India: Market for Butter And Dairy Spreads 2024

Market Size for Butter And Dairy Spreads in India

The Indian butter and dairy spreads market dropped notably to $X in 2022, falling by -46.4% against the previous year. Overall, consumption showed a deep slump. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Production of Butter And Dairy Spreads in India

In value terms, butter and dairy spreads production expanded to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 22%. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Exports of Butter And Dairy Spreads

Exports from India

In 2022, approx. X tons of butter and dairy spreads were exported from India; growing by 140% against 2021 figures. Overall, exports saw a significant increase. The pace of growth was the most pronounced in 2017 when exports increased by 340%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, butter and dairy spreads exports soared to $X in 2022. Over the period under review, exports posted significant growth. The growth pace was the most rapid in 2017 with an increase of 321% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Bahrain (X tons) was the main destination for butter and dairy spreads exports from India, accounting for a 37% share of total exports. Moreover, butter and dairy spreads exports to Bahrain exceeded the volume sent to the second major destination, Morocco (X tons), threefold. The third position in this ranking was held by Saudi Arabia (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Bahrain stood at +71.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Morocco (+11.2% per year) and Saudi Arabia (+67.5% per year).

In value terms, Bahrain ($X) emerged as the key foreign market for butter and dairy spreads exports from India, comprising 35% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 13% share of total exports. It was followed by Morocco, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bahrain amounted to +71.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+74.9% per year) and Morocco (+13.6% per year).

Export Prices by Country

In 2022, the average butter and dairy spreads export price amounted to $X per ton, surging by 2% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 25% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 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 the United States ($X per ton), while the average price for exports to Egypt ($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 Egypt (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Butter And Dairy Spreads

Imports into India

In 2022, overseas purchases of butter and dairy spreads decreased by -26.1% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, enjoyed a measured increase. The most prominent rate of growth was recorded in 2015 when imports increased by 191%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, butter and dairy spreads imports contracted to $X in 2022. In general, imports, however, saw a buoyant increase. The growth pace was the most rapid in 2017 when imports increased by 135%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, France (X tons) constituted the largest supplier of butter and dairy spreads to India, with a 49% share of total imports. Moreover, butter and dairy spreads imports from France exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), twofold. The third position in this ranking was taken by the UK (X tons), with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from France totaled -2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+8.5% per year) and the UK (+9.4% per year).

In value terms, France ($X) constituted the largest supplier of butter and dairy spreads to India, comprising 51% of total imports. The second position in the ranking was held by New Zealand ($X), with a 22% share of total imports. It was followed by the UK, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value from France amounted to +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+13.5% per year) and the UK (+17.6% per year).

Import Prices by Country

The average butter and dairy spreads import price stood at $X per ton in 2022, with an increase of 19% against the previous year. In general, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter and dairy spreads import price increased by +70.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 43%. The import price peaked in 2022 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from New Zealand ($X per ton) and France ($X per ton), while the price for the United Arab Emirates ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+18.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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