Hungary: Peanut Butter Market 2024

Peanut Butter Market Size in Hungary

In 2022, the Hungarian peanut butter market decreased by -2.9% to $X, falling for the third year in a row after four years of growth. The market value increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Peanut Butter Production in Hungary

In value terms, peanut butter production shrank modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when the production volume increased by 24%. Peanut butter production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Peanut Butter Exports

Exports from Hungary

After two years of growth, overseas shipments of peanut butter and prepared or preserved groundnuts decreased by -4.6% to X tons in 2022. In general, total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.6% 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 +19.4% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 25% against the previous year. The exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, peanut butter exports fell to $X in 2022. Overall, total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -4.0% against 2018 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 24% against the previous year. The exports peaked at $X in 2021, and then declined in the following year.

Exports by Country

Romania (X tons) was the main destination for peanut butter exports from Hungary, with a 69% share of total exports. Moreover, peanut butter exports to Romania exceeded the volume sent to the second major destination, Croatia (X tons), more than tenfold. The third position in this ranking was taken by Slovenia (X tons), with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Romania stood at +5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (-3.1% per year) and Slovenia (+47.2% per year).

In value terms, Romania ($X) remains the key foreign market for peanut butter and prepared or preserved groundnuts exports from Hungary, comprising 64% of total exports. The second position in the ranking was held by Croatia ($X), with a 5% share of total exports. It was followed by Germany, with a 3.9% share.

From 2012 to 2022, the average annual growth rate of value to Romania stood at +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (-4.5% per year) and Germany (+14.2% per year).

Export Prices by Country

In 2022, the average peanut butter export price amounted to $X per ton, declining by -5.1% against the previous year. Over the period under review, the export price recorded a perceptible reduction. The pace of growth appeared the most rapid in 2018 when the average export price increased by 5.8%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while the average price for exports to Slovenia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Slovakia (+0.8%), while the prices for the other major destinations experienced mixed trend patterns.

Peanut Butter Imports

Imports into Hungary

After seven years of growth, supplies from abroad of peanut butter and prepared or preserved groundnuts decreased by -15.7% to X tons in 2022. Overall, imports, however, saw a strong increase. The pace of growth was the most pronounced in 2016 with an increase of 38% against the previous year. Imports peaked at X tons in 2021, and then fell rapidly in the following year.

In value terms, peanut butter imports shrank rapidly to $X in 2022. Over the period under review, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2016 when imports increased by 47% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then shrank notably in the following year.

Imports by Country

Poland (X tons), Germany (X tons) and Slovakia (X tons) were the main suppliers of peanut butter imports to Hungary, together comprising 88% of total imports. The Netherlands and the Czech Republic lagged somewhat behind, together accounting for a further 9.4%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Czech Republic (with a CAGR of +60.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest peanut butter suppliers to Hungary were Poland ($X), Germany ($X) and Slovakia ($X), with a combined 81% share of total imports. The Netherlands and the Czech Republic lagged somewhat behind, together comprising a further 15%.

Among the main suppliers, the Czech Republic, with a CAGR of +61.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average peanut butter import price amounted to $X per ton, waning by -8.5% against the previous year. Overall, the import price continues to indicate a pronounced setback. The growth pace was the most rapid in 2017 when the average import price increased by 7.5%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Czech Republic ($X per ton), while the price for Poland ($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 (+0.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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