Dominican Republic: Butter Market 2024

Butter Market Size in the Dominican Republic

The Dominican butter market contracted slightly to $X in 2022, standing approx. at the previous year. In general, consumption, however, showed a prominent increase. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Butter Production in the Dominican Republic

In value terms, butter production rose sharply to $X in 2022 estimated in export price. Overall, production, however, posted buoyant growth. The most prominent rate of growth was recorded in 2014 with an increase of 192%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Butter Exports

Exports from the Dominican Republic

In 2022, shipments abroad of butter was finally on the rise to reach X tons after two years of decline. Over the period under review, exports posted a strong increase. The most prominent rate of growth was recorded in 2019 when exports increased by 2,017%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, butter exports skyrocketed to $X in 2022. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 1,140%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for butter exports from the Dominican Republic, accounting for a 84% share of total exports. Moreover, butter exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), more than tenfold. The third position in this ranking was held by Russia (X tons), with a 3.4% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +47.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+23.0% per year) and Russia (+138.8% per year).

In value terms, the United States ($X) emerged as the key foreign market for butter exports from the Dominican Republic, comprising 61% of total exports. The second position in the ranking was held by Spain ($X), with an 11% share of total exports. It was followed by Poland, with a 9.6% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +49.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+21.4% per year) and Poland (+387.5% per year).

Export Prices by Country

The average butter export price stood at $X per ton in 2022, which is down by -33.1% against the previous year. In general, the export price, however, enjoyed a strong increase. The growth pace was the most rapid in 2013 when the average export price increased by 201%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then reduced dramatically in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Poland ($X per ton), while the average price for exports to Russia ($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 Poland (+56.1%), while the prices for the other major destinations experienced more modest paces of growth.

Butter Imports

Imports into the Dominican Republic

In 2022, overseas purchases of butter decreased by -17.8% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, saw a remarkable increase. The growth pace was the most rapid in 2014 with an increase of 208%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, butter imports expanded notably to $X in 2022. Overall, imports, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2014 with an increase of 253% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

France (X tons), Germany (X tons) and Poland (X tons) were the main suppliers of butter imports to the Dominican Republic, with a combined 82% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +79.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Germany ($X) and Poland ($X) appeared to be the largest butter suppliers to the Dominican Republic, with a combined 80% share of total imports.

Poland, with a CAGR of +116.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average butter import price amounted to $X per ton, picking up by 39% against the previous year. Over the period under review, the import price recorded a remarkable increase. The growth pace was the most rapid in 2018 an increase of 64%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Spain ($X per ton) and the United States ($X per ton), while the price for Poland ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+20.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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