EU: Ghee Market 2024

Ghee Market Size in the EU

In 2022, the EU ghee market increased by 24% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated a pronounced increase from 2012 to 2022: its value 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, consumption increased by +54.9% against 2020 indices. The level of consumption peaked in 2022 and is likely to continue growth in years to come.

Ghee Production in the EU

In value terms, ghee production contracted to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 31%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

The Netherlands (X tons) remains the largest ghee producing country in the European Union, accounting for 66% of total volume. Moreover, ghee production in the Netherlands exceeded the figures recorded by the second-largest producer, Ireland (X tons), threefold. Spain (X tons) ranked third in terms of total production with a 7.9% share.

In the Netherlands, ghee production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Ireland (+0.6% per year) and Spain (+0.1% per year).

Ghee Exports

Exports in the EU

Ghee exports expanded modestly to X tons in 2022, with an increase of 3% on the previous year's figure. Over the period under review, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 6.3% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, ghee exports soared to $X in 2022. Total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +69.6% against 2020 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 38%. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in years to come.

Exports by Country

In 2022, the Netherlands (X tons) was the key exporter of ghee, comprising 41% of total exports. Germany (X tons) held the second position in the ranking, followed by Belgium (X tons), France (X tons), Spain (X tons), Denmark (X tons) and Ireland (X tons). All these countries together held approx. 56% share of total exports.

Exports from the Netherlands increased at an average annual rate of +2.2% from 2012 to 2022. At the same time, Denmark (+83.0%), Spain (+8.8%) and Germany (+4.6%) displayed positive paces of growth. Moreover, Denmark emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +83.0% from 2012-2022. By contrast, Belgium (-2.0%), France (-2.9%) and Ireland (-10.0%) illustrated a downward trend over the same period. The Netherlands (+5.8 p.p.), Denmark (+5.5 p.p.), Germany (+4.6 p.p.) and Spain (+3.9 p.p.) significantly strengthened its position in terms of the total exports, while Belgium, France and Ireland saw its share reduced by -4.1%, -4.6% and -11.3% from 2012 to 2022, respectively.

In value terms, the Netherlands ($X) remains the largest ghee supplier in the European Union, comprising 40% of total exports. The second position in the ranking was taken by Germany ($X), with a 15% share of total exports. It was followed by Belgium, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Netherlands totaled +7.7%. In the other countries, the average annual rates were as follows: Germany (+8.7% per year) and Belgium (+2.4% per year).

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, growing by 34% against the previous year. Export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.5% 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 +56.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by 48%. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Spain ($X per ton) and Belgium ($X per ton), while Ireland ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+8.4%), while the other leaders experienced more modest paces of growth.

Ghee Imports

Imports in the EU

In 2022, overseas purchases of ghee increased by 8.3% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 32% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, ghee imports surged to $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.9% 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 +97.8% against 2020 indices. The growth pace was the most rapid in 2017 when imports increased by 52% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

The purchases of the three major importers of ghee, namely Italy, Belgium and France, represented more than half of total import. Denmark (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Germany (11%), the Netherlands (5.6%) and Poland (5.1%).

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +25.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest ghee importing markets in the European Union were Italy ($X), France ($X) and Belgium ($X), with a combined 59% share of total imports. Germany, Denmark, the Netherlands and Poland lagged somewhat behind, together accounting for a further 30%.

Denmark, with a CAGR of +32.8%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the European Union stood at $X per ton in 2022, surging by 35% against the previous year. Import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +4.9% 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 +54.2% against 2020 indices. The growth pace was the most rapid in 2017 an increase of 59%. Over the period under review, import prices attained the maximum in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Germany ($X per ton) and France ($X per ton), while Poland ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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