Belgium: Ghee Market 2024

Ghee Market Size in Belgium

The Belgian ghee market fell to $X in 2022, waning by -2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw a buoyant expansion. Ghee consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Ghee Exports

Exports from Belgium

Ghee exports from Belgium fell significantly to X tons in 2022, reducing by -15.2% compared with the previous year. Overall, exports showed a perceptible decline. The most prominent rate of growth was recorded in 2013 when exports increased by 22%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, ghee exports surged to $X in 2022. The total export value increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when exports increased by 43%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

France (X tons), Germany (X tons) and Italy (X tons) were the main destinations of ghee exports from Belgium, with a combined 60% share of total exports. The Netherlands, Spain, Indonesia, Kuwait, China, Poland and the UK lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +41.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X) remains the key foreign market for ghee exports from Belgium, comprising 32% of total exports. The second position in the ranking was held by Italy ($X), with a 15% share of total exports. It was followed by Germany, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to France totaled +3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-0.5% per year) and Germany (-0.8% per year).

Export Prices by Country

The average ghee export price stood at $X per ton in 2022, growing by 39% against the previous year. Over the period under review, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee export price increased by +53.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 61% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (+5.8%), while the prices for the other major destinations experienced more modest paces of growth.

Ghee Imports

Imports into Belgium

Ghee imports into Belgium declined markedly to X tons in 2022, which is down by -16.9% compared with the previous year. Over the period under review, total imports indicated a modest increase from 2012 to 2022: its volume increased at an average annual rate of +1.1% 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 +7.4% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 61% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, ghee imports expanded markedly to $X in 2022. In general, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +62.7% against 2020 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 77%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The Netherlands (X tons), Ireland (X tons) and Germany (X tons) were the main suppliers of ghee imports to Belgium, with a combined 73% share of total imports. France, Denmark, Spain, New Zealand and the UK lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +19.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest ghee suppliers to Belgium were Ireland ($X), the Netherlands ($X) and France ($X), with a combined 71% share of total imports. Germany, Denmark, Spain, New Zealand and the UK lagged somewhat behind, together comprising a further 27%.

In terms of the main suppliers, Denmark, with a CAGR of +29.6%, saw 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 ghee import price stood at $X per ton in 2022, growing by 35% against the previous year. Overall, import price indicated perceptible growth 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, ghee import price increased by +51.6% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 66% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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