Europe: Ghee Market 2024

Ghee Market Size in Europe

In 2022, the Europe ghee market increased by 23% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated a temperate increase from 2012 to 2022: its value 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, consumption increased by +52.4% against 2020 indices. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the near future.

Ghee Production in Europe

In value terms, ghee production declined modestly to $X in 2022 estimated in export price. Over the period under review, production saw 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 attained the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

The Netherlands (X tons) remains the largest ghee producing country in Europe, comprising approx. 58% of total volume. Moreover, ghee production in the Netherlands exceeded the figures recorded by the second-largest producer, Ireland (X tons), threefold. The UK (X tons) ranked third in terms of total production with a 12% share.

In the Netherlands, ghee production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ireland (+0.6% per year) and the UK (+0.4% per year).

Ghee Exports

Exports in Europe

In 2022, the amount of ghee exported in Europe rose to X tons, picking up by 2.1% on 2021 figures. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 5.5% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, ghee exports soared to $X in 2022. Total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 +64.7% against 2020 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 39%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

The Netherlands was the main exporting country with an export of around X tons, which finished at 38% of total exports. Germany (X tons) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by Belgium (12%), France (9.6%), the UK (7%), Spain (6.7%), Denmark (5.1%) and Ireland (5%).

From 2012 to 2022, average annual rates of growth with regard to ghee exports from the Netherlands stood at +2.2%. 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 Europe, with a CAGR of +83.0% from 2012-2022. By contrast, Belgium (-2.0%), the UK (-2.2%), France (-2.9%) and Ireland (-10.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Netherlands, Denmark, Germany and Spain increased by +5.7, +5.1, +4.4 and +3.7 percentage points, respectively.

In value terms, the Netherlands ($X) remains the largest ghee supplier in Europe, comprising 37% of total exports. The second position in the ranking was taken by Germany ($X), with a 13% share of total exports. It was followed by Belgium, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Netherlands stood at +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

The export price in Europe stood at $X per ton in 2022, surging by 35% against the previous year. Export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +5.4% 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 +57.4% against 2020 indices. The pace of growth appeared the most rapid in 2017 an increase of 49% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

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 Europe

Ghee imports was estimated at X tons in 2022, picking up by 8% compared with the year before. The total import volume increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 37%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, ghee imports soared to $X in 2022. Total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.5% 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 +87.7% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 49% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

The purchases of the three major importers of ghee, namely Italy, Belgium and France, represented more than half of total import. It was distantly followed by Denmark (X tons), Germany (X tons), Russia (X tons), the Netherlands (X tons) and Poland (X tons), together making up a 34% share of total imports.

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, Italy ($X), France ($X) and Belgium ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 54% share of total imports. Germany, Denmark, the Netherlands, Poland and Russia lagged somewhat behind, together comprising a further 31%.

Denmark, with a CAGR of +32.8%, saw the highest rates of growth with regard to the value of imports, in terms of 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

In 2022, the import price in Europe amounted to $X per ton, rising by 33% against the previous year. Import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +4.7% 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 +51.2% against 2020 indices. The pace of growth appeared the most rapid in 2017 an increase of 58%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while Russia ($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 Netherlands (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform