Eastern Europe: Butter Market 2024

Butter Market Size in Eastern Europe

The East European butter market dropped modestly to $X in 2022, waning by -3.5% against the previous year. The market value increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2021, and then declined modestly in the following year.

Butter Production in Eastern Europe

In value terms, butter production declined slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 49%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Butter Exports

Exports in Eastern Europe

In 2022, butter exports in Eastern Europe soared to X tons, picking up by 16% on the year before. Total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, butter exports skyrocketed to $X in 2022. Overall, exports saw strong growth. The growth pace was the most rapid in 2017 with an increase of 56%. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Exports by Country

Poland (X tons) and Belarus (X tons) prevails in exports structure, together constituting 84% of total exports. It was distantly followed by Ukraine (X tons), creating a 7.4% share of total exports. The following exporters - Lithuania (X tons), the Czech Republic (X tons) and Russia (X tons) - each finished at a 6% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Ukraine (with a CAGR of +39.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest butter supplying countries in Eastern Europe were Poland ($X), Belarus ($X) and Ukraine ($X), with a combined 92% share of total exports.

Ukraine, with a CAGR of +43.8%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2022, rising by 27% against the previous year. Export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter export price increased by +47.5% against 2020 indices. The pace of growth appeared the most rapid in 2017 an increase of 43% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while Russia ($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 Czech Republic (+6.1%), while the other leaders experienced more modest paces of growth.

Butter Imports

Imports in Eastern Europe

In 2022, supplies from abroad of butter decreased by -4.6% to X tons for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +2.6% 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 2019 when imports increased by 23%. Over the period under review, imports hit record highs at X tons in 2021, and then fell modestly in the following year.

In value terms, butter imports expanded notably to $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value 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, imports increased by +118.5% against 2015 indices. The pace of growth appeared the most rapid in 2017 with an increase of 41% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Russia prevails in imports structure, recording X tons, which was near 54% of total imports in 2022. It was distantly followed by the Czech Republic (X tons), Poland (X tons), Romania (X tons) and Slovakia (X tons), together constituting a 33% share of total imports. The following importers - Bulgaria (X tons) and Hungary (X tons) - each amounted to a 5.6% share of total imports.

Russia experienced a relatively flat trend pattern with regard to volume of imports of butter. At the same time, Romania (+17.4%), Poland (+8.7%), Slovakia (+4.5%), Bulgaria (+2.9%), Hungary (+1.8%) and the Czech Republic (+1.6%) displayed positive paces of growth. Moreover, Romania emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +17.4% from 2012-2022. From 2012 to 2022, the share of Romania and Poland increased by +5.7 and +4.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) constitutes the largest market for imported butter in Eastern Europe, comprising 45% of total imports. The second position in the ranking was held by the Czech Republic ($X), with a 13% share of total imports. It was followed by Poland, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in Russia amounted to +2.6%. In the other countries, the average annual rates were as follows: the Czech Republic (+6.8% per year) and Poland (+12.0% per year).

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2022, surging by 13% against the previous year. Import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.3% 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 +27.9% against 2020 indices. The pace of growth was the most pronounced in 2017 when the import price increased by 48% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Czech Republic ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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