remarkably to X tons, increasing by 14% compared with the year before. Over the period under review, exports, however, recorded a pronounced decrease. The growth pace was the most rapid in 2013 with an increase of 26%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, butter exports surged to $X in 2022. In general, exports, however, saw a noticeable setback. The most prominent rate of growth was recorded in 2013 when exports increased by 23% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia was the main exporter of butter in ASEAN, with the volume of exports reaching X tons, which was approx. 53% of total exports in 2022. Singapore (X tons) ranks second in terms of the total exports with a 27% share, followed by Thailand (16%). Indonesia (X tons) held a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +36.5%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Singapore ($X), Malaysia ($X) and Thailand ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 95% share of total exports.

Among the main exporting countries, Thailand, with a CAGR of +39.2%, 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

The export price in ASEAN stood at $X per ton in 2022, growing by 6.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2018 an increase of 30%. Over the period under review, the export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.8%), while the other leaders experienced more modest paces of growth.

Butter Imports

Imports in ASEAN

In 2022, supplies from abroad of butter increased by 26% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +5.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, butter imports soared to $X in 2022. Overall, imports continue to indicate buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia represented the largest importing country with an import of around X tons, which accounted for 44% of total imports. Singapore (X tons) took the second position in the ranking, followed by Malaysia (X tons), the Philippines (X tons) and Vietnam (X tons). All these countries together held near 50% share of total imports. Thailand (X tons) took a relatively small share of total imports.

Indonesia was also the fastest-growing in terms of the butter imports, with a CAGR of +14.6% from 2012 to 2022. At the same time, Thailand (+10.0%), the Philippines (+8.4%), Malaysia (+4.5%) and Vietnam (+4.4%) displayed positive paces of growth. By contrast, Singapore (-3.0%) illustrated a downward trend over the same period. Indonesia (+24 p.p.) and the Philippines (+2.4 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia and Singapore saw its share reduced by -1.8% and -25% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported butter in ASEAN, comprising 49% of total imports. The second position in the ranking was held by Singapore ($X), with a 19% share of total imports. It was followed by Malaysia, with a 12% share.

In Indonesia, butter imports expanded at an average annual rate of +21.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (+1.5% per year) and Malaysia (+6.5% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, increasing by 21% against the previous year. Import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter import price increased by +34.1% against 2020 indices. The pace of growth appeared the most rapid in 2017 an increase of 47%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+6.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform