Azerbaijan: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in Azerbaijan

The Azerbaijani margarine and shortening market amounted to $X in 2022, surging by 7.3% against the previous year. In general, consumption posted a strong increase. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Margarine And Shortening Production in Azerbaijan

In value terms, margarine and shortening production totaled $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 8% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Margarine And Shortening Exports

Exports from Azerbaijan

In 2022, shipments abroad of margarine and shortening decreased by -32.3% to X tons, falling for the second year in a row after three years of growth. In general, exports continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2019 when exports increased by 21% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, margarine and shortening exports declined to $X in 2022. Overall, exports continue to indicate a precipitous descent. The pace of growth appeared the most rapid in 2019 with an increase of 28% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Georgia (X tons) was the main destination for margarine and shortening exports from Azerbaijan, accounting for a approx. 98% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Georgia was relatively modest.

In value terms, Georgia ($X) also remains the key foreign market for margarine and shortening exports from Azerbaijan.

From 2012 to 2022, the average annual rate of growth in terms of value to Georgia amounted to +2.0%.

Export Prices by Country

In 2022, the average margarine and shortening export price amounted to $X per ton, with an increase of 35% against the previous year. In general, the export price, however, recorded a slight contraction. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Georgia.

From 2012 to 2022, the rate of growth in terms of prices for Georgia amounted to +2.7% per year.

Margarine And Shortening Imports

Imports into Azerbaijan

In 2022, after two years of decline, there was significant growth in supplies from abroad of margarine and shortening, when their volume increased by 14% to X tons. Over the period under review, imports saw a buoyant increase. The pace of growth appeared the most rapid in 2014 with an increase of 99% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, margarine and shortening imports surged to $X in 2022. Overall, imports recorded a prominent increase. The pace of growth was the most pronounced in 2014 with an increase of 140%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, Russia (X tons) constituted the largest margarine and shortening supplier to Azerbaijan, accounting for a 87% share of total imports. Moreover, margarine and shortening imports from Russia exceeded the figures recorded by the second-largest supplier, Kazakhstan (X tons), more than tenfold. Ukraine (X tons) ranked third in terms of total imports with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia totaled +16.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Kazakhstan (+59.9% per year) and Ukraine (-13.8% per year).

In value terms, Russia ($X) constituted the largest supplier of margarine and shortening to Azerbaijan, comprising 86% of total imports. The second position in the ranking was held by Kazakhstan ($X), with a 4.9% share of total imports. It was followed by Ukraine, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia stood at +27.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Kazakhstan (+78.4% per year) and Ukraine (-9.2% per year).

Import Prices by Country

In 2022, the average margarine and shortening import price amounted to $X per ton, jumping by 24% against the previous year. In general, import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, margarine and shortening import price increased by +63.1% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 29% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Ukraine ($X per ton) and Turkey ($X per ton), while the price for Kazakhstan ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+11.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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