Asia-Pacific: Market for Butter And Dairy Spreads 2024

Market Size for Butter And Dairy Spreads in Asia-Pacific

The Asia-Pacific butter and dairy spreads market rose rapidly to $X in 2022, growing by 11% against the previous year. Over the period under review, consumption continues to indicate a prominent expansion. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in the immediate term.

Production of Butter And Dairy Spreads in Asia-Pacific

In value terms, butter and dairy spreads production declined modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the production volume increased by 29%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

New Zealand (X tons) constituted the country with the largest volume of butter and dairy spreads production, accounting for 88% of total volume. Moreover, butter and dairy spreads production in New Zealand exceeded the figures recorded by the second-largest producer, Australia (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume in New Zealand stood at +5.4%. The remaining producing countries recorded the following average annual rates of production growth: Australia (+1.2% per year) and India (+0.9% per year).

Exports of Butter And Dairy Spreads

Exports in Asia-Pacific

Butter and dairy spreads exports skyrocketed to X tons in 2022, jumping by 65% compared with the previous year's figure. Total exports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.0% 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 +74.8% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, butter and dairy spreads exports surged to $X in 2022. In general, exports enjoyed a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

New Zealand prevails in exports structure, accounting for X tons, which was approx. 91% of total exports in 2022. India (X tons) and Australia (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to butter and dairy spreads exports from New Zealand stood at +3.9%. At the same time, India (+34.2%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +34.2% from 2012-2022. By contrast, Australia (-12.1%) illustrated a downward trend over the same period. While the share of New Zealand (+8 p.p.) and India (+4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Australia (-10.4 p.p.) displayed negative dynamics.

In value terms, New Zealand ($X) remains the largest butter and dairy spreads supplier in Asia-Pacific, comprising 93% of total exports. The second position in the ranking was taken by India ($X), with a 3.4% share of total exports.

In New Zealand, butter and dairy spreads exports increased at an average annual rate of +10.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+33.8% per year) and Australia (-8.6% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, jumping by 16% against the previous year. Export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter and dairy spreads export price increased by +34.3% against 2020 indices. The growth pace was the most rapid in 2017 when the export price increased by 58%. Over the period under review, the export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+5.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Butter And Dairy Spreads

Imports in Asia-Pacific

Butter and dairy spreads imports expanded significantly to X tons in 2022, growing by 9.6% on the year before. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +7.5% 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 +14.6% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of 29%. The volume of import peaked in 2022 and is likely to see steady growth in the near future.

In value terms, butter and dairy spreads imports soared to $X in 2022. Overall, imports recorded a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 42% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

China was the key importer of butter and dairy spreads in Asia-Pacific, with the volume of imports amounting to X tons, which was near 37% of total imports in 2022. It was distantly followed by Australia (X tons), South Korea (X tons), Indonesia (X tons) and Taiwan (Chinese) (X tons), together achieving a 39% share of total imports. Singapore (X tons), Hong Kong SAR (X tons), Malaysia (X tons), Japan (X tons) and the Philippines (X tons) took a relatively small share of total imports.

China was also the fastest-growing in terms of the butter and dairy spreads imports, with a CAGR of +15.4% from 2012 to 2022. At the same time, South Korea (+14.8%), Indonesia (+14.1%), the Philippines (+8.4%), Malaysia (+4.6%), Australia (+3.6%), Taiwan (Chinese) (+2.9%) and Hong Kong SAR (+2.0%) displayed positive paces of growth. Japan experienced a relatively flat trend pattern. By contrast, Singapore (-3.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, South Korea and Indonesia increased by +19, +5.1 and +4.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported butter and dairy spreads in Asia-Pacific, comprising 37% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 12% share of total imports. It was followed by South Korea, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +20.6%. In the other countries, the average annual rates were as follows: Indonesia (+21.3% per year) and South Korea (+20.4% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, with an increase of 22% against the previous year. Import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter and dairy spreads import price increased by +31.5% against 2020 indices. The pace of growth was the most pronounced in 2017 when the import price increased by 42% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Indonesia ($X per ton) and Singapore ($X per ton), while Taiwan (Chinese) ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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