Global Ghee Market 2024

Ghee Market Size

The global ghee market expanded slightly to $X in 2022, rising by 2.7% against the previous year. In general, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.6% against 2020 indices. Over the period under review, the global market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Ghee Production

In value terms, ghee production rose modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 17% against the previous year. Global production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

India (X tons) constituted the country with the largest volume of ghee production, accounting for 77% of total volume. Moreover, ghee production in India exceeded the figures recorded by the second-largest producer, Pakistan (X tons), sevenfold. The third position in this ranking was held by New Zealand (X tons), with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume in India totaled +3.1%. In the other countries, the average annual rates were as follows: Pakistan (+4.6% per year) and New Zealand (+1.2% per year).

Ghee Exports

Exports

In 2022, after three years of decline, there was significant growth in overseas shipments of ghee, when their volume increased by 31% to X tons. The total export volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, ghee exports soared to $X in 2022. Over the period under review, total exports indicated buoyant 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, exports increased by +69.9% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, New Zealand (X tons) represented the major exporter of ghee, committing 53% of total exports. The Netherlands (X tons) ranks second in terms of the total exports with a 13% share, followed by Germany (4.7%). Belgium (X tons), India (X tons), France (X tons), the United States (X tons), the UK (X tons), Spain (X tons), Denmark (X tons) and Ireland (X tons) held a little share of total exports.

Exports from New Zealand increased at an average annual rate of +2.6% from 2012 to 2022. At the same time, Denmark (+83.0%), the United States (+17.3%), India (+11.9%), Spain (+8.8%), Germany (+4.6%) and the Netherlands (+2.2%) displayed positive paces of growth. Moreover, Denmark emerged as the fastest-growing exporter exported in the world, 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 New Zealand, the United States, India and Denmark increased by +3.2, +2.3, +2.1 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, New Zealand ($X) remains the largest ghee supplier worldwide, comprising 49% of global exports. The second position in the ranking was taken by the Netherlands ($X), with a 16% share of global exports. It was followed by Germany, with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in New Zealand amounted to +9.2%. The remaining exporting countries recorded the following average annual rates of exports growth: the Netherlands (+7.7% per year) and Germany (+8.7% per year).

Export Prices by Country

The average ghee export price stood at $X per ton in 2022, with an increase of 21% against the previous year. Over the period under review, export price indicated a prominent 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 +35.9% against 2020 indices. The growth pace was the most rapid in 2017 when the average export price increased by 50% against the previous year. The global export price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the United States ($X per ton) was 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 global leaders experienced more modest paces of growth.

Ghee Imports

Imports

In 2022, approx. X tons of ghee were imported worldwide; growing by 8.2% on 2021. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2013 when imports increased by 14%. Over the period under review, global imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, ghee imports soared to $X in 2022. Over the period under review, total imports indicated a buoyant increase 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 +49.5% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons), Italy (X tons), Belgium (X tons) and France (X tons) represented the major importer of ghee in the world, achieving 34% of total import. The United States (X tons) took a 4.9% share (based on physical terms) of total imports, which put it in second place, followed by Denmark (4.5%). Germany (X tons), the Philippines (X tons), Vietnam (X tons), Thailand (X tons), Russia (X tons), Malaysia (X tons) and the Netherlands (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Denmark (with a CAGR of +25.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest ghee importing markets worldwide were Italy ($X), China ($X) and France ($X), together comprising 29% of global imports. Belgium, Germany, the Philippines, Denmark, Thailand, the United States, the Netherlands, Vietnam, Russia and Malaysia lagged somewhat behind, together accounting for a further 37%.

Among the main importing countries, Denmark, with a CAGR of +32.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average ghee import price stood at $X per ton in 2022, increasing by 23% against the previous year. Over the period under review, import price indicated a noticeable increase 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 +35.0% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 48%. Global import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($X per ton), while the United States ($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 Philippines (+8.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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