Asia: Butter Market 2024

Butter Market Size in Asia

The Asian butter market rose rapidly to $X in 2022, surging by 5.2% against the previous year. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 9%. The level of consumption peaked in 2022 and is expected to retain growth in the near future.

Butter Production in Asia

In value terms, butter production stood at $X in 2022 estimated in export price. Over the period under review, production, however, saw a mild descent. The pace of growth was the most pronounced in 2019 when the production volume increased by 16%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Butter Exports

Exports in Asia

In 2022, shipments abroad of butter increased by 82% to X tons, rising for the second year in a row after two years of decline. Overall, exports recorded a strong increase. The pace of growth was the most pronounced in 2015 when exports increased by 136%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, butter exports soared to $X in 2022. In general, exports saw a buoyant expansion. The growth pace was the most rapid in 2015 with an increase of 163% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, India (X tons), distantly followed by Turkey (X tons), Kyrgyzstan (X tons), Kazakhstan (X tons), the United Arab Emirates (X tons), Armenia (X tons) and Saudi Arabia (X tons) represented the largest exporters of butter, together mixing up 83% of total exports.

From 2012 to 2022, the biggest increases were recorded for Kazakhstan (with a CAGR of +63.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Turkey ($X) and Kazakhstan ($X) constituted the countries with the highest levels of exports in 2022, together comprising 64% of total exports.

In terms of the main exporting countries, Kazakhstan, with a CAGR of +66.0%, recorded the highest growth rate of 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 2022, the export price in Asia amounted to $X per ton, increasing by 7.9% against the previous year. Over the last decade, it increased at an average annual rate of +4.3%. The pace of growth was the most pronounced in 2017 an increase of 27%. Over the period under review, the export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

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 Kazakhstan ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+7.1%), while the other leaders experienced mixed trends in the export price figures.

Butter Imports

Imports in Asia

In 2022, butter imports in Asia rose notably to X tons, with an increase of 12% on the year before. The total import volume increased at an average annual rate of +3.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 21% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, butter imports surged to $X in 2022. Total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +42.1% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China was the main importing country with an import of about X tons, which reached 27% of total imports. It was distantly followed by Saudi Arabia (X tons), Indonesia (X tons), Bahrain (X tons), South Korea (X tons) and Azerbaijan (X tons), together mixing up a 34% share of total imports. Taiwan (Chinese) (X tons), the United Arab Emirates (X tons), Singapore (X tons), Hong Kong SAR (X tons), Malaysia (X tons), Japan (X tons) and the Philippines (X tons) held a minor share of total imports.

Imports into China increased at an average annual rate of +15.4% from 2012 to 2022. At the same time, South Korea (+18.2%), Bahrain (+15.7%), Indonesia (+14.6%), Azerbaijan (+10.9%), the Philippines (+8.4%), the United Arab Emirates (+5.2%), Malaysia (+4.5%), Taiwan (Chinese) (+2.7%) and Hong Kong SAR (+1.9%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia, with a CAGR of +18.2% from 2012-2022. Japan experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-1.3%) and Singapore (-3.0%) illustrated a downward trend over the same period. China (+18 p.p.), Indonesia (+4.9 p.p.), South Korea (+4.4 p.p.), Bahrain (+4.3 p.p.) and Azerbaijan (+2.3 p.p.) significantly strengthened its position in terms of the total imports, while Singapore and Saudi Arabia saw its share reduced by -2.7% and -5.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported butter in Asia, comprising 28% of total imports. The second position in the ranking was held by Indonesia ($X), with a 9.6% share of total imports. It was followed by Saudi Arabia, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +20.6%. In the other countries, the average annual rates were as follows: Indonesia (+21.7% per year) and Saudi Arabia (+1.1% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, picking up by 16% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.4%. The most prominent rate of growth was recorded in 2017 when the import price increased by 33%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

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 ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+6.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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