China: Butter Market 2024

Butter Market Size in China

The Chinese butter market skyrocketed to $X in 2022, picking up by 21% against the previous year. Overall, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +19.7% against 2018 indices. Butter consumption peaked in 2022 and is expected to retain growth in the near future.

Butter Production in China

In value terms, butter production expanded modestly to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 43%. Butter production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Butter Exports

Exports from China

Butter exports from China rose markedly to X tons in 2022, with an increase of 10% against the year before. Overall, exports, however, showed a abrupt contraction. The pace of growth was the most pronounced in 2014 when exports increased by 350% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, butter exports soared to $X in 2022. In general, exports, however, saw a perceptible downturn. The pace of growth appeared the most rapid in 2014 with an increase of 293%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The Philippines (X tons) was the main destination for butter exports from China, with a 58% share of total exports. Moreover, butter exports to the Philippines exceeded the volume sent to the second major destination, South Korea (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines amounted to +15.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-24.3% per year) and Singapore (+41.1% per year).

In value terms, the Philippines ($X) remains the key foreign market for butter exports from China, comprising 62% of total exports. The second position in the ranking was taken by South Korea ($X), with a 2.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the Philippines totaled +18.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-18.3% per year) and Singapore (+32.7% per year).

Export Prices by Country

The average butter export price stood at $X per ton in 2022, with an increase of 23% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. The pace of growth was the most pronounced in 2016 an increase of 44%. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to the Philippines ($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 South Korea (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Butter Imports

Imports into China

In 2022, butter imports into China stood at X tons, increasing by 4.1% on 2021 figures. In general, imports continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 54%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, butter imports soared to $X in 2022. Over the period under review, imports recorded a significant expansion. The pace of growth was the most pronounced in 2014 when imports increased by 57%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest supplier of butter to China, accounting for a 85% share of total imports. Moreover, butter imports from New Zealand exceeded the figures recorded by the second-largest supplier, France (X tons), more than tenfold. The third position in this ranking was held by Australia (X tons), with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from New Zealand totaled +15.8%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+20.1% per year) and Australia (+1.3% per year).

In value terms, New Zealand ($X) constituted the largest supplier of butter to China, comprising 83% of total imports. The second position in the ranking was held by France ($X), with a 7% share of total imports. It was followed by the Netherlands, with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from New Zealand stood at +21.2%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+23.7% per year) and the Netherlands (+35.2% per year).

Import Prices by Country

In 2022, the average butter import price amounted to $X per ton, rising by 29% against the previous year. Overall, import price indicated a measured expansion 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, butter import price increased by +39.9% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 39%. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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