Bangladesh: Cheese Market 2024

Cheese Market Size in Bangladesh

For the seventh consecutive year, the Bangladeshi cheese market recorded growth in sales value, which increased by 24% to $X in 2021. Overall, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +98.3% against 2014 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Cheese Production in Bangladesh

In value terms, cheese production rose to $X in 2021 estimated in export price. In general, the total production indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +2.6% 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 +51.0% against 2016 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 37% against the previous year. Over the period under review, production hit record highs in 2021 and is likely to continue growth in the near future.

Cheese Exports

Exports from Bangladesh

In 2021, shipments abroad of cheese increased by 67% to X tons, rising for the second consecutive year after seven years of decline. Over the period under review, exports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2020 when exports increased by 145% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, cheese exports soared to $X in 2021. In general, exports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 287%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Nigeria (X tons) was the main destination for cheese exports from Bangladesh, accounting for a 58% share of total exports. Moreover, cheese exports to Nigeria exceeded the volume sent to the second major destination, Azerbaijan (X tons), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Nigeria amounted to -23.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (0.0% per year) and Saint Vincent and the Grenadines (0.0% per year).

In value terms, Nigeria ($X) remains the key foreign market for cheese exports from Bangladesh, comprising 62% of total exports. The second position in the ranking was held by Azerbaijan ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Nigeria totaled -22.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (0.0% per year) and Saint Vincent and the Grenadines (0.0% per year).

Export Prices by Country

In 2021, the average cheese export price amounted to $X per ton, increasing by 6.6% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 58%. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saint Vincent and the Grenadines ($X per ton), while the average price for exports to Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Nigeria (+1.4%).

Cheese Imports

Imports into Bangladesh

Cheese imports into Bangladesh surged to X tons in 2021, growing by 54% compared with the previous year's figure. In general, imports saw a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, cheese imports surged to $X in 2021. Overall, imports showed resilient growth. The most prominent rate of growth was recorded in 2018 when imports increased by 57% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

New Zealand (X tons), Australia (X tons) and India (X tons) were the main suppliers of cheese imports to Bangladesh, together accounting for 44% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by New Zealand (with a CAGR of +117.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cheese suppliers to Bangladesh were New Zealand ($X), Australia ($X) and India ($X), with a combined 41% share of total imports.

In terms of the main suppliers, New Zealand, with a CAGR of +122.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cheese import price stood at $X per ton in 2021, therefore, remained relatively stable against the previous year. Over the last nine years, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2016 an increase of 30%. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+36.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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