Hungary: Butter Market 2024

Butter Market Size in Hungary

The Hungarian butter market reduced to $X in 2022, which is down by -6% against the previous year. Over the period under review, consumption, however, continues to indicate a resilient increase. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Butter Production in Hungary

In value terms, butter production dropped modestly to $X in 2022 estimated in export price. Overall, production posted resilient growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 70% against the previous year. Butter production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Butter Exports

Exports from Hungary

Butter exports from Hungary declined to X tons in 2022, reducing by -7.4% compared with the previous year's figure. In general, exports showed a pronounced decline. The most prominent rate of growth was recorded in 2020 when exports increased by 530%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, butter exports stood at $X in 2022. Overall, exports, however, recorded a pronounced increase. The growth pace was the most rapid in 2020 with an increase of 402% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Romania (X tons), Slovakia (X tons) and Serbia (X tons) were the main destinations of butter exports from Hungary, with a combined 92% share of total exports. Bosnia and Herzegovina and Croatia lagged somewhat behind, together accounting for a further 5.4%.

From 2012 to 2022, the biggest increases were recorded for Croatia (with a CAGR of +23.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Romania ($X), Slovakia ($X) and Serbia ($X) appeared to be the largest markets for butter exported from Hungary worldwide, with a combined 91% share of total exports.

In terms of the main countries of destination, Slovakia, with a CAGR of +29.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average butter export price amounted to $X per ton, increasing by 18% against the previous year. In general, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +6.6% 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 +34.3% against 2020 indices. The growth pace was the most rapid in 2017 when the average export price increased by 48%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Serbia ($X per ton) and Croatia ($X per ton), while the average price for exports to Bosnia and Herzegovina ($X per ton) and Romania ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bosnia and Herzegovina (+8.6%), while the prices for the other major destinations experienced more modest paces of growth.

Butter Imports

Imports into Hungary

In 2022, purchases abroad of butter decreased by -7.7% to X tons, falling for the second consecutive year after two years of growth. The total import volume increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 20% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, butter imports skyrocketed to $X in 2022. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.1% 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 +40.5% against 2020 indices. The pace of growth was the most pronounced in 2017 when imports increased by 37% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of butter to Hungary, with a 37% share of total imports. Moreover, butter imports from Germany exceeded the figures recorded by the second-largest supplier, Poland (X tons), twofold. The third position in this ranking was held by the Netherlands (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+3.0% per year) and the Netherlands (-0.6% per year).

In value terms, Germany ($X) constituted the largest supplier of butter to Hungary, comprising 38% of total imports. The second position in the ranking was held by Poland ($X), with a 17% share of total imports. It was followed by the Netherlands, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+9.2% per year) and the Netherlands (+4.0% per year).

Import Prices by Country

The average butter import price stood at $X per ton in 2022, surging by 35% against the previous year. In general, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.3% 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 +61.0% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 54%. The import price peaked in 2022 and is likely to see gradual growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Austria ($X per ton) and France ($X per ton), while the price for the Netherlands ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :